Offshore Accounts.

[happy daze john in oz]

When we left the uni system we took an offered redundancy package, the uni was amalgamating with another so staff had to go.
The payment was to say the least very attractive at 8 weeks pay for each year worked, I had 14 Terri 12. Added to that outstanding annual and long service leave amounting to about 15 months pay, and a bonus of another 8 weeks pay if we left by December 3rd that year.
We were as uni employees considered to be part public service so only taxed at 5% on the lot. At the end of the financial year we got that 5% back.
We had been in the uni superannuation scheme where the uni paid 14% of salary into it, employees had to contribute 7% plus there was a gov guarantee one of 3% making some 24% of salary going into super. Rolled the lot over into a super fund.

For uni workers it was a good deal so just imagine what the polis get!

So you can see why the polis may play games when it comes to raising questions about tax havens but very often it is done to hide some other issue.

[cappy]

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

...the stammer could have been hhhhhhhhhhhhard aaaaaaaaaaa ppppppppppport ......ffffffffecit iiiiiits tttttoooooooo lllllllate ......aaaaaaaabandon ssssssship.........cappy

[j.sabourn]

#81... Good terms there John obviously before my time. The UK as previously said in other post 1100 and odd pounds for 32 years service. Out here worked for one Fremantle Company for 2.3 years and got 12 weeks redundancy tax free about 18000 dollars. ( about 8000 pounds) worked until about 1997 took my pension as a lump sum paid off mortgage and worked up in Singapore for 3 months. Came back rejoined the pension fund until 2002 then took out and built my present house. Was 4 weeks redundancy for every year service then. now I believe is 2 weeks, so you see the maritime industry even out here aint what it used ter be. Before I arrived here the conditions were even better but have gone steadily downhill re the shipping world, the wages may sound good and are compared with some countries, but have definetley gone down, don't believe all you read in the press re the maritime unions. Cheers JS

[Captain Kong]

There are obviously some Double Standards in our Political Arena,..................Re; Tax Avoidance
.
The loony left should also look at their own......................

From google, THE TELEGRAPH..........................
.

Mr Livingstone, Labour's candidate for the London mayoralty, has condemned tax avoiders as "rich b*******" who should "not be allowed to vote".


However, he has faced accusations of hypocrisy after it was revealed that he has himself channelled his earnings through a personal company, Silveta Ltd, paying corporation tax at 20 or 21 per cent rather than income tax at up to 50 per cent.


Silveta's 2011 accounts, published on the Companies House website on Friday night, show that Mr Livingstone continued this practice last year.


According to the accounts, he invoiced a total of £238,646 for his services in the year to June 30 including speechmaking, radio and presenting for the Iranian regime's English-language channel, Press TV.


The money was paid to the company, saving Mr Livingstone up to £54,000 against the amount he would have had to pay if the earnings had been subject to income tax and National Insurance. Last year was the first of the 50 per cent income tax rate.


Related Articles
Mother of Ken Livingstone's 'secret' received public money
01 Apr 2012
Time to come clean
04 Oct 2012
Ken Livingston's tax loophole
26 Feb 2012


The actual amount he saved depends on how much of the money he left in the company. The accounts show that he has piled up more than £250,000 in cash in the company, slightly down on previous years.

Mr Livingstone, who has called for a top tax rate of 80 per cent, jointly owns Silveta with his wife, Emma.

This arrangement allows him to split his income with her, even though it was earned entirely by him, benefiting from her allowances and status as a basic-rate taxpayer and saving further tax. He has also paid Mrs Livingstone from company funds as his assistant.

Mr Livingstone has made attacking the rich a major feature of his campaign. In three years, however, he has now channelled total earnings of £755,778 through the company, putting him comfortably in the top 1 per cent of all earners.

Mr Livingstone's tax affairs are causing open disquiet among his own supporters.

Last week in the Left-wing New Statesman magazine, its senior editor, politics, Mehdi Hasan, wrote: "The word 'hypocrite' is being whispered, and not just by the usual suspects on the Right.

"The simple truth is this: you cannot run as the populist, banker-bashing candidate, the one who backs higher taxes on 'rich bastards,' if you're quietly channelling hundreds of thousands of pounds of your own earnings into a company jointly owned with your wife. You just can't."

In an "open letter" to Mr Livingstone last week, a Labour parliamentary candidate at the last election, Jonathan Roberts, said: "Your relentless cynicism and negativity is matched only by your hypocrisy

"I want to walk into that voting booth and know 'this guy is the real deal'. I don't feel that with you."

Mr Livingstone has also been attacked in The Observer and The Independent.

His Conservative opponent, Boris Johnson, has criticised Mr Livingstone as a "tax-dodger," saying: "I'm very proud to pay all my taxes and not to have some complicated system where I pretend to be a company."

Mr Livingstone declined to comment yesterday but last week used a BBC interview to defend the disclosure of his company.

[Jim Brady]

So Brian I suppose that makes it right for what Mr Cameron has done,it doesn't it just shows that Livingstone is also a tax avoider.
Regards.
Jim.B.

[Captain Kong]

Again Jim
If it is ALL Legal both Cameron's mess and Livinstone and all the other bludgers, If it is Legal they have done nothing wrong.
Both Political Parties have had the chance to stop any kind of tax avoidance and not one has. So therefore why just criticise Cameron.
Criticise them all, there are a lot of MPs who are trembling just in case their name comes up.

Put it this way,, If your dear old Dad happened to be a multi millionaire and invested overseas in the Virgin Islands, which is LEGAL and left you some of that money, Would you in all honesty, turn it down and refuse to take one penny?? I doubt if there are many who would.

Labour had 13 years to close the loop hole but didn't, because their leaders were also sticking their noses in the trough and still are.
As I have said before I do not support any political party because they are all bent and corrupt, but if anyone is critisising then lets do it fairly and do them all. Not just one person just for political gain. That is also bent. Let us expose them all so we know.
Cheers
Brian


.

[John Arton]

re. Brian's #70
Kell suurprize as Delboy Trotter of Trotters Independent Trading would say.
Flag of Convenience Owners have turned up in those Panama Papers.
https://gcaptain.com/itf-calls-out-f...bcc1-139878665
rgds
JA

[gray_marian]

#85, Nah Jim, KL is so much more than that!! Not JUST a 'tax avoider' he has always been an excessively ambitious, bolshie, terrorist sympathizing, self serving, arrogant, little toad.

[Red Lead Ted]

'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.

Local history on my part Marian i have posted on here, Because no matter which way i turn leaving the house all roads lead to Rome........... Liverpool the greatest maritime port in the world and most famous, As for riveting did you no it took 3.000.000 rivets to build the Titanic.......... She was registered in Liverpool no getting away from it. Ask me another,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Regards Terry. ......................P.S I can even tell you with confidence where the last rivet was hammered home aboard the Titanic.

[j.sabourn]

#87 FOC have always been there John. Go further into some of them and you will discover some old infamous British ones there. Thats where a lot of your ex British owners went, even registering their ships in Gibralter which is still a common practice today. JS