Quote:
Originally Posted by jfman
Irrelevant. They don’t want us to adhere to soon to be implemented EU rules. Negligible can be different enough.
What about UK offshore tax havens?
The legislation could match 99.99% and still leave loopholes for the previously mentioned group.
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The UK introduced laws BEFORE the EU got involved. That is why implementing the EU rules will have a negligible impact.
This is about where money is transferred between countries. Eg earned in Albania but transferred to the UK. Any tax paid in Albania is taken into account when calculating the UK tax due. If it remains in Albania, then it is nothing to do with the EU or anybody else, just Albania.
Money transferred from the UK to a tax haven will already have been taxed in the UK. Any profits the business in the Tax haven makes, are subject to that countries rules only. It is when any profits are transferred back to the UK, it becomes liable for UK tax.
Money invested in a tax haven hedge fund will have already been taxed in the originating country. Money that is earned by the hedge fund will be taxed according to the tax haven rules. But when profits are sent back to the investors they will be subject to the rules of their country.