As I started reading this I was reminded that some aspects of the tax returns for personal capital gains don't work - and they are all filed online and the calculations done by the HMRC computer. Presumably they have sent themselves a letter telling themselves that their tax return software does not work properly. But because of data protection, they have not been able to tell themselves which taxpayers might be affected.
Isn't that a little disingenuous? If you have enough income even a small percentage difference is worth gaining because the value of the tax saving is large enough. So the UK reducing its tax rates may reduce tax avoidance, but wont necessarily abollish it.
Tax havens do distort the market by moving money out of some markets and into others.
Just a thought. If all returns need to be digital, does that mean all reviews by HMRC will have to be too? Or will they be allowed to use pen, paper, calculators, eyes, brains...
But there may be some perfectly sensible reasons for using a low-tax country. I used to deal with a multinational group and the complexities of international tax agreements and double tax relief made it sensible to route money to make the most of the tax reliefs available, rather than ending up paying tax in a country and then paying it again (without the benefit of double tax relief) when bringing the money back into the UK.
They would not do that! Just have to sort out a few other things first like Brexit, NHS, cabinet, international trade agreements, our approach to Israel, North Korea, President Trump, President Putin, Asylum seekers....
My answers
As I started reading this I was reminded that some aspects of the tax returns for personal capital gains don't work - and they are all filed online and the calculations done by the HMRC computer. Presumably they have sent themselves a letter telling themselves that their tax return software does not work properly. But because of data protection, they have not been able to tell themselves which taxpayers might be affected.
After reading a few comments, I can see the politicians rubbing their hands and saying let's "make December happen"
I think the starting point (which may not have been agreed by everyone) is that we need to become carbon neutral.
For many businesses, this will involve a cost.
If there is a cost, it needs to be accounted for (at the moment a provision as it is a future cost for lots of businesses).
Talking about international mark-to-market accounting policies is possibly a separate issue.
Isn't that a little disingenuous? If you have enough income even a small percentage difference is worth gaining because the value of the tax saving is large enough. So the UK reducing its tax rates may reduce tax avoidance, but wont necessarily abollish it.
Tax havens do distort the market by moving money out of some markets and into others.
Just a thought. If all returns need to be digital, does that mean all reviews by HMRC will have to be too? Or will they be allowed to use pen, paper, calculators, eyes, brains...
Could you please explain this. What laws are being broken? What mechanisms are you talking about?
But there may be some perfectly sensible reasons for using a low-tax country. I used to deal with a multinational group and the complexities of international tax agreements and double tax relief made it sensible to route money to make the most of the tax reliefs available, rather than ending up paying tax in a country and then paying it again (without the benefit of double tax relief) when bringing the money back into the UK.
Yes, that does make you a tax avoider, in the same way that putting money into a ISA etc is avoiding tax. Avoiding tax is perfectly legal.
One of my clients did the ultimate in tax avoidance - he retired and so avoided any more income on which to pay tax.
Because that is the way we do things here!
We hand out benefits to people on the basis of need, and then tax them on them.
We charge VAT to schools, colleges and universities and then give them a grant so they can pay it
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They would not do that! Just have to sort out a few other things first like Brexit, NHS, cabinet, international trade agreements, our approach to Israel, North Korea, President Trump, President Putin, Asylum seekers....