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Old 07.11.2017, 09:15
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Paradise Papers, buckle up Private jet owners it's going to get bumpy

So the revelations include the deliberate changing of the law on the Isle of Man to accommodate lower tax on Private Jets! Who would have thought that eh! The lovely Lewis Hamilton and his subsidery companies that lease his own jet back to himself thereby saving a cool 3million. I really hope this catches those mega rich hypocrites out. And let's not get started on Bono who owns a share of a Shopping Mall in Lithuania! Highly amused but also a little bit annoyed right now!
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Old 07.11.2017, 09:22
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Re: Paradise Papers, buckle up Private jet owners it's going to get bumpy

*sent from tax haven Switzerland
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Old 07.11.2017, 09:29
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Re: Paradise Papers, buckle up Private jet owners it's going to get bumpy

guess its just an up-scaled version of going shopping in German and France and claiming VAT back but not declaring it here..

seems all a bit OTT in the papers
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Old 07.11.2017, 09:33
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Re: Paradise Papers, buckle up Private jet owners it's going to get bumpy

It's the next step towards the NWO's abolition of cash.

Where do you want your microchip implanted, sir?
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Old 07.11.2017, 09:37
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Re: Paradise Papers, buckle up Private jet owners it's going to get bumpy

Personally! It's not my worry!
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Old 07.11.2017, 09:39
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Re: Paradise Papers, buckle up Private jet owners it's going to get bumpy

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*sent from tax haven Switzerland
I am not avoiding tax, I even have to pay in the UK. I think it's a tad unjust when the mega rich can get away with paying very little but the average UK taxpayers gets stung constantly. Then the government that encourages these activities, claims there is Austerity and the taxpayer will have to pay more! What for, not the NHS, but multi trillion pound aircraft carriers that lay idle in shipyards! It all stinks a bit much.
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Old 07.11.2017, 09:41
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Re: Paradise Papers, buckle up Private jet owners it's going to get bumpy

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I am not avoiding tax, I even have to pay in the UK. I think it's a tad unjust when the mega rich can get away with paying very little but the average UK taxpayers gets stung constantly. Then the government that encourages these activities, claims there is Austerity and the taxpayer will have to pay more! What for, not the NHS, but multi trillion pound aircraft carriers that lay idle in shipyards! It all stinks a bit much.
Why do you have to pay in the UK?
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Old 07.11.2017, 09:49
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Re: Paradise Papers, buckle up Private jet owners it's going to get bumpy

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I am not avoiding tax, I even have to pay in the UK. I think it's a tad unjust when the mega rich can get away with paying very little but the average UK taxpayers gets stung constantly. Then the government that encourages these activities, claims there is Austerity and the taxpayer will have to pay more! What for, not the NHS, but multi trillion pound aircraft carriers that lay idle in shipyards! It all stinks a bit much.
The mega rich don't need a day job & consequently they can go & live where they choose.

Your clearly unaware that the UK is a huge tax haven for non British, which is why it's the choice of many billionaires. Whilst they pay very little tax they spend a fortune in the UK which creates employment.

I do know a Brit who went on tax strike after being investigated over 20 years, he gave 110% of any income to charity & borrowed money against his assets for day to day spending. He chose 110% percent just incase any over zealous tax inspector would try & increase his liability.

Over 30 years he will end up far richer with more money to give to charity as a result, he had paid in excess of £20,000,000 tax before going on strike. Tax authorities get greedy & any rich person can go on tax strike if they get pissed off enough.

Last edited by fatmanfilms; 07.11.2017 at 10:41. Reason: Clarification of 20 million tax paid before strike
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Old 07.11.2017, 09:50
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Re: Paradise Papers, buckle up Private jet owners it's going to get bumpy

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Why do you have to pay in the UK?
BTL landlord scum no doubt, even so still gets an £11k personal allowance.
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Old 07.11.2017, 09:50
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Re: Paradise Papers, buckle up Private jet owners it's going to get bumpy

On income generated in the U.K.
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Old 07.11.2017, 09:50
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Re: Paradise Papers, buckle up Private jet owners it's going to get bumpy

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I am not avoiding tax, I even have to pay in the UK. I think it's a tad unjust when the mega rich can get away with paying very little but the average UK taxpayers gets stung constantly. Then the government that encourages these activities, claims there is Austerity and the taxpayer will have to pay more! What for, not the NHS, but multi trillion pound aircraft carriers that lay idle in shipyards! It all stinks a bit much.
Jesus get a grip with the "us poor peasants who bear the burden boo-hoo" spiel. This stuff has been happening since the monetary systems were first created, the rich get richer because they have the resources to hire great financial minds to tell them invest their money, and that usually ends up in ways that exploit the system because they are the most lucrative. Regardless of the moralities it's legal for goodness sake. These rich individuals still pay a feckload more tax than you or I ever will, they pay as much tax as hundreds or maybe thousands of working class families put together. People like Bono also raise and give so much to charity that they have changed countless people's lives.

