Rich Tory Supporters Avoid Tax AGAIN!!
27 February 2011, 08:16 PM
#1
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Rich Tory Supporters Avoid Tax AGAIN!!
Buyers of some of Britain's most expensive homes may avoid paying the new 5% rate of stamp duty on £1m-plus properties thanks to a tax loophole allowing houses and flats to be registered in the names of companies rather than individuals.
Stamp duty on a home costing £1.5m will be £75,000. Duty on a £10m estate will be £500,000.
Buyers have discovered a legal route that almost avoids the tax altogether.
This is done by setting up an offshore company – registered in a tax haven such as the British Virgin Islands or Panama – specifically to buy a property.
When the owner decides to sell the property on, he sells shares in the company rather than the property itself.
The transaction is not logged with the Land Registry, enabling the new buyer to take over the property stamp-duty-free.
Source:- Observer
Stamp duty on a home costing £1.5m will be £75,000. Duty on a £10m estate will be £500,000.
Buyers have discovered a legal route that almost avoids the tax altogether.
This is done by setting up an offshore company – registered in a tax haven such as the British Virgin Islands or Panama – specifically to buy a property.
When the owner decides to sell the property on, he sells shares in the company rather than the property itself.
The transaction is not logged with the Land Registry, enabling the new buyer to take over the property stamp-duty-free.
Source:- Observer
27 February 2011, 09:08 PM
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But obviously you can only do this if you're a tory supporter as opposed to supporting any other party? I take it thats written into the tax loophole then is it.
Same old same old trolling.
Same old same old trolling.
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27 February 2011, 10:35 PM
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28 February 2011, 08:59 AM
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28 February 2011, 09:14 AM
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If you object to someones thread you can always just, simply, painfully simply, ignore it yourself!! 
Do you need a button to make every decision in your life? I suspect that the ignore button was removed (if it has been) because the Mods thought that the simpletons had left the building
Jeeeeeez why do some people need their mummies all their lives? PATHETIC!
Do you need a button to make every decision in your life? I suspect that the ignore button was removed (if it has been) because the Mods thought that the simpletons had left the building
Jeeeeeez why do some people need their mummies all their lives?
PATHETIC!
28 February 2011, 11:16 AM
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Buyers of some of Britain's most expensive homes may avoid paying the new 5% rate of stamp duty on £1m-plus properties thanks to a tax loophole allowing houses and flats to be registered in the names of companies rather than individuals.
Stamp duty on a home costing £1.5m will be £75,000. Duty on a £10m estate will be £500,000.
Buyers have discovered a legal route that almost avoids the tax altogether.
This is done by setting up an offshore company – registered in a tax haven such as the British Virgin Islands or Panama – specifically to buy a property.
When the owner decides to sell the property on, he sells shares in the company rather than the property itself.
The transaction is not logged with the Land Registry, enabling the new buyer to take over the property stamp-duty-free.
Source:- Observer
Stamp duty on a home costing £1.5m will be £75,000. Duty on a £10m estate will be £500,000.
Buyers have discovered a legal route that almost avoids the tax altogether.
This is done by setting up an offshore company – registered in a tax haven such as the British Virgin Islands or Panama – specifically to buy a property.
When the owner decides to sell the property on, he sells shares in the company rather than the property itself.
The transaction is not logged with the Land Registry, enabling the new buyer to take over the property stamp-duty-free.
Source:- Observer
Les
28 February 2011, 11:30 AM
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If you object to someones thread you can always just, simply, painfully simply, ignore it yourself!!
Do you need a button to make every decision in your life? I suspect that the ignore button was removed (if it has been) because the Mods thought that the simpletons had left the building
Jeeeeeez why do some people need their mummies all their lives? PATHETIC!
Do you need a button to make every decision in your life? I suspect that the ignore button was removed (if it has been) because the Mods thought that the simpletons had left the building
Jeeeeeez why do some people need their mummies all their lives?
PATHETIC!You should have been a politician Pete with your double standards
Geezer
28 February 2011, 12:54 PM
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^^ Hardly, and you know it's not the same - or should do ^^
I watch the News to see the News ... I do NOT expect to be thrown backwards and forwards to the Oscars everytime an Actor appears!
A better analogy would be - if there was a program about the Oscars, would I tune in to watch and then moan about what I saw? NO - as that would be thick!
