"Tax dodging by rich could be ‘much greater than thought’, says UK audit office"

[Notch7]

a lot of people think they can do the same without the graft

ah yes, the poor are poor because they are lazy.............that old chestnut


meanwhile the very wealthy work themselves to the bone accumulating assets like property by having other people working hard to pay rent

 

[blup]

I think sometimes it can be a simple sniff test.

The sort of scheme where somebody sets up a fake film company in the Isle of Man to get tax credits and then deliberately makes a loss so that they can further reduce their tax bill, is very different to using a mass scheme encouraged by the government such as ISAs or premium bonds.

Do you mean that comedian m, what he did was quite legal but classified as tax dodging so it’s a confusingly neutral term. What gets me is the excuses which would be thrown out if your on a benefit fraud prosecution are taken at face value when part of a carefully crafted tax avoidance scheme. Didn’t Camoron say he was going easy on this kind of tax dodger?

My rich BIL spends huge sums in this country on all sorts of things providing income for people

So do people on benefits, the price of booze and fags keeps the treasury very nicely in tax

 

[noseall]

Economic growth more likely when wealth distributed to poor instead of rich​

Rich tax dodging millionaires fleeing the UK?

Close the door.

Good riddance.

 

[noseall]

and a lot of people think they can do the same without the graft

You mean those lucky enough to inherit a tidy sum? Tax those too.

 

[HawkEye244]

More Jobs in China and other cheap labour economies, that is where the rich go.
Capital goes where the profits are.

Why are so many American and European companies creating jobs in the far East.

If the rich want to leave the UK , that's ok, a lot of them don't contribute much to the economy anyway, London is full of rich foreigners who use it to launder their ill gotten gains, they buy up property and leave it empty, while 1000's are homeless, how does buying a 250 million quid Yacht or a 50 million quid painting to hang on wall, create real jobs in the UK.

I was referring to wealthy British business owners and job creators, not transient migrant opportunists.

 

[HawkEye244]

not true though

ordinary people spend more and drive the economy
the wealthy hoard money and grow assets keeping money out of the economy




It is totally counterproductive to make ordinary working people poorer

Wealthy people who understand money accumulate assets and then leverage those assets to make money. It's the same road a poor person takes to eventually become rich with enough hard work and self-sacrifice.

Working people will be paying more now that millionaires are leaving and taking their businesses abroad. Dumb.

 

[Murdochcat]

He invests to create more wealth for himself.
His wealth is increased from his existing wealth, and because he accumulates more wealth, the not-rich have less.
Wealth isn't created out of the ether. It's built on the labour of others.

So you completely ignore the point he spends a huge amount in the UK then.

May be I will suggest he spends all his money abroad

 

[Murdochcat]

Economic growth more likely when wealth distributed to poor instead of rich​

According to research from the Brookings Institution and the Reserve Bank of Australia, the marginal propensity to consume of high-income earners is substantially less than for low-income earners. In other words, poorer people are likely to spend the bulk of any extra income while the wealthy are more likely to save it.

Irrelevant to the point I was making.

My BIL hasn’t worked for over 10 years and is spending very freely in the UK. Would you rather he went and lived abroad then?

 

[Murdochcat]

ah yes, the poor are poor because they are lazy.............that old chestnut

I didn’t say they were lazy did i

And no he hasn’t invested in property at all

 

[MNW67]

Wealthy people who understand money accumulate assets and then leverage those assets to make money. It's the same road a poor person takes to eventually become rich with enough hard work and self-sacrifice.

Working people will be paying more now that millionaires are leaving and taking their businesses abroad. Dumb.

In the end, it's all about striking the right balance.

 

[Odds]

He keeps large tracts of the countryside in reasonable order. But his claim that agriculture enterprises like the duchy of Cornwall employs farmers runs a little thin when you realise many of the farm tenants are very short term and are essentially there keep the grass down by tending beef or sheep. Fair enough it’s a business but one that is slightly more founded on maintenance of pastures and woodland than it is agriculturally productive

And when you consider the premium he puts on organic produce aligned with the Royal seal of approval it's not hard to see where his profit margin is fattened by folk who can afford to pay it.

 

[Mottie]

Nah, mottie's the nasty little spiv who boasted about getting taxpayers money for work he wasn't going to do and use it for holiday money...

Just booked a little break in Lake Garda from my furlough bonus. Still got one big hit to come from the government though, care of the business asset disposal relief dodge but sadly the furlough pot is getting low now. All good things come to an end eventually. I miss that pandemic.

 

[Deleted member 323070]

So you completely ignore the point he spends a huge amount in the UK then.

May be I will suggest he spends all his money abroad

He probably spends little more than the average man.
If the wealth is more equally spread, there would be innumerable men all spending the same amount as your BiL.

How many cars can one person drive?
How many houses can one person live in?
How many dinners can one person eat?
etc.

Trickle down economics is proven to be a non-working policy

 

[Vinty]

Happy to be proved wrong however I seriously doubt the properties they're buying and mothballing would be within the financial reach of those who are homeless, or would have been before they became so.

Rich people buying up properties as investments to store wealth forces up house prices.
Ex Council flats in the area of London my brother lives in sell for over £500000.

 

[Vinty]

not transient migrant opportunists.

Rootless Cosmopolitans as they used to be called.