Five days to answer a question!

[DRFCSouth]

Which 'honourable' person would you have replace him? When Labour find a suitable candidate (ala David Miliband), then fair enough.

[wilts rover]

Labour can't drop it Hoola. This is the man who brought us austerity and said we are all in it together. The man who decides the tax policy of this country has personally avoided paying a proportion of it. How can he be trusted to be applying a fair tax policy to the super rich - if he avoids paying tax himself?

[Sprotyrover]

Right are we now going to see a game of show and tell,a I have a feeling Cameron will stand up well against his two labour predecessors and Corbyns private tax matter will be an interesting read too!
A few interesting tax dodging 'Donations ' to organisations might pop up!

[BillyStubbsTears]

Sproty.

1) Previous Labour leaders are irrelevant. Politics is about who is in position now, not 15 years ago. (Although I doubt that Brown would have much to hide anyway.)

2) For all my issues with Corbyn, I don't for a moment suspect that tax dodging and trust funds are on that list.

[Filo]

Interesting that the £300k he inherited from his father was just below the inheritance tax threshold, any more and he would have to pay 40% tax in it, so what happens? His mother gives him £200k tax free and if she doesn't curl her toes up after 7 years he's paid no tax on £500k, tax dodging without a doubt, all legal, but morally wrong!

[wilts rover]

No Sproty, what we are now going to have is vociferous campaign to get David Cameron to release his tax details before 2010, when he sold those offshore shares. Did he benefit from offshore tax prior to 2010? A period in which he was an MP of course.

[The Red Baron]

Your last point gets to the nub of this, Filo. Paying tax is a legal, not a moral, obligation. I have little sympathy for Cameron because he has tried to make it into a moral issue and his grandstanding over Jimmy Carr and others has now come back to bite him.

Similarly I'll have no sympathy with any other  "moralising" politicians if revelation of their tax affairs reveal any nasty skeletons.

[big fat yorkshire pudding]

Your last point gets to the nub of this, Filo. Paying tax is a legal, not a moral, obligation. I have little sympathy for Cameron because he has tried to make it into a moral issue and his grandstanding over Jimmy Carr and others has now come back to bite him.

Similarly I'll have no sympathy with any other  "moralising" politicians if revelation of their tax affairs reveal any nasty skeletons.

But many on here would have you believe it's all about morals. It isn't it's about the law.  Nobody pays more than they have to do they? 

Interesting that Corbyn and Osbourne just released their returns, both pretty dull. The only blemish Corbyn's was late...

[Muttley]

For me it's about the principle - I expect politicians to have high moral principles (and they generally claim to so have)...and crucially I expect them to act in accordance with those principles.

Cameron has acted contrary to his publicly stated principle that tax avoidance is "not morally acceptable" and his stated intention to tackle tax evasion. I don't think your average cash in hand plumber has ever stated he holds such high principles especially when he's probably not benefitting from 200 grand gifts from his mam!

[big fat yorkshire pudding]

For me it's about the principle - I expect politicians to have high moral principles (and they generally claim to so have)...and crucially I expect them to act in accordance with those principles.

Cameron has acted contrary to his publicly stated principle that tax avoidance is "not morally acceptable" and his stated intention to tackle tax evasion. I don't think your average cash in hand plumber has ever stated he holds such high principles especially when he's probably not benefitting from 200 grand gifts from his mam!

Do we think Corbyn has no savings interest?

[Iberian Red]

Corby never has and never will be in charge of the countries tax. However the pig f**ker is throwing stones at glass houses.

[drfchound]

I couldn't be bothered to read the whole of this thread so if i repeat what anyone else has already written i apologise in advance.
If any of us have an ISA that is tax avoidance isnt it?
I run a business and have always tried to find ways of not paying more tax than i have to.
I bet there aren't many on here who wouldn't try to pay more tax than they have to, or have not paid tax on some income at some time.
Cameron hasn't broken any laws has he?
I don't see why he should resign.
How many other politicians on the other side have been squeaky clean all the time?

[Filo]

I couldn't be bothered to read the whole of this thread so if i repeat what anyone else has already written i apologise in advance.
If any of us have an ISA that is tax avoidance isnt it?
I run a business and have always tried to find ways of not paying more tax than i have to.
I bet there aren't many on here who wouldn't try to pay more tax than they have to, or have not paid tax on some income at some time.
Cameron hasn't broken any laws has he?
I don't see why he should resign.
How many other politicians on the other side have been squeaky clean all the time?

Thats all well and good, but the point is the PM publicly lambasted Jimmy Carr for doing the exact same thing, claiming it was morally wrong, as PM he should stand by his moral convictions, or did he just say that about Jimmy Carr to gain popularity thinking his little secret was watertight?

[Muttley]

If any of us have an ISA that is tax avoidance isnt it?

No, ISA is a government approved tax break to encourage saving in line with its fiscal policies, same with tax relief on pension contributions.

To say these schemes are tax avoidance is equivalent to saying that not paying tax on the first £10k (?) of your income is tax avoidance.

[Jenny]

In my opinion, having an ISA is no different to being able to distribute wealth tax free 7 years before your death.