In the very same way, if you see a thread posted by someone you wish to ignore - yet still read it ..... you are pathetic to ask for an IGNORE Button to stop yourself doing it
Do grown people REALLY need to be hand guided along lifes highway these days? It seems to me that the current generation cannot do ANYTHING for themselves ... we seem to have lost the ability to grow a set of ***** and it's sad to see.
I watch the News to see the News ... I do NOT expect to be thrown backwards and forwards to the Oscars everytime an Actor appears!
A better analogy would be - if there was a program about the Oscars, would I tune in to watch and then moan about what I saw? NO - as that would be thick!
In the very same way, if you see a thread posted by someone you wish to ignore - yet still read it ..... you are pathetic to ask for an IGNORE Button to stop yourself doing it
Do grown people REALLY need to be hand guided along lifes highway these days? It seems to me that the current generation cannot do ANYTHING for themselves ... we seem to have lost the ability to grow a set of ***** and it's sad to see.
Last edited by pslewis; 28 February 2011 at 01:12 PM.
28 February 2011, 06:34 PM
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28 February 2011, 09:43 PM
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Silly old sod - come on Pete, admit you're out of touch and scuttle off to sing the red flag with your mates (who have all been using this tax loophole for years - if only you'd asked them!) 
28 February 2011, 11:05 PM
#22
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oh boy -- I hoped I wouldn't have to add this, but I always forget how stupid people on here are
Last edited by hodgy0_2; 28 February 2011 at 11:06 PM.
28 February 2011, 11:15 PM
#23
01 March 2011, 11:36 AM
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^^ Hardly, and you know it's not the same - or should do ^^
I watch the News to see the News ... I do NOT expect to be thrown backwards and forwards to the Oscars everytime an Actor appears!
A better analogy would be - if there was a program about the Oscars, would I tune in to watch and then moan about what I saw? NO - as that would be thick!
In the very same way, if you see a thread posted by someone you wish to ignore - yet still read it ..... you are pathetic to ask for an IGNORE Button to stop yourself doing it
Do grown people REALLY need to be hand guided along lifes highway these days? It seems to me that the current generation cannot do ANYTHING for themselves ... we seem to have lost the ability to grow a set of ***** and it's sad to see.
I watch the News to see the News ... I do NOT expect to be thrown backwards and forwards to the Oscars everytime an Actor appears!
A better analogy would be - if there was a program about the Oscars, would I tune in to watch and then moan about what I saw? NO - as that would be thick!
In the very same way, if you see a thread posted by someone you wish to ignore - yet still read it ..... you are pathetic to ask for an IGNORE Button to stop yourself doing it
Do grown people REALLY need to be hand guided along lifes highway these days? It seems to me that the current generation cannot do ANYTHING for themselves ... we seem to have lost the ability to grow a set of ***** and it's sad to see.
Les
01 March 2011, 11:59 AM
#25
Interesting point. But in a pecentage calculation it doesn't always follow:
If a person who has a million pounds in liquid assets that was taxed by 1%, that would amount to £10,000 in tax. But say a 'pauper' with just £10,000 in liquid assets was taxed by, say 5%...they'd only pay £500 tax.
Whilst 5% is five time more than 1%, the amount paid is twentieth of what the millionaire would pay. If you reverse it, so the millionaire pays 5% tax and the 'pauper' pays 1%. The millionaire now pays £50,000 and the pauper pays £100.
Problem here the millionaire didn't becaome a millionaire by giving the HMRC £50K ***** nilly, so will take exception to this when he sees the lower classes paying a pittance. As a result, they will move their funds in to locked untaxed investments (legal) or they'll just move everything liquid abroad (not so legal, unless they emmigrate), leaving the less 'rich' behind and making up for the shortfall.
In otherwords; tax a rich person too much and they'll simply move their funds to somewhere where its more tax efficient. Close a loop hole, they'll use another one, close all the loopholes and they'll just move abroad. Bearing in mind its private investment from major investors thats currently keeping the UK banks ticking over and will in turn allow them to pay off the government bails outs.
01 March 2011, 12:30 PM
#26
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Interesting point. But in a pecentage calculation it doesn't always follow:
If a person who has a million pounds in liquid assets that was taxed by 1%, that would amount to £10,000 in tax. But say a 'pauper' with just £10,000 in liquid assets was taxed by, say 5%...they'd only pay £500 tax.
Whilst 5% is five time more than 1%, the amount paid is twentieth of what the millionaire would pay. If you reverse it, so the millionaire pays 5% tax and the 'pauper' pays 1%. The millionaire now pays £50,000 and the pauper pays £100.
