Wednesday, 5 December 2012

WHAT $21 TRILLION? - UK TAXES


BRITAIN'S CHANCELLOR OF THE EXCHEQUER
2012 DOOMSDAY CUTS.
(Verdict - Lacks Vision, Boring & Useless)
"I DON'T SEE ANY TAX-HAVEN FUNDS"

Letter to the BBC and The Guardian - on Budget Day, UK.

Jackie Ashley questioned the competence of our stalwart Revenue Officers, as compared to the international whizz-kids whose cunning tax-plans run rings round them.  “Firms must pay their fair share of tax – this is war” Guardian 3 Dec 2012. It is not through lack of intelligence or international reach that HMRC (once HMIT) fails to challenge the multi-nationals’ and posh people’s tax-haven companies and family trusts. As many tax dodgers could attest, HMIT/HMRC has some of the best UK brains – for example easily winning University Challenge on 8 Sept 2003. The whizz-kids simply play “Let’s Pretend” using ENRON bookkeeping, to make up tax-deductible costs, which is totally obvious, dumb, illegal false-accounting, not at all clever or complex. It is a long embedded political decision to not pursue the rich to pay their proper taxes.

5pm - The Chancellor's uninspired ideas delivered today would slowly starve any national economy to an ignoble death. What about collecting the $21 trillion hidden in Tax-Havens, those criminal refuges invented by Britain? Or are all the tax-dodgers Special Friends of Government?

Noel Hodson
Founder - McVeigh Hodson Blackstone Franks,
Accountants & Tax Experts
Oxford

TJN - Invitation to Conference 28 Jan 2013

Tackling Tax Havens and Illicit Financial Flows

How the EU and Nordic Countries can take the lead
Illicit financial flows, such as tax evasion, tax avoidance and lack of transparency in tax havens, are major concerns for all countries – developing and developed. Every year approximately 1000 billion dollars escape developing countries through illicit capital flight, with a large proportion ending up in tax havens. If these funds were taxed they would give developing countries an income 1.5 times greater than the total global development assistance. Similarly, a new report from the Tax Justice Network estimates that at least 21.000 billion dollars ($21 TRILLION) from wealthy individuals and corporations are hidden untaxed in tax havens. Needless to say, taxation of these funds would provide a significant income for both rich and poor countries.

PS - Guaranteed tax-planning. Reassure your audience that all good tax-planners do guarantee their advice and have Professional Indemnity Insurance to pay-out if it goes wrong.

http://www.bbc.co.uk/pressoffice/pressreleases/stories/2003/09_september/09/unichallenge_pros_final.shtml
The Inland Revenue is the first ever team to win University Challenge – The Professionals (Monday 8 September 2003, BBC TWO, 8.30pm).


Follow our blog on tax-havens

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