Taxes
Steve Baker MP wants a simpler flat tax system. WHY?
The Daily Politics BBC News reports on the spaghetti like complexity of our tax laws. No news there. What did surprise me though was the brief interview included in the piece with Conservative MP Steve Baker who advocates the benefits of a flat tax system and then reveals he doesn’t understand the implications. He was [...]
Continue reading...Should HMRC’s right to make random inspections be abolished?
18 May 2011 – 6:35 am PST
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The legitimacy of HMRC’s powers were called into question last night during the annual CTA Address, given by the Rt Hon Sir Paul Kennedy, Interception of Communications Commissioner. Speaking on the subject of ‘Powers…Between Citizen and State’ he suggested that the professional bodies campaign for the abolition of HMRC’s right to make random inspections. He [...]
Continue reading...Are stamp duty avoidance schemes worth the money?
16 May 2011 – 2:13 am PST
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I was intrigued by a response to one of the Questions of Money items in the Times on Saturday. I had asked a similar question of a top stamp duty tax lawyer during the week. The questioner in The Times noted that he was: “looking to buy a two-bedroom flat in London and was contacted [...]
Continue reading...The GAAR Commandments
10 May 2011 – 2:15 am PST
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I was fortunate to speak with Graham Aaronson QC just before his talk at a CIOT Commerce & industry event last night. Graham is Chairman of the official UK GAAR study group set up in January by David Gauke the Exchequer Secretary to the Treasury. (GAAR stands for General Anti-Avoidance Rule). I told Graham of [...]
Continue reading..."Too busy for the taxman"? – don’t blame your accountant
3 May 2011 – 12:11 am PST
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I admit I was unaware that ‘British couple’ Sharon and Ozzy Osbourne had admitted to owing the IRS around £1,065,000 as a result of being “too busy†to look at their finances. Now it seems they owe a further £213,000 for unpaid federal income taxes from 2007. According to the Daily Express Sharon’s schedule has [...]
Continue reading...Are super-injunctions ‘just like tax avoidance’?
29 April 2011 – 1:21 am PST
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I was taken by the analogy drawn by Chris Blackhurst in The London Evening Standard: “People secure super-injunctions because they can. It’s just like tax avoidance. Wealthy folk minimise their tax bills because they’re able to, because the law allows them to, because their adviser would be negligent if they did not show them how. [...]
Continue reading...Tax tease: Britons waste £1.3 billion in IHT – really?
20 April 2011 – 2:11 am PST
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The website ‘unbiased.co.uk’ has released headline extracts from its Tax Action Report 2011 (prepared on its behalf by Purple Market Research). I’ve chosen the IHT headline to debunk this week – although I admit I haven’t seen the report itself. The press release containing the headlines is available online but not the report it seems [...]
Continue reading...Unreliable evidence: A GAAR is on the way to reduce tax avoidance
14 April 2011 – 1:31 am PST
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The possible introduction of a General Anti-Avoidance Rule (GAAR) was the subject matter of part two of a recent Radio4 programme, Unreliable Evidence – hosted by Clive Anderson. I referenced the first half of the programme in a blogpost last week before going on a short holiday. The informed guests who shared their views during [...]
Continue reading...MP’s can still benefit from ‘disguised remuneration’ trusts
7 April 2011 – 5:02 am PST
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I was shocked to read a note in AccountancyAge online this morning claiming that “MPs excluded from tax avoidance legislation”. That would be outrageous. I’ve checked the Finance Bill in question and cannot find the words originally quoted in the article. However what it does say is almost as bad. We’re talking here about the [...]
Continue reading...Unreliable evidence: A high level Radio 4 discussion about tax avoidance
7 April 2011 – 2:07 am PST
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The Radio 4 programme, Unreliable Evidence, hosted by Clive Anderson, last night contained an informed and fascinating discussion about tax avoidance – the way in which people and companies make arrangements within the law to keep their tax bills low. The first 25 minutes of the programme addressed a number of issues and misconceptions about [...]
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25 May 2011 – 2:36 am PST
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