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[New] Tax Heist Of The Century

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At the moment tax law ensures that companies based here, with branches in other countries, don't get taxed twice on the same money. They have to pay only the difference between our rate and that of the other country. If, for example, Dirty Oil plc pays 10% corporation tax on its profits in Oblivia, then shifts the money over here, it should pay a further 18% in the UK, to match our rate of 28%. But under the new proposals, companies will pay nothing at all in this country on money made by their foreign branches.

Foreign means anywhere. If these proposals go ahead, the UK will be only the second country in the world to allow money that has passed through tax havens to remain untaxed when it gets here. The other is Switzerland. The exemption applies solely to "large and medium companies": it is not available for smaller firms. The government says it expects "large financial services companies to make the greatest use of the exemption regime". The main beneficiaries, in other words, will be the banks.

http://www.guardian....eist-of-century

The insurance "industry" already pays limited amounts of tax by virtue of [legally] diverting their income via Bermuda. If these new tax regulations came to be, they would pay virtually no tax in the UK.

I don't know how much of this (if any) is true. Can anyone shed any light?

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http://www.guardian....eist-of-century

The insurance "industry" already pays limited amounts of tax by virtue of [legally] diverting their income via Bermuda. If these new tax regulations came to be, they would pay virtually no tax in the UK.

I don't know how much of this (if any) is true. Can anyone shed any light?

I was wondering the same thing, the article is Monbiot so should come with a health warning but I wouldn't put anything past the city.

Andy

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It would be interesting to see some simple explanations of how companies can use Bermuda and other places to avoid tax.

Why doesnt someone just invade Bermuda and close it down? Or Switzerland for that matter, a criminal country that looks after the money of criminals. That might make other tax havens think a bit.

Wasnt Obama going to do something about it?

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It would be interesting to see some simple explanations of how companies can use Bermuda and other places to avoid tax.

Why doesnt someone just invade Bermuda and close it down? Or Switzerland for that matter, a criminal country that looks after the money of criminals. That might make other tax havens think a bit.

Wasnt Obama going to do something about it?

Doubt it he has probably got his money there

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Guest sillybear2

They've basically given up trying to tax corporations because there's a race to the bottom on, take Google with their 'Dutch Sandwich' for example, that's why the top HMRC bloke talked about being "flexible" with Vodafone and alike. It's like the collection plate on Sunday, give what you can to keep the country running, if you want to, no pressure.

Obviously because multinationals are now lightly taxed they've used this as a convenient excuse to massively raise everyones salary, so you can afford to pay for the tax burden that now falls upon personal income tax, national insurance, VAT etc instead of them. Or something like that :lol:

Why doesnt someone just invade Bermuda and close it down?

Because we own it, it's a British overseas territory, it's protected by the Royal Navy (yeah, the one paid for by British tax payers).

You really don't understand this global kleptocracy game, do you? It's like Monopoly but with the "go directly to jail" card missing.

Edited by sillybear2

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Our political system protects and enriches a fantastically wealthy elite, much of whose money is, as a result of their interesting tax and transfer arrangements, in effect stolen from poorer countries, and poorer citizens of their own countries. Ours is a semi-criminal money-laundering economy, legitimised by the pomp of the lord mayor's show and multiple layers of defence in government. Politically irrelevant, economically invisible, the rest of us inhabit the margins of the system. Governments ensure that we are thrown enough scraps to keep us quiet, while the ultra-rich get on with the serious business of looting the global economy and crushing attempts to hold them to account.

Well said, George.

Now, how about some coverage of the underlying debt-based money system that faciliates and greases all this looting?

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Guest sillybear2

Our political system protects and enriches a fantastically wealthy elite, much of whose money is, as a result of their interesting tax and transfer arrangements, in effect stolen from poorer countries, and poorer citizens of their own countries. Ours is a semi-criminal money-laundering economy, legitimised by the pomp of the lord mayor's show and multiple layers of defence in government. Politically irrelevant, economically invisible, the rest of us inhabit the margins of the system. Governments ensure that we are thrown enough scraps to keep us quiet, while the ultra-rich get on with the serious business of looting the global economy and crushing attempts to hold them to account.

Well said, George.

Now, how about some coverage of the underlying debt-based money system that faciliates and greases all this looting?

If George wants to find out even more about tax havens, he could simply ask his bosses. :D

http://order-order.com/2009/02/06/tax-justice-protest-against-guardian/

Edited by sillybear2

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It's just The Bullingdon Boys sorting out their next jobs.

Bermuda - Check

Banksters - Check

Right, now we can start sacking people............

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A bit off the thread topic but the news today has been full of how the banks are now going to announce £24 billions of profit so trying to justify the £6 billions of bonus. Nothing about them being insolvent with the derivatives etc or surviving off taxpayer bailouts. Also the bank levy is going to be increased from £1.7 to 2.5 billion as if it makes any difference to anything (I mean come on the UK has taxpayers debts/liabilities of about £8000 billion) but its being called banker bashing and grotesque and the bankers being livid at such a huge amount, oooh the coalition is so tough :lol: - as if the gargantuan bloatery of the banks cared about a £billion here or there. It being such a feeble amount in banking terms as well as overall tax terms it just helps the banks bloatation.

Total news scammery.

Edited by billybong

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I could explain it but haven't got time. Suffice to say, Monbiot knows not what he is talking about.

Oh and by the way, this was a Labour party policy which the coalition inherited, not a Tory one as he alleges.

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I could explain it but haven't got time. Suffice to say, Monbiot knows not what he is talking about.

Oh and by the way, this was a Labour party policy which the coalition inherited, not a Tory one as he alleges.

Don't often post on here, more of a lurker, but this is unbelievable and needs wider dissemination and opposition.

Have you read the article in question? i'd be interested to hear why this isn't as he suggests, whats in the article is scandalous and is the biggest heist of the many we've been subjected to, i'm fuming and would appreciate an explanation of why he's got this wrong, if you've got the time of course

Not really concerned which set of thieves proposed this.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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