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Tax Systems Share Discussion Threads

Showing 1576 to 1596 of 1600 messages
Chat Pages: 64  63  62  61  60  59  58  57  56  55  54  53  Older
DateSubjectAuthorDiscuss
13/12/2018
15:35
Http://www.actuarialpost.co.uk/news/article/scottish-budget-increases-extra-income-tax-for-many-scots-15326.htm
waldron
13/12/2018
09:43
Https://www.taxresearch.org.uk/Blog/2018/12/13/tax-avoidance-is-not-theft/?utm_source=feedburner&;utm_medium=feed&;utm_campaign=Feed%3A+org%2FlWWh+%28Tax+Research+UK+2%29 Tax avoidance is not theft Posted on December 13 2018 I have learned that many campaigning NGOs are planning to describe tax avoidance as theft in the future. I am quite worried by this. First, let me be clear what tax avoidance is. I recently defined it as follows: Tax avoidance is taxpayer determined behaviour where the taxpayer decides to submit a tax return and declare their tax liabilities based on an interpretation of the applicable law of the jurisdiction that the taxpayer knows may be unacceptable to the tax authority of that country. They do so knowing that the risk of their potential misinterpretation of the law being discovered is limited and so the chance of appearing to reduce their liability in ways they claim to be legal, whether that is true or not, is sufficiently high for them to justify the risk of doing so. The scale of this issue is related to the complexity of the tax system and the degree of uncertainty that might exist as to the proper interpretation of the tax rules that it creates. And I also made clear what tax avoidance is not: I stress that tax avoidance does not ever include making use of tax reliefs and allowances provided by the law of a country: the cost of these is included in the tax policy gap. I defined the tax policy gap as: The tax policy gap is the tax not paid in a country as a result of the decision made by a government not to tax a potential tax base, such as wealth. Additionally it is the value of the tax reliefs, allowances and exemptions given by a government for offset against a source of income that might otherwise be taxable. So tax is not paid, but no one avoided it: the government had no intention that it should be paid. Sorry to be so laboured on this, but it’s important. And that’s for a good reason. Tax avoidance may be playing fast and loose with tax law. It is certainly about using interpretations of the law that a taxpayer knows might not be agreed by a tax authority. But let’s be clear that every morning two lawyers walk into courts all over the world and argue what the law means and fifty per cent of them usually turn out to be wrong. In that case not agreeing with a tax authority’s interpretation of tax law is not wrong. Disagreement can be honest. It can be reckless. It can even be unethical (and often is, in my opinion, when it comes to tax). But theft is something else. Theft can be defined as follows by section 1 of The Theft Act 1968: Basic definition of theft. (1)A person is guilty of theft if he dishonestly appropriates property belonging to another with the intention of permanently depriving the other of it; and “thief” and “steal” shall be construed accordingly. (2)It is immaterial whether the appropriation is made with a view to gain, or is made for the thief’s own benefit. Does tax avoidance dishonestly appropriate property belonging to another? I would suggest not. I would say it knowingly exploits uncertainty in the law to secure a pecuniary advantage, but that most of those doing it will have secured an opinion from a professional adviser before doing so that the action in question was legal, even if it had an uncertain consequence. And those opinions (which will not be publicly available, but which will be in the possession of the tax avoiding taxpayer) will be more than enough to show that the tax avoider had no intention of being dishonest, precisely because they had gone out of the way to make sure that they had an opinion to say they were acting legally, even if with dubious ethical intention. In that case accusing someone of theft has serious ramifications. Like libel. And I would hate to see tax campaigners being charged with that. So I strongly suggest that those tempted to use this language think again. It is most unwise.
