Offshore Accounts.

Why is it that when we have so many major problems in the uk leading members of the labour party are wasting their time asking for committees to be set up to exam Camerons share dealings.There is a major question over the EU.There is a major problem over immigration.There are major problems over the power that unions have over important sections of the labour force the cause stress the the whole of the public (i.e)tube and railway workers,junior doctors,council workers.Grooming our teenage children.He feels that exposing a few pounds avoided tax is more important.
Any enquiry will consist of MP,s(probably most of them labour) who will get paid large sums and "tax free" expenses all from the public purse and at the end of the day nothing will be achieved.
It would be a good exercise to calculate how many enquiries corbyn has called for since being elevated and how many were of good for the general public.

Watching Question Time on the BBC last night and of course the question of Offshore Accounts came up. Usual claim and counter claims by the Labour and Conservative panel members as to which party had done the most to close tax loop holes (got quite heated). Best comment came from an audience member who suggested that everyone's tax return should be available to view on line. Guess that is an impossible ask but anyone earning over a certain amount should be made to publish there tax return, especially all present and past politicians. It would certainly be interesting to see how the likes of Kinnock, Blair, Brown, Milliband pay in tax. I am not being anti Labour by naming those, its just that off the top of my head these are ex. politicians who in recent years after leaving office appear to have amassed small (or large) fortunes without apparently either doing anything beyond putting their name to something or having the talent or knowledge to be experts in the fields where they have amassed their fortunes.
rgds
JA

A lot of ordinary working people have avoided tax legally.
When I became redundant, my redundancy pay would have been taxed if it was paid in a lump sum.
The company paid me over three financial years the legal amount that could be paid each year without going into tax,
So are we too to be condemned for Tax avoidance that is legal????
Also what is so bad about owning shares, Bonds etc, Investments into companies keep those companies operating and employ a lot of people who would otherwise be unemployed, so what is the problem there.???
When I was redundant, my company provided me with the Best Financial Advisers,. He told me, `for years you have been working for money, now is the time to let money work for you.` again what is the problem with that???
I have an investment overseas, I have to pay Tax on the Dividends in that country, again what is the problem with that.???
Any one could do it, 30 years ago I got wise to myself, After a costly expensive divorce, I was Broke, only a big Overdraft from the bank, a big mortgage, and two schoolkids to look after, I stopped making Landlords of Alehouses rich, I stopped smoking, So calculate how much money you have spent on Ciggies and ale in 30 years, and invested wisely and you would be a rich man now.

cheers
Brian

[I]Watching Question Time on the BBC last night and of course the question of Offshore Accounts came up. Usual claim and counter claims by the Labour and Conservative panel members as to which party had done the most to close tax loop holes (got quite heated). Best comment came from an audience member who suggested that everyone's tax return should be available to view on line. Guess that is an impossible ask but anyone earning over a certain amount should be made to publish there tax return, especially all present and past politicians. It would certainly be interesting to see how the likes of Kinnock, Blair, Brown, Milliband pay in tax. I am not being anti Labour by naming those, its just that off the top of my head these are ex. politicians who in recent years after leaving office appear to have amassed small (or large) fortunes without apparently either doing anything beyond putting their name to something or having the talent or knowledge to be experts in the fields where they have amassed their fortunes.
rgds
JA


That Labour MP , forget his name, Shadow Leader of the House, when they were in Government he was the Minister for Overseas Territories, including the Virgin Islands, a Tax Haven, He had 13 years to close down the Virgin Islands as a Tax Haven , BUT DID NOT, WHY?????

Brian

They said on the Radio 2, Vine, that most Pension Funds are investing in Offshore tax havens.
So maybe a lot us of are also benefiting from Tax avoidance before our Pensions are paid to us.
Brian.

That is perfectly true Brian, if you think back a few years, maybe ten, there was the big hoo ha with pension funds, county councils as well as private citizens, who caught a cold in Iceland when the banks in Iceland went tits up kt

When I and my wife retired we rented our house and went traveling for thirteen years. The U.S. bank interest rate was 14%. With rental income and savings interest we could lower our life style—Traveling on the cheap— and have enough left over to save some money.

Gradually the U.S. interest rate declined. I noted that in the U.K and Australia not only was the Interest paid on bank accounts still high, the banking system was far superior to the U.S. when it came to traveling, as we were. Consequently, we opened two off-shore bank accounts one in the U.K. Lloyds and one in Oz. Westpac.

Our rental income and domestic interest rates covered our expenses in the U.S. and the interest income in Lloyds covered Europe and Westpac in Oz.

I remember the exchange rate in the U.K. but forget the ones in Oz. anyway the dollar was strong and the pound was weak. We bought our pounds for $1. 23. We continued on our merry way, drawing pounds (our interest) in cash or Euro checks, or using our Westpac bank card in Oz. and not taking note of the exchange rate.

Years went by and circumstances changed with our friends in Oz. Divorced, deaths, relocation etc. and of course our age. So we decided we had to cease our hippy life and rejoin the world again.

So I thought I would check out the exchange rate and bring our money back home as the bank interest rates had sunk to below 5% comparable now to the U.S.. I couldn't believe my eyes...the U.S. dollar had dropped into the toilet. It would cost us $1.95 to purchase pounds at that time...but I'm not buying pounds, I'm selling pounds and Oz. dollars. We made a little over U.S$60,000. on the pound and if I remember right just under U.S.$20,000. from Oz. as the U.S. dollar did not lose as much against the A$.

I was shaking and could hardly speak as I phoned Lloyds in London and transferred our money home. The clerk at the other end must have been looking at the accounts history on his computer and he said "You did rather nicely didn't you!"

This transaction was purely luck, no skill involved, I could have bought in the other way and lost a bundle. I used to have to deal with fluctuation of currencies when I worked, but I completely put it out of mind when I retired.

Our profits were not subject to income tax in either the U.K. or Oz. due to taxation and banking laws between the U.S. U.K and Oz. they were though to U.S. income tax, and there was a nice chunk left over. But ain't no way I would intentionally play the international exchange rates again, way to risky.

Who was James Sargeant? ....The great-great-grandfather of Labour leader Jeremy Corbyn.

Marian, I thought that was very well known............................ :mymy:

'Marian, I thought that was very well known............................' I only learned of it a few weeks ago when researching the conditions of "Poor houses" as known in Scotland "Workhouses" in England. Where was your source Terry? Full report from The Lancet was damming, would be most interested to read your link. I find social history riveting.

Sargeant, Sargeant, the only Sargeant I knew was Captain Sargeant Head Examiner at Newcastle on Tyne in the 50"s and 60"s for masters and mates. Everyone used to quiver in their shoes if they thought they were going to get him for orals. Used to give sea time out like it was his business card. I waited until I knew he was on his holidays before I put my papers in. He gave a mate of mine 6 months seatime for stammering on an answer. A lot would put their papers in at some other port just so they could byepass him. A force to be reckoned with. JS