Tax havens exposed in huge law firm leak

[Osem]

The usual suspects.

Still waiting for any of Gary's predictions to come to fruition...

[Arthurgray50@blu]

I think the problem is with all this, is quite simple. When someone becomes a councillor or MP. They have to disclose anything to do with a second job, financies.

This is what DC has failed to do, with the tax haven. And the worse thing is that he critised heavily people that were doing this, and he was going to close these havens.

And hey, he had shares in a Tax Haven, he sold these shares. So what did he do with the money ?

To me DC is a hypocrite, he may not have done anything illegal - as people have said. But he has lied, lied and lied about the whole issue.

And he should do the honourable thing and resign.

IF, he had told the relevant people about this, then everything would be fine.

Its like me, if l told a future employer on an application form that l didn't have something wrong BEFORE l joined. And they found out l did. Then you could get fired, and you don't have a leg to stand on.

[TheDaddy]

Originally Posted by Hugh

I agree that he should have told it all at the beginning - that was an error on his part (which he has owned).

---------- Post added at 21:15 ---------- Previous post was at 21:13 ----------


Class War and Socialist Worker - it doesn't take much to get them marching....

He hasn't owned it at all, it's owned him and it might even bring him down, his love of a meaningless soundbite could do for him, all that pontificating when he was naming and shaming celebrities whilst he was benefitting from the exact same thing make him look like the hypocrite he is, the fact he insisted the EU water down proposals to exclude the very sort he benefited from make him look dishonest and all his attempted weaseling
out of it make him look like the shyster he is. He even wheeled out another meaningless soundbite earlier, lessons have been learnt, really Dave what lessons exactly and whilst you're keen to show us your tax returns dating back to 2009 the one I most keen for the public to get their hands on is 2008.

[papa smurf]

Originally Posted by TheDaddy

He hasn't owned it at all, it's owned him and it might even bring him down, his love of a meaningless soundbite could do for him, all that pontificating when he was naming and shaming celebrities whilst he was benefitting from the exact same thing make him look like the hypocrite he is, the fact he insisted the EU water down proposals to exclude the very sort he benefited from make him look dishonest and all his attempted weaseling
out of it make him look like the shyster he is. He even wheeled out another meaningless soundbite earlier, lessons have been learnt, really Dave what lessons exactly and whilst you're keen to show us your tax returns dating back to 2009 the one I most keen for the public to get their hands on is 2008.

Originally Posted by TheDaddy

all that pontificating when he was naming and shaming celebrities whilst he was benefitting from the exact same thing make him look like the hypocrite he is,

He wasn't doing the same thing at all ,there have been no allegations of using avoidance schemes .

the fact he insisted the EU water down proposals to exclude the very sort he benefited from make him look dishonest and all his attempted weaseling

Trusts where not excluded ,they still have to revealed ,the only difference is that trusts are declared in private to HMRC and shell companies are declared publicly ,which is perfectly understandable

whilst you're keen to show us your tax returns dating back to 2009 the one I most keen for the public to get their hands on is 2008.

and when that one shows no irregularities should he then produce the years before and so on .He has gone over and above what should be expected of him .

[papa smurf]

Ian Cameron left PM £300,000 when he died in 2010 while his mother gave him an extra £200,000 some months later
It meant he avoided paying Inland Revenue £70,000 inheritance tax that he would have paid on a £500,000 lump sum
All bequests over £325,000 are subject to a 40 per cent tax levy - PM source says he denies any wrongdoing


Read more: http://www.dailymail.co.uk/news/arti...#ixzz45PGJDsOs
Follow us: @MailOnline on Twitter | DailyMail on Facebook

Originally Posted by papa smurf

Ian Cameron left PM £300,000 when he died in 2010 while his mother gave him an extra £200,000 some months later
It meant he avoided paying Inland Revenue £70,000 inheritance tax that he would have paid on a £500,000 lump sum
All bequests over £325,000 are subject to a 40 per cent tax levy - PM source says he denies any wrongdoing


Read more: http://www.dailymail.co.uk/news/arti...#ixzz45PGJDsOs
Follow us: @MailOnline on Twitter | DailyMail on Facebook

From previous editions of the Daily Express, Daily Mail, the Telegraph, and the BBC, giving advice on how to mitigate/minimise Inheritance Tax.

http://www.express.co.uk/finance/per...nheritance-tax

http://www.express.co.uk/finance/per...mily-household

http://www.dailymail.co.uk/money/new...heritance.html

http://www.telegraph.co.uk/finance/p...-avoid-it.html

http://www.bbc.co.uk/news/business-29756520

And this one, from a Mail on Sunday financial reporter.

http://www.thisismoney.co.uk/money/b...-avoid-it.html

So all these papers feigning outrage at Cameron doing what they recommend to their readers.