maywillow
06/12/2018
09:48
Https://www.taxresearch.org.uk/Blog/2018/12/06/the-uk-is-a-relatively-lightly-taxed-country-and-it-shows/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+org%2FlWWh+%28Tax+Research+UK+2%29
adrian j boris
04/12/2018
11:32
Https://www.theguardian.com/society/2018/nov/30/excess-winter-deaths-in-england-and-wales-highest-since-1976
ariane
28/11/2018
10:44
LOL HOW ABOUT DONER , CONTRIBUTOR OR CLIENT EVEN SUBSRCIBER PERHAPS
the grumpy old men
28/11/2018
10:19
"Customers don’t need to do anything right now" ...never looked upon myself as being a 'customer' of the HMRC :-/
optomistic
28/11/2018
09:43
HMRC writes to taxpayers about Welsh rates of income tax With four months to go, HMRC has written to two million individuals in Wales ahead of the introduction of the new Welsh rates of income tax (WRIT), outlining residency and compliance issues 28 Nov 2018 Pat Sweet Pat Sweet Reporter, Accountancy Daily, published by Croner-i Ltd View profile and articles. From 6 April 2019 taxpayers will pay WRIT if they have a main residence in Wales, regardless of where they work, which may mean changes to the amount of tax they pay on wages, pension and most other taxable income. Tax rates on dividends and savings interest remains the same as for the rest of the UK, and there are also no changes to personal allowance. Income tax will continue to be collected from pay and pensions through PAYE and self assessment in the same way it is now. But from 6 April, the Welsh government will set its own income tax rates and WRIT taxpayers will receive a new tax code, starting with C for Cymru. Angela MacDonald, director general for HMRC customer services, said: ‘We want to help people pay the right tax so we’re writing to customers to let them know that they’ll now be paying WRIT. ‘Customers don’t need to do anything right now but should make sure to keep HMRC informed if their details change in the future.’ More information on the Welsh rates of income tax here: https://www.gov.uk/welsh-income-tax Report by Pat Sweet
maywillow
23/11/2018
09:45
Https://www.thisismoney.co.uk/money/pensions/article-6414689/Couple-win-state-pension-credits-HMRC-apology-child-benefit-mistakes.html
sarkasm
14/11/2018
16:31
Https://www.telegraph.co.uk/tax/inheritance/new-stealth-death-tax-brought-without-parliamentary-scrutiny/
waldron
12/11/2018
08:46
Https://citywire.co.uk/money/over-40s-could-pay-age-tax-to-fund-social-care-costs/a1174583
ariane
12/11/2018
08:45
Https://citywire.co.uk/money/over-40s-could-pay-age-tax-to-fund-social-care-costs/a1174583
ariane
07/11/2018
18:06
Https://www.mirror.co.uk/money/council-tax-loophole-saves-wealthy-13550814
waldron
07/11/2018
18:06
Https://www.mirror.co.uk/money/council-tax-loophole-saves-wealthy-13550814
waldron
07/11/2018
18:05
Https://www.mirror.co.uk/money/council-tax-loophole-saves-wealthy-13550814
waldron
07/11/2018
18:05
Https://www.mirror.co.uk/money/council-tax-loophole-saves-wealthy-13550814
waldron
31/10/2018
11:06
Budget 2018: Who will pay the Digital Services Tax? Rory Cellan-Jones Technology correspondent @BBCRoryCJ on Twitter 30 October 2018 Share this with Facebook Share this with Messenger Share this with Twitter Share this with Email Share Image copyright Getty Images Image caption The chancellor: searching online for revenues It was one of the more surprising features of the Budget, a Digital Services Tax designed to make tech giants earning vast revenues in the UK pay their fair share. Now comes the difficult part - working out how the tax will be designed and who will pay it. The tax looks as though it is targeted at the likes of Google, Amazon and Facebook - the Treasury says it will apply to search engines, online marketplaces and social media firms. "You can't specify the named firms so you think what characteristics catch them but not start-ups," says Jill Rutter, a former Treasury civil servant who now works for the Institute of Government. She says the chancellor will have had two worries in designing the tax - "catching things he doesn't want to catch - or not catching what he does want to catch." But tax lawyer Dan Neidle from Clifford Chance says there is a guiding principle behind the tax. "The highfalutin theory is that value is being created by users for these companies and not being taxed. So for instance, you put a picture of a cat on Facebook, people click on an advert next to it and Facebook earns money from that." Stream or