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10-04-2016 5:27 PM
I agree and again, there is nothing wrong with wanting to minimise one's tax liability legitimately.
But again, so many simply don't have that option and cannot avoid paying not just income tax.
I knew a woman who had to sell the home she'd lived in and looked after her elderly mother in because of the ludicrous level of inheritance tax once her mother died. Whether they could have taken steps in time to avert this, I don't know, but she had no money to pay the IT and the house wasn't in too good a state given there were no savings or spare cash to do it up.
The value of the house had increased because property prices had, which pushed it over a threshold which had not been increased for decades.
So it was sold for less than it could have been and the woman ended up with not enough to buy herself even a small flat.
Set that against the ability to move money around so that IT can be deferred when paid to a surviving spouse who can then go on to make a lifetime gift to a child or grandchild to avoid the tax altogether (assuming the donor survives the minimum 7 years) and it's clearly not a level playing field.
That happens - there will always been winners and losers, but when the system is so palpably unfair and unbalanced, then those that can and do and rub the noses of those who can't in it, they have to take what reaction that produces.
DC has only himself to blame for the higher than usual flack because he is so arrogant and patronising and frankly not honest.
So, he's going to be the first Prime Minister to do what no other PM has done before - he's going to publish his tax returns. (drum roll again!!!)
"But, let me tell you, here's what I'm going to do. I'm not going to boor you with those complicated forms that are filed with HMRC because that would be too difficult for many of you to understand., No, what I'm going to do is to be far more transparent than that. What I'm going to do is to not show you the actual tax returns but to get my accountants to produce a clear and transparent simplified version of my income and where I get my money from."
Oh really! So we're all too stupid to understand a tax return? We are all so stupid that we're going to believe that we're being told everything?
We are not going to question that tax returns for married couples are usually filed together and especially where there are joint holdings and accounts so that yet again, we're being given another version of events.
Why is it ok to take advantage of tax avoidance on inheritance tax and capital gains tax, but not ok to take advantage of the same legitimate options on minimising income tax? Who is he to start picking and choosing what is ok to avoid because he wants to do it and what is not, so he can hurl the flack at others who have no protection.?
It's really not hard to understand why this eejit is getting more and more flack and why it just gets even more relevant to ask, "just what is he hiding now?"
Someone at some point, because this is not just going to affect DC, needs to stand up and state, quite clearly
"There is nothing wrong with being wealthy, in fact we need those who create wealth. There is nothing wrong with utilising the tax break options where they are legitimately available especially where that helps small businesses, families, self employed for example. There is nothing wrong with owning shares in trusts, having assets whether active now or that may be realised later.
This is all part of the wealth of society and we shouldn't be ashamed of it but be proud that it is something achievable for many.
What we must do is to bring about changes in tax laws which currently are loopholes that give anyone, individuals or companies, the ability to avoid vast amounts of tax to the detriment of society.
What we must do is to ensure that those who avoid paying tax or cause losses to HMRC are made to pay so that those who are not wealthy and have no options but to pay every bit of tax are not made to suffer."
I could go on.
But this isn't going to go away as long as DC keeps so obviously twisting at every turn to block people from finding something he is desparate to keep hidden.
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