[drfchound]

If any of us have an ISA that is tax avoidance isnt it?

No, ISA is a government approved tax break to encourage saving in line with its fiscal policies, same with tax relief on pension contributions.

To say these schemes are tax avoidance is equivalent to saying that not paying tax on the first £10k (?) of your income is tax avoidance.

No, an Isa is where you put money to avoid having to pay tax on the interest, irrespective of how much you have in it.

[Muttley]

In my opinion, having an ISA is no different to being able to distribute wealth tax free 7 years before your death.

No different? Really?

I would say that they are equally legitimate.

[Jenny]

Really.

All a storm in a tea cup if you asked me, generally fanned by people who don't have any clue about the tax system and how it works. God bless our media.

[Filo]

In my opinion, having an ISA is no different to being able to distribute wealth tax free 7 years before your death.

I agree, but when that wealth is distributed after your death through a spouse or civil partner (who recieves it tax free), to a beneficiary who has already inherited just below the inheritance tax threshold, it's tax avoidanceso long as that spouse or civil partner survives 7 years after the "gift"

[drfchound]

.....and what is wrong with that?
Legal and looking after your family.

[The Red Baron]

I couldn't be bothered to read the whole of this thread so if i repeat what anyone else has already written i apologise in advance.
If any of us have an ISA that is tax avoidance isnt it?
I run a business and have always tried to find ways of not paying more tax than i have to.
I bet there aren't many on here who wouldn't try to pay more tax than they have to, or have not paid tax on some income at some time.
Cameron hasn't broken any laws has he?
I don't see why he should resign.
How many other politicians on the other side have been squeaky clean all the time?

Thats all well and good, but the point is the PM publicly lambasted Jimmy Carr for doing the exact same thing, claiming it was morally wrong, as PM he should stand by his moral convictions, or did he just say that about Jimmy Carr to gain popularity thinking his little secret was watertight?

That's why I have scant sympathy for Cameron. Incidentally I don't think many politicians think "er, that's me, actually" when they make statements designed to gain popularity. Especially when it involves moralising. I mean, how many politicians have eulogized family life while enjoying a bit on the side?

[Jenny]

In my opinion, having an ISA is no different to being able to distribute wealth tax free 7 years before your death.

I agree, but when that wealth is distributed after your death through a spouse or civil partner (who recieves it tax free), to a beneficiary who has already inherited just below the inheritance tax threshold, it's tax avoidanceso long as that spouse or civil partner survives 7 years after the "gift"

Don't see the problem with it. Within the remit of the legislation. And if Mrs Cameron pops her clogs then he'll have a bill to pay...

It is the same for me, you and everyone else. It's not like he's paid someone to come up with some aggressive planning, it's relatively bland.

[The Red Baron]

In my opinion, having an ISA is no different to being able to distribute wealth tax free 7 years before your death.

I agree, but when that wealth is distributed after your death through a spouse or civil partner (who recieves it tax free), to a beneficiary who has already inherited just below the inheritance tax threshold, it's tax avoidanceso long as that spouse or civil partner survives 7 years after the "gift"

It's actually tax planning, and if you are dealing in those sort of sums (most of us aren't) any financial adviser worth his or her salt would recommend it.

[Filo]

.....and what is wrong with that?
Legal and looking after your family.

Yes legal, but wrong, he's inherited £200k tax free.

And don't get me wrong, I think inhetitance tax should n't exist, but it does and the PM has avoided paying tax through a loophole

[drfchound]

So, given the opportunity, would you do any different?

[Filo]

So, given the opportunity, would you do any different?

I've paid a small amount in inheritance tax in recent years, oblivious of any loopholes

[wilts rover]

The thing is though hound most of us are unlikely to be in that situation. It is only the richest 10% who pay Inheritence Tax - alhough granted with house prices rising as they are then more may get into it unless there is a revision of the limit again.

It raises several £billion for the exchequer Filo, if we didnt have it then that money would have to be found elsewhere, probably from income tax. So you would be left with the situation of someone left an estate of £10m and not working not having to pay tax, whilst people on the minimum wage would. Yet they would both be able to use those services that the taxes pay for.

[Glyn_Wigley]

If any of us have an ISA that is tax avoidance isnt it?

No, ISA is a government approved tax break to encourage saving in line with its fiscal policies, same with tax relief on pension contributions.

To say these schemes are tax avoidance is equivalent to saying that not paying tax on the first £10k (?) of your income is tax avoidance.

No, an Isa is where you put money to avoid having to pay tax on the interest, irrespective of how much you have in it.

No, an ISA is the Government's way of getting you to give them your money for a number of years for them to play with, with a tax break incentive for you instead of interest.

[Jenny]

.....and what is wrong with that?
Legal and looking after your family.

Yes legal, but wrong, he's inherited £200k tax free.

And don't get me wrong, I think inhetitance tax should n't exist, but it does and the PM has avoided paying tax through a loophole

Yawn.

It really isn't a loophole.

[Glyn_Wigley]

So, given the opportunity, would you do any different?

Assuming we didn't do any different, would you say it's then OK to do it on the sly whilst publicly lambasting someone else who does exactly the same thing?