If the government gives so much of a shit, if they ever gave so much of a shit, they would have closed all of these known loopholes decades ago. I can't blame rich people for wanting to get richer, or for not giving a crap about the perceived social injustices against the unwashed and uncaring masses of the UK led by it's joke of a government. Who wants to fund that utter shambles more than they have to?

Rather than shaming celebs to make ourselves feel better for a brief moment in time, lets address the systems that allow them to do this in the first place.
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Old 07.11.2017, 09:52
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Re: Paradise Papers, buckle up Private jet owners it's going to get bumpy

Lewis Hamilton, who doesn't even live in the UK, has avoided UK tax.

I think some people need to get a grip.
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Old 07.11.2017, 09:53
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Re: Paradise Papers, buckle up Private jet owners it's going to get bumpy

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On income generated in the U.K.
So your a BTL landlord, as income from shares or bank accounts would not be taxable in the UK.
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Old 07.11.2017, 09:55
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Re: Paradise Papers, buckle up Private jet owners it's going to get bumpy

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So your a BTL landlord, as income from shares or bank accounts would not be taxable in the UK.
Or maybe had a property in the UK before they came here, to which they are emotionally and financially attached?

Scum is a harsh description when you probably don't actually know the facts.
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Old 07.11.2017, 09:59
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Re: Paradise Papers, buckle up Private jet owners it's going to get bumpy

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The mega rich don't need a day job & consequently they can go & live where they choose.

Your clearly unaware that the UK is a huge tax haven for non British, which is why it's the choice of many billionaires. Whilst they pay very little tax they spend a fortune in the UK which creates employment.

I do know a Brit who went on tax strike after being investigated over 20 years, he gave 110% of any income to charity & borrowed money against his assets for day to day spending. He chose 110% percent just incase any over zealous tax inspector would try & increase his liability.

Over 30 years he will end up far richer with more money to give to charity as a result, he had given in excess of £20,000,000 before going on strike. Tax authorities get greedy & any rich person can go on tax strike if they get pissed off enough.
Sounds BS to me. Giving tax breaks to the mega rich and to mega corporations doesn't mean that they generate more employment and thus more tax to the coffers. These sorts of avoidance schemes and offshore loopholes are only beneficial to the people who use them! of course it's natural to want to pay less but we are talking about a system rigged in favour of the wealthy. I see there is a lot of apathy towards this theme, but the impact on a healthy functioning society is huge!
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Old 07.11.2017, 09:59
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Re: Paradise Papers, buckle up Private jet owners it's going to get bumpy

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Or maybe had a property in the UK before they came here, to which they are emotionally and financially attached?

Scum is a harsh description when you probably don't actually know the facts.
Owning a house you don't live in but choose to make money out of others.

Lets be honest you let on an a 6 month / annual basis, so you can get your property back, not an ongoing term like in CH. Scum is not far from reality.
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Old 07.11.2017, 10:02
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Re: Paradise Papers, buckle up Private jet owners it's going to get bumpy

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I am not avoiding tax, I even have to pay in the UK. I think it's a tad unjust when the mega rich can get away with paying very little but the average UK taxpayers gets stung constantly. Then the government that encourages these activities, claims there is Austerity and the taxpayer will have to pay more! What for, not the NHS, but multi trillion pound aircraft carriers that lay idle in shipyards! It all stinks a bit much.
The tax burden on the top 1% has trebled within the last 40 years so that now they pay nearly a third of all income tax. If you keep squeezing the top 1%, they'll either leave or find imaginative ways of avoiding tax. Oh, and austerity is a myth.

