Wednesday, October 20, 2010

Channel 4 Dispatches: How The Rich Beat The Taxman "We Are All In This Together" - The Tories and The Cayman Islands Tax Haven

“We’re all in this together” - however the Tories have a tax haven bolthole or two stashed away!
Again we have the extraordinary and unprecedented phenomena of the wheels coming off this Tory Government after just 5 short months and them being caught in a sleaze story every 2nd day and it NOT being published by the right wing press, or media news channels, more, the Liberal Democrats have contracted hysterical laryngitis and find they are nodding in agreement with every single savage and brutal cut Osborne is making and then nodding them through the Aye chamber in the House. Who would have thought the Liberal Democrats would do this? Who would have thought that the Liberal Democrats would aid and abet this rabidly right wing fascist type government and go along with the method of "disinformation"? Deliberately misleading information announced publicly or  being leaked by  this government on a daily basis as a means to managing us and manipulating the electorate.

On Monday 18th October Channel 4's Dispatches programme televised a documentary about the Tory tax dodgers who have all their sizable wealth in off-shore accounts like those help in the Cayman Islands. Millionaire Tory Transport Minister, whose job it is to explain about all these cuts to the public, have transferred al their assets to their wives, who have then invested them in the Cayman Island tax haven, Mr Hammond said in his defence [cough - cough] that he transferred his assets to his wife in anticipation of entering Government, is that the reason Mr Hammond takes a dividend rather than a salary? Which is a very strange thing for a director to do? HM revenue and Customs have serious problems with people paying dividends in lieu of salary and if this is the case then HM Revenue and Customs should now be actively investigating Philip Hammond and again if this is the case them Philip Hammond should step down while these investigations take place.

" [snipped] It is okay for funds not be taxed if they are look through i.e. the people investing in them are taxed upon the income as it arises. If they do not pay tax on the income in the fund as it arises, and the fund itself is not taxed, then there is a tax deferral as a consequence, which confers upon the person using the fund an unreasonable tax advantage, which is exactly the point that the program made. It did not say anything else. It did not infer illegality. There is none. But there is undoubtedly tax avoidance activity which means that tax was not paid at the right time and in the right place when it was due. That is sufficient for the suggestion of tax avoidance to arise"

George Osborne the Conservative chancellor is about to touch the lives (and not in a good way) of virtually every single person in Britain, he is about to make cuts and throw over 1.3 million extra people onto the unemployment register. Osborne has taken away child benefit, maternity allowances, free school meals for under privileged children, free swimming from the elderly and the young and we are about to find our exactly what he is taking away from the elderly and those unfortunate enough to live on benefits. He is making real term cuts to the NHS, education and the defence budgets and he and Prime Minister David Cameron tell us "we are all in this together" and we have to tighten our belts etc, they also tell us they are going to clamp down on tax dodgers and avoiders and evaders -
Don't Do as I Do - Do As I Tell You!
George Osborne
YET chancellor George Osborne and his siblings have preserved their vast fortunes they due to inherit from their father by DODGING paying inheritance tax on the fortune they are due to inherit. No we are NOT all in this together.
I trust when Osborne and Cameron go after tax dogers, they include themselves in their description?

A cheat is a tax dodger as well as a benefit fraudster!

Philip Green the man that David Cameron telephoned and asked him to identify savings. (No doubt one day will be Lord Philip Green) Philip Green is also the man who has a wife who resides in Monaco who he gave £1.5 BILLION and when asked why Green describes it as a "bit of housekeeping"!

" [snipped] HMRC rules state that a company pays tax in the country where there is the control of the company. Philip Green may live and pay UK tax on his “salary” but obviously the control of the company is in Jersey. Incidentally, it appears that Philip Green does not know the difference between PAYE and NI deducted from his companies’ employees and Corporation Tax. When interviewed on TV about his report into procurement cost cutting he stated that his company pays £12 million per week in tax - that is the PAYER and NI bill not corporation tax.
He also implied that he employs many employees and all his employees pay tax. That ignores the fact that if his company didn’t employ them then some other company in the clothing business would employ them."
 Conservative MP Andrew Mitchell, Minister for Overseas Aid, once pledged to tackle the very practice that can cause harm to overseas aid, the very practice that Andrew Mitchel himself practices!

The programme can be seen here:  Channel 4 Dispatches

Quotes and further Information:  Tax Research UK

"In the Cayman Islands there is a building that houses at least 12.000 businesses, now that must be a very large building, or one huge tax scam" President Obama

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