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Nick Clegg Vows To Tackle Tax Avoidance


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Nick Clegg vows to tackle tax avoidance and excessive pay

 

http://www.guardian....x-avoidance-pay

 

Nick Clegg has signalled his new year priorities, emphasising his determination for the Liberal Democrats to remain at the forefront of the battle against excessive executive pay, and saying he wants the budget to contain measures to clamp down on tax avoidance.

 

Speaking on BBC Radio 4's Today programme, Clegg said he was determined to target the "wealthy elite or large businesses that can pay an army of tax accountants that can get out of paying their fair share of tax. They treat paying tax as an optional extra in which they can pick and choose the taxes they pay." It left millions of hardworking families angered, he said.

 

He promised the next budget would contain a general tax avoidance rule to stop people playing the system.

 

 

It doesn't mention the Island but I can't help wondering if there's another hammer in the drawer - what could "a general tax avoidance rule" mean?

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Nick Clegg vows to tackle tax avoidance and excessive pay   http://www.guardian....x-avoidance-pay   Nick Clegg has signalled his new year priorities, emphasising his determination for the Liberal

Poverty for Tony Blair?

I was being mildly ironic Woolley. Ding Dong says how spotless we are in bearing down on tax evasion, then the local head of KPMG talks about the contrived schemes we have, then we see a UK GAAR as a

Creative distribution of profits is a key part of the City of London's business, not sure a Tory-led government is going to do much to upset the City. Remember a perceived threat to the City saw Cameron walk out of the 'save the Euro' meetings.

 

I'm not so sure, they published in the Telegraph last week that part of Camerons measures to deal with a disintegrating Euro may well be exchange controls if they need to manage the impact of flight of capital from the Eurozone in and out of Sterling. That could potentially kill the offshore centres as liquidity could dry up as nobody might be ale to just fire money through the IoM electronically anymore. Exchange controls would be the most effective way ever of shutting down any Sterling payment that moves outside of the UK tax system.

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Having grown up in an exchange control-free environment, I don't really understand how they would affect us particularly, when we are already within the sterling currency zone. Yes, we'd be shut in with the UK in terms of capital movements, but I don't think the UK tax system has anything to do with it, does it?

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Having grown up in an exchange control-free environment, I don't really understand how they would affect us particularly, when we are already within the sterling currency zone. Yes, we'd be shut in with the UK in terms of capital movements, but I don't think the UK tax system has anything to do with it, does it?

 

The last time they did it they created a "Sterling area" which the IoM was not part of but of course all Sterling transacions and their destinations would, I would assume, be notifiable even if within the Sterling area so I would doubt people would want transactions to the IoM popping up on the radar in the UK if they needed to seek approval for them. It would certainly create a huge audit trail that they could use for years for whatever purposes they wanted.

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Nick Clegg vows to tackle tax avoidance and excessive pay

 

http://www.guardian....x-avoidance-pay

 

Nick Clegg has signalled his new year priorities, emphasising his determination for the Liberal Democrats to remain at the forefront of the battle against excessive executive pay, and saying he wants the budget to contain measures to clamp down on tax avoidance.

 

Speaking on BBC Radio 4's Today programme, Clegg said he was determined to target the "wealthy elite or large businesses that can pay an army of tax accountants that can get out of paying their fair share of tax. They treat paying tax as an optional extra in which they can pick and choose the taxes they pay." It left millions of hardworking families angered, he said.

 

He promised the next budget would contain a general tax avoidance rule to stop people playing the system.

 

 

It doesn't mention the Island but I can't help wondering if there's another hammer in the drawer - what could "a general tax avoidance rule" mean?

I think for the vast majority of people this would be a very good thing. I wish him well with it, can't see the tories going along with it though.

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I think for the vast majority of people this would be a very good thing. I wish him well with it, can't see the tories going along with it though.

 

Cameron and Osborne have let him have this little crusade as Clegg has been so ineffectual it's a win / win. If he get's anywhere with it (for that read upsetting tory voters) he's a Lib Dem and if he doesn't get anywhere with it he's still a Lib Dem.

 

A recent poll showed that out of those who voted Lib Dem in the last election over 75% would never do so again. THAT'S what Cleggy is good at...

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Fears over new tax threat to Isle of Man

 

http://www.iomtoday....source=iomtoday

 

MOVES by the UK Treasury to introduce a general anti-avoidance tax rule could impact negatively on the Isle of Man.

That’s the view of KPMG director Greg Jones who was responding to the announcement by Deputy Prime Minister Nick Clegg that he hoped there would be progress on an anti-avoidance tax rule in the Budget.

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Fears over new tax threat to Isle of Man

 

http://www.iomtoday....source=iomtoday

 

MOVES by the UK Treasury to introduce a general anti-avoidance tax rule could impact negatively on the Isle of Man.

That’s the view of KPMG director Greg Jones who was responding to the announcement by Deputy Prime Minister Nick Clegg that he hoped there would be progress on an anti-avoidance tax rule in the Budget.

 

Interesting that he is honest enough to say that contrived tax schemes are promoted here.

 

Is the headline correct though?

 

If it gets rid of such contrived schemes shouldn't it say 'Tax Changes Will Clean-Up Contrived Schemes' ?Surely the threat is the continuation of contrived schemes that undermine the 'clean' image of the Island that the IOMG are seeking to promote.

 

Won't Ding Dong be welcoming this - particularly when he has the strength of KPMG to back him up?

Edited by manshimajin
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