The real issue is that taxes are too high, and there's no easy way of avoiding them. Which is why we all live in Switzerland, right?
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Old 07.11.2017, 10:04
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Re: Paradise Papers, buckle up Private jet owners it's going to get bumpy

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Sounds BS to me. Giving tax breaks to the mega rich and to mega corporations doesn't mean that they generate more employment and thus more tax to the coffers. These sorts of avoidance schemes and offshore loopholes are only beneficial to the people who use them! of course it's natural to want to pay less but we are talking about a system rigged in favour of the wealthy. I see there is a lot of apathy towards this theme, but the impact on a healthy functioning society is huge!
My biggest tax avoidance scheme was to STOP Working, why work to pay tax when marginal rates get too high? You CANT make people work or create tax liabilities.
If interest rates reflected the rate of inflation, (3% plus) the rich would indeed pay substantially more tax. Low interest rates are too help the over indebted rather than bite the bullet & have real austerity.
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Old 07.11.2017, 10:07
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Re: Paradise Papers, buckle up Private jet owners it's going to get bumpy

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The tax burden on the top 1% has trebled within the last 40 years so that now they pay nearly a third of all income tax. If you keep squeezing the top 1%, they'll either leave or find imaginative ways of avoiding tax. Oh, and austerity is a myth.

The real issue is that taxes are too high, and there's no easy way of avoiding them. Which is why we all live in Switzerland, right?
Yup precisely, and if we are expecting the rich to pay even more than they currently do out of some sense of 'moral duty' then we are lacking a healthy dose of realism, not to mention that everyone, rich of poor, wants to minimise the tax they pay but our societal envy of the richest makes them easy targets for criticism. Most of us would do the same and take all legal courses of action to minimise our tax burden if resources allowed.
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Old 07.11.2017, 10:09
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Re: Paradise Papers, buckle up Private jet owners it's going to get bumpy

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Yup precisely, and if we are expecting the rich to pay even more than they currently do out of some sense of 'moral duty' then we are lacking a healthy dose of realism, not to mention that everyone, rich of poor, wants to minimise the tax they pay but our societal envy of the richest makes them easy targets for criticism. Most of us would do the same and take all legal courses of action to minimise our tax burden if resources allowed.
The tax system explained as beer:-

Suppose that every day, ten men go out for beer and the bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this...

The first four men (the poorest) would pay nothing. The fifth would pay $1. The sixth would pay $3. The seventh would pay $7. The eighth would pay $12. The ninth would pay $18. The tenth man (the richest) would pay $59.

So, that's what they decided to do.

The ten men drank in the bar every day and seemed quite happy with the arrangement, until one day, the owner threw them a curve ball. “Since you are all such good customers,” he said, “I'm going to reduce the cost of your daily beer by $20”. Drinks for the ten men would now cost just $80.

The group still wanted to pay their bill the way we pay our taxes. So the first four men were unaffected. They would still drink for free. But what about the other six men ? How could they divide the $20 windfall so that everyone would get his fair share?

They realized that $20 divided by six is $3.33. But if they subtracted that from everybody's share, then the fifth man and the sixth man would each end up being paid to drink his beer.

So, the bar owner suggested that it would be fair to reduce each man's bill by a higher percentage the poorer he was, to follow the principle of the tax system they had been using, and he proceeded to work out the amounts he suggested that each should now pay.

And so the fifth man, like the first four, now paid nothing (100% saving). The sixth now paid $2 instead of $3 (33% saving). The seventh now paid $5 instead of $7 (28% saving). The eighth now paid $9 instead of $12 (25% saving). The ninth now paid $14 instead of $18 (22% saving). The tenth now paid $49 instead of $59 (16% saving).

Each of the six was better off than before. And the first four continued to drink for free. But, once outside the bar, the men began to compare their savings.

“I only got a dollar out of the $20 saving,” declared the sixth man. He pointed to the tenth man,“but he got $10!”

“Yeah, that's right,” exclaimed the fifth man. “I only saved a dollar too. It's unfair that he got ten times more benefit than me!” “That's true!” shouted the seventh man. “Why should he get $10 back, when I got only $2? The wealthy get all the breaks!”

“Wait a minute,” yelled the first four men in unison, “we didn't get anything at all. This new tax system exploits the poor!”

The nine men surrounded the tenth and beat him up.

The next night the tenth man didn't show up for drinks so the nine sat down and had their beers without him. But when it came time to pay the bill, they discovered something important. They didn't have enough money between all of them for even half of the bill!

And that, boys and girls, journalists and government ministers, is how our tax system works. The people who already pay the highest taxes will naturally get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up anymore. In fact, they might start drinking overseas, where the atmosphere is somewhat friendlier.

David R. Kamerschen, Ph.D. — Professor of Economics.
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