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Labour Plans Stiff Fines For Tax Avoidance

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http://www.theguardian.com/politics/2014/nov/13/labour-stiff-fines-tax-avoidance

Punitive new penalties will be imposed by a future Labour government on companies and individuals that embark on aggressive and abusive tax avoidance, Ed Balls has announced, as the party mounted a fightback after a difficult week.

As Labour MPs praised Ed Miliband for reasserting his authority in an impassioned speech in which the party leader pledged to stand up to “powerful vested interests” in the banking and energy industries, the shadow chancellor said he would impose fines of up to 100% of the amount of tax owed by those who flout new anti-abuse rules.

Balls wrote on his blog: “The public want us to be tough on the small minority of people who cheat the benefits system. They want us to be just as tough on companies and individuals who evade or aggressively avoid the taxes they should rightly pay.”

The announcement by Balls is meant to be a tangible illustration of Miliband’s renewed campaign against vested interests, which is at the heart of a fightback after the Labour leader faced criticism from MPs.

The chancellor, George Osborne, introduced the General Anti-Abuse Rule (GAAR) in his 2012 budget when he described aggressive tax evasion and avoidance as “morally repugnant”. But Balls said the rules were too lax because companies or individuals that were caught only had to pay back the tax owed.

Like MPs Ed??

Still if all the evidence gets shredded there's nothing the tax man can do...

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Guest UK Debt Slave

You can absolutely guarantee, it's middle class people and small business owners who will be the target of such legislation, not the big corporations and banks.

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Is receiving a trust fund worth millions without any tax being paid on it tax avoidance? Ed and Dave might have to answer a few questions themselves.

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You can absolutely guarantee, it's middle class people and small business owners who will be the target of such legislation, not the big corporations and banks.

How do the majority of the middle class evade tax?

I'm guessing BTL and not declaring the income is the biggest dodge?

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What a plonker.

Nothing wrong with avoidence, prefectly legal, all down to the nob heads in Westminster who set rules.

Personal tax evasion has a 100% fine,depending on circumstance. Has been for years. I assume the fine is the same for companies.

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Nothing wrong with avoidence, prefectly legal, all down to the nob heads in Westminster who set rules.

Welcome to the brave new world where merely being legal is no defence.

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I recently downsized from a gas guzzling Jeep to a little Ford Fiesta to cut down my fuel and road tax bill. Should I be worried? Are they gonna come and get me?

My point is that the government imposes "sin" taxes in an effort to control our behavior on the understanding that people will try and avoid the tax. At the same time they expect people to resist the temptation to reduce costs and pay up in full for whatever bulls**t scheme Balls and Co dreamed up last week.

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I recently downsized from a gas guzzling Jeep to a little Ford Fiesta to cut down my fuel and road tax bill. Should I be worried? Are they gonna come and get me?

My point is that the government imposes "sin" taxes in an effort to control our behavior on the understanding that people will try and avoid the tax. At the same time they expect people to resist the temptation to reduce costs and pay up in full for whatever bulls**t scheme Balls and Co dreamed up last week.

We might end up sharing a cell. I stopped spoking to reduce the amount of avoidable tax that I was paying.

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We might end up sharing a cell. I stopped spoking to reduce the amount of avoidable tax that I was paying.

Did I mention I also cut back on drinking? Also, I have an ISA, If I hand myself in now will they be more lenient on me?

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They've been claiming they're going to do that sort of stuff since the days of Kier Hardy.

Always before general elections but turning out to be something different afterwards.

Edited by billybong

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Well who would've believed it, in the run up to an election the labour party press emotional buttons exploiting envy with measures that make no sense and if enacted would make criminals of anyone making an effort. Its like clock work.

Balls indeed.

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Well who would've believed it, in the run up to an election the labour party press emotional buttons exploiting envy with measures that make no sense and if enacted would make criminals of anyone making an effort. Its like clock work.

Balls indeed.

what he doesn't realise is that he is quite right.

the people are not prepared to tolerate crafty schemes for tax avoidance etc any more.

what he does not yet comprehend is:

1) that includes them

2) we also demand those whom we have temporarily granted responsibility to manage the country's finances, spend the money we grant them very much more frugally and wisely than is presently the case...and ****-ups will now have consequences.

I do sort of understand some of the business point of view...ie why am I giving these people money when all they do is waste it?

Edited by oracle

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I do sort of understand some of the business point of view...ie why am I giving these people money when all they do is waste it?

Yet they have no problem giving 'these people' money for campaign contributions- which represent a huge waste of money. The reason business wishes to evade taxes is not because they care about how the money is spent, it's because they want to keep it for themselves, which is fair enough- but since I am expected to pay my taxes I don't see why they should not pay theirs.

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Yet they have no problem giving 'these people' money for campaign contributions- which represent a huge waste of money. The reason business wishes to evade taxes is not because they care about how the money is spent, it's because they want to keep it for themselves, which is fair enough- but since I am expected to pay my taxes I don't see why they should not pay theirs.

Avoid.

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How can they fine someone for not breaking the law?

Inevitably when this gets debated, politicians indulge themselves in trying to define some sort of moral duty to pay tax. There is no moral duty to pay tax, and company directors have a legal duty to act in their shareholders interests. If government wants them to pay tax, they need to change their own tax code so it isn't so ludicrously easy for them to avoid paying.

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Apparently HMRC can fine you for overselling ciggies in Belgium

http://www.bbc.co.uk/news/business-30038328

Or maybe not if the matter ends up in the European courts

The Revenue are clearly still hurting from losing their previous tussles with BAT

http://www.telegraph.co.uk/finance/personalfinance/tax/9676447/HMRC-faces-paying-back-5bn-to-7bn-in-tax.html

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Apparently HMRC can fine you for overselling ciggies in Belgium

http://www.bbc.co.uk/news/business-30038328

Or maybe not if the matter ends up in the European courts

The Revenue are clearly still hurting from losing their previous tussles with BAT

http://www.telegraph.co.uk/finance/personalfinance/tax/9676447/HMRC-faces-paying-back-5bn-to-7bn-in-tax.html

BATs is nothing.

Going by the number of efags in use, I would say the UK smoking is: 50% efags, 40% illegal loose tobacco, 10% legal fags.

Even the Poles are smoking efags.

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