He also said it was a misconception that Blairmore had been set up to avoid tax. “It wasn’t,” he said. “It was set up after exchange controls went so that people who wanted to invest in dollar denominated shares and companies could do so.”
And, without being clairvoyant, you believe that? What else would he say.
His comments fitted the facts - no evidence of tax avoidance, selling of shares, etc. No reason to not believe him.
Or are you subscribing to PBC's theories of anyone and every one being evil conniving monsters?
Income tax only applies to those earning more than the personal allowance. CGT applies to those who have made some capital gains, but there is an allowance, £10k per person. But they are available to anyone who has a case or cause to use them. Which is what I said originally!
There are many other allowances, some of which I mentioned.
Yes, but that is not what Noseall had in mind with the original comment, is it?
I've no idea what noseall had in mind. I'm not clairvoyant and I don't second guess what he meant to say.
He referred to Cameron's tax avoidance, which was the use of his CGT allowance.
Obviously, the same rules apply to everyone but if the factory worker is in no position to take advantage of them, then, in fact, they only apply to the wealthy - as is the intention.
Nonsense, inheritance tax allowances is another example. £325,000 at current threshold. most people's homes are worth that, and more, these days. But husband and wife can apply their individual allowances. by leaving some to charity any tax applicable can be reduced. Similarly bY using gifts 7 years prior to death (13 years in France) can reduce the tax due.
Savings account interest free of tax, for those not earning up to their personal allowance, is another example.
Use of trust funds for personal injury awards for those on benefits is another example of avoiding tax, for instance, suppose someone is awarded £100,000 for personal injury. By using a trust fund, they could avoid the loss of benefits, and the interest could be paid gross because their personal income would be less than their personal allowance. Yet the trust fund could be increasing by about £4,000 per year (at current interest rates), tax free.
All these allowances, schemes, etc, and many more, are available to the man-in-the-street.
Pot, kettle black.
