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Time To Bail Out The Tax Havens?

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http://www.guardian.co.uk/business/2009/se...s-need-bailouts

Britain could be forced to bail out one or more of its offshore tax havens at huge cost, according to early drafts of a Treasury report, because the economic crisis has wrecked their finances.

Offshore expert Michael Foot will next month set out a number of options to government ministers in the report as anxiety grows within Whitehall over the health of Britain's overseas territories and crown dependencies.

Senior insiders say early drafts of Foot's report suggest that the government may need to make provisions for the financial failure of British tax havens. Experts suggest the failure of a major tax haven could potentially cost the UK tens, if not hundreds, of millions of pounds.

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You really couldn't make this stuff up, could you?

Yes you could be but no one would believe you as it's too fantastical to be real. It's just too surreal for words, it's gone way beyond Monty Python now.

If you proposed this for a novel you'd be laughed out of the publishers.

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Guest DissipatedYouthIsValuable

I think it's only appropriate that we commit our grandchildren's tax take to these poor billionaires who have avoided paying tax all their lives.

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The Foot report is likely to suggest that tax havens should boost their balance sheets with new taxes, though this would have to be carefully handled as it could drive away businesses that are valuable to them.

Obviously not valuable enough to pay the bills.

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How long before the Guardian needs a bail out?

'Observer employees plan supplement-free version to save their newspaper from Guardian branding':

http://www.thisislondon.co.uk/standard-bus...ding/article.do

GMG does not break down losses at the Guardian and the Observer but its national newspaper division lost £36.8 million last year as advertising slumped.

The Guardian is believed to be responsible for the bulk of the losses.

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I think it's only appropriate that we commit our grandchildren's tax take to these poor billionaires who have avoided paying tax all their lives.

Well quite.

How else will they be able to buy those big yachts and Bugattis and bid up the price of housing beyond the reach of hard working families?

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Can't we just sell them to China?

I think as we reach the point of bailout saturation only a real idiot would keep his money in any of these places. There are times when 100% return of capital is more important than saving a bit of tax on capital. Icelandic bank depositors got lucky.

They have been warned.

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I hate this dumbing down of stories.

WHY could we be forced to bail them out?

Because the people who fund our brave leaders don't want to lose their money?

It would be only slightly less of a naked robbery than the bailout of icesave savers.

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I don't see what the fuss is all about.

It just involves printing some more money and everyone is happy. Its not as if we are talking giving them our gold reserves.

People on here need to realise that they dont actually own the paper money they think they have. The government lets you hold it in return for doing as you are told but retains the right to take it all back if it wants to.

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We could offer to do a deal.

We bail out the dependancies in return to direct rule from Westminster. In affect they become a county of the UK.

The Isle of Man would be come part of Lancashire.

Jersey, Guensey and the other channel isles become part of Kent.

All the offshore colonies of the west indies become part of Cornwall.

We will now set the tax rates and solve this problem overnight.

What was that, No !!!!!!!

You dont want to be part of the UK, you just want to free feed from our table.

Then naff off and bail yourselves out.

Take it or leave it. ;)

Edited by Rt. Hon. Lord Mandelson

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We could offer to do a deal.

We bail out the dependancies in return to direct rule from Westminster. In affect they become a county of the UK.

The Isle of Man would be come part of Lancashire.

Jersey, Guensey and the other channel isles become part of Kent.

All the offshore colonies of the west indies become part of Cornwall.

We will now set the tax rates and solve this problem overnight.

What was that, No !!!!!!!

You dont want to be part of the UK, you just want to free feed from our table.

Then naff off and bail yourselves out.

Take it or leave it. ;)

Same applies to Scotland IMO

They can bail out RBS and HBOS if they want devolution. Scottish feckers

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Same applies to Scotland IMO

They can bail out RBS and HBOS if they want devolution. Scottish feckers

Yes. I agree, we are a broad church here and if were paying, we want somethin in return - your independence.

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Only a moron would believe any kind of business, financial or economic reporting from the Guardian, a paper whose journalists know as much about economics as Jade Goody did about sub-atomic particle physics. The Foot report is merely another means by which the labour government wishes to destabilise lower tax jurisdictions for reasons of competition. The biggest tax haven on the planet is the City of London, and the UK wants it to remain so.

So how much has been shelled out to rescue banks in the UK? Is it £850bn or £900bn?

And how much has been shelled out to rescue banks in, say, the Cayman Islands. Is it £0 or £0. Oh yes, it is £0.

Still, I suppose if you elect a government that has a tendency to wage expensive illegal wars, and is prepared to inflate and maintain a monumental asset bubble to stay in power, and defrauds the taxpayer to pay their personal expenses, and pays billions of dollars in bribes for arms deals (paid out of accounts at the BoE no less)... etc ad nauseam.. then you deserve to pay high taxes.

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Same applies to Scotland IMO

They can bail out RBS and HBOS if they want devolution. Scottish feckers

Yeah, the haggis munchers should fend for themselves. Ditto the leek-loving boyos out west and to the east those pesky we-will-walk-down-the-Garvaghy-Road/oh-no-you-won't wallahs.

Most of the tedious, flat cap wearing, ferret owning northern scruffs should be cast adrift too along with the tractor-obsessed merchants from the West Country.

The real oop norf types found around Gateshead and the like, well, that part of England should be sawn off and dropkicked in the general direction of Reykjavik.

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The Caribbean tax haven was forced to ask the Foreign Office permission to borrow £278m to repair huge deficits. The Foreign Office refused, advising the island's authorities to impose property or payroll taxes.

Nice of them to tax the ordinary residents / workers, not the (presumably) giant corporate profits hidden away...

Edited by MrLizard

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Nice of them to tax the ordinary residents / workers, not the giant corporate profits hidden away...

£278 million. I bet some of those corporate account belonging to Paypal/Ebay have hundreds of billions in it. Why not start taxing them first and leave the ordinary residents alone to soak up the rays.

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Since Westminster is the only place in the country making any money I think it should declare independence and the rest of the UK can bog-off, they are all leeches, if it wasn't for the generosity of Parliament the rest of the UK would go under.

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