Off shore cash and the Isle of Man

[Kwacky]

http://www.bbc.co.uk/news/resources/idt ... shore_cash" onclick="window.open(this.href);return false;

A decent piece about the Isle of Man and how it changed from a summer holiday destination to a tax haven.

[C00kiemonster]

Reading that they should go after all these VAT dodgers. Isn't the VAT man all powerful?

Leasing a jet from one company to another to another to another all owned by Lewis Hamilton? Not intending to try and avoid VAT? Looks dodgy to the layperson i should imagine.

[D41]

As long as no-one is breaking the law I don't see any problems with any of it. There's tax avoidance, and then there's not paying out unnecessarily...two very different things

[Jack]

I very much doubt Lewis knows anything at all about his finances , he'll have just said I want that plane and his advisors and accountants take care of the rest of it .Although the vast majority of these dealings are probably legal it doesn't make them moral or fair , the tax loopholes need to be closed for everyone .

[duke63]

They use advisers who push the rules to the limits knowing that Hmrc doesn’t have the finances for a protracted court case.

The bullshit that they are not doing anything wrong isn’t always true in a lot of cases.

[Blade]

Tax avoidance and tax evasion are hugely different.

Having an ISA is tax avoidance.

If it's legal and the system is open to abuse it will get abused.

The ironic thing is those that are wealthy make the loop holes so they have no interest in closing them. They would rather sit in the smoking room of their Gentleman's club with a big fat cigar and expensive brandy laughing at what they got away with.

Sat on this side of the debate their smug cheating wankers. If I was sat with them I would be knocking back the brandy and laughing my head off. Depends how it affects you I guess.

[Monty]

They use TAX advisors like PWC, that advise the government on the rules in the first F**king place!

[D41]

But it doesn't matter Monty....the rules make it alright from a legal perspective.
Morality be damned....EVERYONE'S morals are different & unique to the individual themselves....the laws remain the same for everyone to whom they apply, Your Honour.....

[Monty]

So you keep saying!

[D41]

When in doubt....."Occupy Wall Street!!"