Austerity is now the way of the world. The banks have done for Great Britain plc what enemies have never been able to do. We all have to tighten our collective belts and shoulder our share of the financial meltdown. We all share in the wealth of our country so why should we all not share in the debit. After all, we are all in it together aren't we?
Its a Goldmine
Well sharing in the debit is a fine and noble thing to do. Unless you are an multi national company or a very wealthy individual and you can avoid paying any UK taxes at all for years and years and years. In a WikiLeaks type of revelation. Millions of documents from one of the world’s biggest tax havens have been leaked. Potentially hundreds possibly thousands of ultra-wealthy Britons are now being investigated for tax evasion following the exposure of their secret offshore accounts.
Millions of documents have revealed that rich investors have hidden billions and are also naming UK charities as the main beneficiaries of their offshore trusts. Offshore trusts that have in reality been created to benefit themselves. By naming charities as the purported beneficiaries of a trust, the real owners can avoid scrutiny by the UK tax authorities. Cancer Research UK, the NSPCC, the National Trust, Greenpeace and Amnesty International are among organisations whose names have been used by trusts in Singapore, British Virgin Islands, Cayman Islands and the Cook Islands in the Pacific.
The leaked files were handed to the UK tax authorities three years ago but were then kept a closely guarded secret. Blubbering Chancellor of the Exchequer George Osborne said he was shocked by the extent to which the wealthy were exploiting tax loopholes. Now call me old and cynical, but this is the same group of multi-millionaires that got a nice tax cut from Blubber. He said that they would invest the tax saving in creating jobs - that's true - as tax avoidance advisors.
Many UK charities court big business as potential donors.
Ask yourself, why would businesses in a time of austerity be interested in giving their profits to charities?
There is one such charitable investment scheme that donated a charitable £55,000 to good causes. But only after having raised £176.5m. Which allowed its charitable investors to pocket £46m in gift aid. Now its finally been proved to be true - charity really does begin at home.
The Cup Trust and their "charitable" business has been investigated by the Charity Commission. Guess what, the charity commission said - "The Cup Trust has not broken any UK charity laws." So their cup runneth over,to the tune of £46,000,000 of our money so to speak, so that's OK then!
The Tax man at HMRC said: "The government has made nearly £1bn available to us to police the tax rules. Where we find tax avoidance we challenge it and stop it as shown by a string of high profile successes in the tax courts. We have increased the number of staff policing the charity tax rules and as a result so far this year we have already brought in over £55m of additional tax, an increase of £15m on last year's total."
Rewind.... read that again.... £1bn to police the tax system. Total tax recovered £55m and this is an increase over last years £40m!!!! HMRC is proving to be real value for money. We could save almost a billion pounds by not giving the money to HMRC tax investigations. welcome to the weird and wonderful world of the HMRC tax dodgers!
You could not make it up!
You could not make it up!
To get a grasp of the scale of the tax dodgers Click Here
Later...
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