Problem here the millionaire didn't becaome a millionaire by giving the HMRC £50K ***** nilly, so will take exception to this when he sees the lower classes paying a pittance. As a result, they will move their funds in to locked untaxed investments (legal) or they'll just move everything liquid abroad (not so legal, unless they emmigrate), leaving the less 'rich' behind and making up for the shortfall.
In otherwords; tax a rich person too much and they'll simply move their funds to somewhere where its more tax efficient. Close a loop hole, they'll use another one, close all the loopholes and they'll just move abroad. Bearing in mind its private investment from major investors thats currently keeping the UK banks ticking over and will in turn allow them to pay off the government bails outs.
If a person who has a million pounds in liquid assets that was taxed by 1%, that would amount to £10,000 in tax. But say a 'pauper' with just £10,000 in liquid assets was taxed by, say 5%...they'd only pay £500 tax.
Whilst 5% is five time more than 1%, the amount paid is twentieth of what the millionaire would pay. If you reverse it, so the millionaire pays 5% tax and the 'pauper' pays 1%. The millionaire now pays £50,000 and the pauper pays £100.
Problem here the millionaire didn't becaome a millionaire by giving the HMRC £50K ***** nilly, so will take exception to this when he sees the lower classes paying a pittance. As a result, they will move their funds in to locked untaxed investments (legal) or they'll just move everything liquid abroad (not so legal, unless they emmigrate), leaving the less 'rich' behind and making up for the shortfall.
In otherwords; tax a rich person too much and they'll simply move their funds to somewhere where its more tax efficient. Close a loop hole, they'll use another one, close all the loopholes and they'll just move abroad. Bearing in mind its private investment from major investors thats currently keeping the UK banks ticking over and will in turn allow them to pay off the government bails outs.
I just made factual observation that the richer you are the less tax you pay (as a percentage of your income/assets) and interestingly the less you pay for goods and services too
01 March 2011, 01:00 PM
#27
Mine was was also more of a personally observation than a answer
I don't think the goods and services comment follows suit though:
How does a rich man pay less for goods and services when living in the UK? Be it % tax or net amount?
Does he not get his Butler to buy from Marks and Sparks instead of Asda? The taxable items being more expensive meaning more goes to the coffers. Is it cheaper to dine at Heston's Fat Duck restuarant than a Toby Carvery? And does his Bang & Olufsen AV system cost less in in price and tax than the Samsung telly from Comet?
Are you saying that tax on goods and services should be set at a higher % rate for the rich people?
and interestingly the less you pay for goods and services too
How does a rich man pay less for goods and services when living in the UK? Be it % tax or net amount?
Does he not get his Butler to buy from Marks and Sparks instead of Asda? The taxable items being more expensive meaning more goes to the coffers. Is it cheaper to dine at Heston's Fat Duck restuarant than a Toby Carvery? And does his Bang & Olufsen AV system cost less in in price and tax than the Samsung telly from Comet? Are you saying that tax on goods and services should be set at a higher % rate for the rich people?
01 March 2011, 01:09 PM
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Dave
01 March 2011, 01:23 PM
#29
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i did not profer a view on the rightness or wrong of it -- why can't you get that
Last edited by hodgy0_2; 01 March 2011 at 01:25 PM.
01 March 2011, 01:30 PM
#30
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Mine was was also more of a personally observation than a answer
I don't think the goods and services comment follows suit though:
How does a rich man pay less for goods and services when living in the UK? Be it % tax or net amount? Does he not get his Butler to buy from Marks and Sparks instead of Asda? The taxable items being more expensive meaning more goes to the coffers. Is it cheaper to dine at Heston's Fat Duck restuarant than a Toby Carvery? And does his Bang & Olufsen AV system cost less in in price and tax than the Samsung telly from Comet?
Are you saying that tax on goods and services should be set at a higher % rate for the rich people?
I don't think the goods and services comment follows suit though:
How does a rich man pay less for goods and services when living in the UK? Be it % tax or net amount?
Does he not get his Butler to buy from Marks and Sparks instead of Asda? The taxable items being more expensive meaning more goes to the coffers. Is it cheaper to dine at Heston's Fat Duck restuarant than a Toby Carvery? And does his Bang & Olufsen AV system cost less in in price and tax than the Samsung telly from Comet? Are you saying that tax on goods and services should be set at a higher % rate for the rich people?
just google something along the lines of “do the poor pay more” plenty of academic studies that have investigated the issue