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£27Bn Is Written Off In Tax Shambles: Downturn And Complicated Code Leaves Hmrc Massively Out Of Pocket

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http://www.dailymail.co.uk/news/article-2029772/27bn-written-tax-shambles-Downturn-complicate-code-leaves-HMRC-massively-pocket.html

The taxman has lost out on £27.4billion over the past five years because of the shambles at HM Revenue & Customs, a report reveals.

The economic downturn combined with an over-complicated tax code has left the troubled body unable to collect the money.

The total is equivalent to £200 per year for each household in the country.

Excellent work, although none of this will the politicians fault for creating such an overcomplex system it will all be the staffs fault.

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Sorry if it has been posted before,but because of the new deal between our Tax Overlords and the Swiss Banks, the rich and MPs will now be paying less tax on savings than if they used British banks.

Final withholding tax for the future: Future investment income and capital gains should be directly covered by a final withholding tax. The tax rate has been set between 27% and 48%, depending on the category of capital income. The tax rates are slightly under the regular marginal UK tax rates. The final withholding tax is a tax at source. After it has been paid, the tax obligation towards the country of domicile will generally have been fulfilled.

In order to prevent new, undeclared funds from being deposited in Switzerland, it has been agreed that the British authorities can submit requests for information in the context of a safety mechanism that must state the name of the client, but not necessarily the name of the bank. The number of requests that can be submitted is limited and there must be plausible grounds. The number will be in the low to mid hundreds and not exceed 500 per year; an adjustment will then be made based on the results. So-called fishing expeditions are not permissible.

· Back taxation: To retrospectively tax existing banking relationships in Switzerland, persons resident in the UK should be given one chance to make an anonymous lump-sum tax payment. The size of this tax burden will vary from between 19% to 34% of the assets in question, and will be determined based on the duration of the client relationship as well as the initial and final amount of the capital. Instead of such a payment, those affected should also have the possibility of disclosing their banking relationship in Switzerland to the British authorities.

Swiss Banks 1 British Tax Man 0

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http://www.dailymail.co.uk/news/article-2029772/27bn-written-tax-shambles-Downturn-complicate-code-leaves-HMRC-massively-pocket.html

Excellent work, although none of this will the politicians fault for creating such an overcomplex system it will all be the staffs fault.

Let's not forget the role of HMRC's boss Dave Harknett in letting some companies off the hook to the tune of billions too.

The tax system is a mess though, I couldn't agree more.

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According to the report, 90% of the money lost is through private sector companies going into liquidation & not paying their debts. Bet all the directors of these companies still have their big fancy houses & cars though

Thieving bast**ds

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Excellent work, although none of this will the politicians fault for creating such an overcomplex system it will all be the staffs fault.

Outsourcing, bringing in management consultants, new IT systems.. and the Coalition has had the wizard idea that reducing the number of tax collectors will help to cut the deficit. Which has about the same logic as a deep sea diver getting rid of his air tanks to ascend faster..

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  • 337 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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