Originally Posted by papa smurf

Ian Cameron left PM £300,000 when he died in 2010 while his mother gave him an extra £200,000 some months later
It meant he avoided paying Inland Revenue £70,000 inheritance tax that he would have paid on a £500,000 lump sum
All bequests over £325,000 are subject to a 40 per cent tax levy - PM source says he denies any wrongdoing


Read more: http://www.dailymail.co.uk/news/arti...#ixzz45PGJDsOs
Follow us: @MailOnline on Twitter | DailyMail on Facebook

This just shows how desperate people are to find some wrongdoing .In this country there is no inheritance tax on estates passed to a spouse or civil partner ,in this case the portion of the estate left to Cameron(£300,000) had tax paid on it.The £200,000 gift from his mother may be subject to inheritance tax under the 7 year rule if she dies within 7 yrs of making the gift but that i'm not sure about because usually gifts are not classed as income and therefore not subject to tax

https://www.gov.uk/inheritance-tax/overview

https://www.gov.uk/inheritance-tax/gifts

7-year rule
The original owner must live for 7 years after giving the gift. Any gifts made less than 7 years before death count towards the Inheritance Tax threshold (£325,000). They count towards the threshold before the rest of the estate.

If the donor gave away more than £325,000 of gifts in their final 7 years, tax is due on everything over that threshold.

Gifts made 3 to 7 years before the death

The rate of tax is reduced for gifts over the threshold made between 3 and 7 years before the person died. This is known as ‘taper relief’.

Years between gift and death Tax you pay
(if not qualified for reduced rate)
less than 3 40%
3 to 4 32%
4 to 5 24%
5 to 6 16%
6 to 7 8%
When you have to pay Inheritance Tax on a gift you received
If you received a gift from someone who died, you may have to pay Inheritance Tax on it. This could happen if both of the following are true:

they gave you the gift less than 7 years before they died
they gave £325,000 or more in gifts in the last 7 years of their life
HM Revenue and Customs (HMRC) will tell you if you have to pay Inheritance Tax.

[Mr K]

Still waiting for the full tax returns, not just the edited highlights he's chosen to reveal. What's there is embarrassing, make you wonder what details have been omitted. 200k from Mum - nice; my Mother is going to have to up the stakes on birthday presents!

What it does show is that we are clearly not 'all in this together' and austerity and paying full tax is only for one section of society ( the 'not we').

Well he hasn't done anything wrong, has he? Inheritance tax planning is absolutely standard. Everyone whose estate is likely to qualify does it, and it's entirely legal. The law even allows for gifts being given prior to death (of Cameron's mother in this case), via the seven year tapering liability which Hugh quoted above.

[Mr K]

Things like inheritance tax planning and overseas tax havens are irrelevant to 95% of people. The fact that these loopholes haven't been closed shows where the govts. priorities lie. Doing something wrong and something illegal are different things. Call me picky but I'd want the standard for PM to be a little higher than ' he's done nothing illegal'.

Originally Posted by Mr K

Still waiting for the full tax returns, not just the edited highlights he's chosen to reveal. What's there is embarrassing, make you wonder what details have been omitted. 200k from Mum - nice; my Mother is going to have to up the stakes on birthday presents!
.

If you've ever filled out a tax return you will know that the first 4 or 5 pages are simply questions about name,DOB,NI,are you registered blind ,have you received any UK benefits etc .The majority is not applicable to most people in Camerons position

In what way are they embarrassing?

What it does show is that we are clearly not 'all in this together' and austerity and paying full tax is only for one section of society ( the 'not we').

What it shows is the enormous chip on your shoulder against people more wealthy than you

---------- Post added at 10:09 ---------- Previous post was at 10:02 ----------

Originally Posted by Mr K

Things like inheritance tax planning and overseas tax havens are irrelevant to 95% of people. The fact that these loopholes haven't been closed shows where the govts. priorities lie. Doing something wrong and something illegal are different things. Call me picky but I'd want the standard for PM to be a little higher than ' he's done nothing illegal'.

Are you serious ? plenty of the 95% of people you speak of profit from inheritance tax planning ,it's something that anyone who owns their house has to be aware of ,it is nothing like a tax haven

[papa smurf]

Originally Posted by Mr K

Things like inheritance tax planning and overseas tax havens are irrelevant to 95% of people. The fact that these loopholes haven't been closed shows where the govts. priorities lie. Doing something wrong and something illegal are different things. Call me picky but I'd want the standard for PM to be a little higher than ' he's done nothing illegal'.

this is a quote from dave in 2014
“I think we should be very clear — tax evasion is illegal, and for that you can be prosecuted, you can go to prison,” he said. “These very aggressive tax avoidance schemes, they are wrong, and we should really persuade people not to do them.”
he's not talking about himself obviously or his tax affairs

Originally Posted by Mr K

The fact that these loopholes haven't been closed shows where the govts. priorities lie

Calling Inheritance tax planning a loophole is like calling your personal tax free allowance a loophole