28-07-13, 12:42 PM
Quote:It's a loophole that would be virtually impossible to close.
Perhaps, and I'm no tax expert. But put it another way, laws could be tightened, many loopholes closed done and others substantially tightened. This country is missing out on billions upon billions of desperately needed tax revenue, yet nobody seems bothered.
Quote:So if one limited company loans money to another, it's just the same as if I was to loan you some money, we are completely separate legal entities and there is no way that anyone could say that we aren't.
Yeah OK, but this is one Bernie company lending another Bernie company. He's lending himself his own money. I don't know if this is the case in Bernie's case, but I'd bet some of these companies are simply fronts for pushing money about and serve no other purpose. And seriously how hard can it really be to stop such a practise. I think the truth is our government doesn't want to do anything about it, and that may be becuase individuals within our government are benefitting hugely from these arrangements.
Quote:I'm not happy with the way tax works either and if there was a legal way of reducing what I pay I would.
In % terms, like many folks here I pay an absolute fortune in tax. Yup Osborne has shoved my tax up to pay for tax cuts for rich folks. I really don't mind paying my taxes if truth be told. Though I object to it being spent on nuclear weapons, illegal wars etc (OK that's another matter), but I accept, and I accept as a socialist, that if you want a civilised democratic caring nation, yup I'm gonna have to pay tax and probably quite a lot. Not a problem.
Look talking about loopholes. Amazon does billions of pounds of trade with millions of customers in the UK. Yet Amazon tells us they don't carry out any transactions in the UK and therefore they don't need to pay any corporation tax. I mean foc me! I mean double foc me! Foccing hell! How the foc does that work! They say it with a straight face too! Focs sake.
Major company after major company are using loose UK and EU tax laws so they they pay next to no, or in many cases zero corporation tax.
You know everybody is bitching about who got more than 20,000 quid in benefits, who got this and who got that. There's a lack of jobs out there, but people out of work are work shy and so on. We are probably talking about trying to save 100 million from the most hard up folks in society (and yes a minority do take advantage).
So which are people concerned about, the pennies or the pounds. The money that makes a massive colossal difference, or the savings that are as worthwhile as pissing into the wind.
That's all I'm trying to say.
Oh don't worry too much about the 40% tax bracket. Not long after you start paying that you stop paying national insurance contributions. (well it drops from 12% to 2%) The 40% bracket is not as painful as those who pay it like to make out it is.