download the latest Tech Tent podcast Social media firms and search engines will pay the 2% tax on the advertising revenue earned from UK users in this way. When it comes to online marketplaces, the aim is not to put a tax on the payment from the consumer but on the "platform fee", the commission paid by the merchants using the market. Firms will only pay the tax if they have global revenues of at least £500m. They have to be profitable, and the first £25m of UK revenues will be tax free. The Office for Budget Responsibility says around 30 companies could end up being affected. So let's look at who might fit into each category: Search engines: It's hard to see any business other than Google and Microsoft's Bing qualifying for the tax Social Media firms: Facebook certainly fits the bill, and don't forget it also owns Instagram which is now generating lots of advertising revenue. But what about the UK's other favourite social hangouts Twitter and Snapchat? They aren't making profits - until they do they're exempt. Online Marketplaces: Here it gets a lot more complex. Ebay certainly qualifies but tax experts are divided about Amazon, It won't pay anything on revenues earned from direct sales to shoppers but what about the commission from merchants using the Amazon Marketplace as a platform to sell their wares? Food Delivery: Then there is speculation about a couple of UK firms in the food delivery business, Deliveroo and Just Eat. Their business model - earning commission from restaurants dependent on their platform - appears to qualify but Deliveroo's revenues are below the threshold and neither company is making a profit. But that could change by 2020 when the tax comes in. Image copyright Getty Images Image caption Food delivery firms may escape the tax So for now it seems that only American tech firms could qualify. "Very few British firms are big enough - this is aimed at US giants and that brings a risk," says Heather Self at the accountants Blick Rothenberg. She warns that if the Trump administration sees this tax as effectively a tariff on successful American businesses that could end up with a complaint to the World Trade Organization. What is clear is that there is a lot of painful work ahead on a tax which, in the words of Heather Self, will raise a lot less than the chancellor earmarked for mending potholes. Jill Rutter from the Institute of Government says even the £400m projected return is "the most uncertain figure in the Budget", though she suspects Facebook is one firm that will pay up without making a fuss: "2% is a drop in the ocean for them. Nick Clegg (Facebook's new communications supremo) may advise them it's not worth the reputational risk to argue about it." If the tax was about assuaging public anger about the low tax paid by giant firms, it may not do the job - after all the world's wealthiest business, Apple, and Uber, one of the most controversial, both seem unlikely to be affected,. "The problem with sector-specific taxes is you create lots of uncertainty - and lots of work for people like me," says Dan Neidle. So at least the tax lawyers will be happy.
florenceorbis
30/10/2018
16:02
Opto, Many thanks for that.
dcarn
30/10/2018
12:52
Https://www.politicshome.com/news/uk/political-parties/labour-party/news/99482/labour-row-erupts-after-john-mcdonnell-backs
sarkasm
30/10/2018
12:51
Https://www.politicshome.com/news/uk/political-parties/labour-party/news/99482/labour-row-erupts-after-john-mcdonnell-backs
sarkasm
30/10/2018
11:57
Https://www.mirror.co.uk/money/big-changes-premium-bonds-snuck-13502024
sarkasm
29/10/2018
18:50
From the BBC re: the Budget "More exclusive analysis of the Budget for the BBC from Mark Stokes of Deloitte. He says new restrictions to Private Residence Relief, which takes gains on the sale of your main home outside the charge to capital gains tax, will apply from April 2020. Gains relating to the final 18 months of ownership are exempt from capital gains tax, regardless of whether the owner has occupied the property, but from April 2020 this period will be cut to nine months for most people. In addition, the “lettings relief” which typically exempts up to £40,000 of gains when a taxpayer’s main residence has been let out, will only be available if the owner has lived in the property with their tenant." I thought gains from your main house were exempt from tax. Anyone translate?
eeza
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