HMRC offers tax planning amnesty

Posted in international tax advice, international tax planning, Private wealth management., Tax Avoidance, Tax Planning on January 7, 2013 by John

HMRC offers tax planning amnesty

7 January 2013

HMRC has issued an invitation to participants in certain tax-planning schemes to settle without going to litigation. Initially the offer only covers a very limited number of schemes.

The category of schemes includes the use of General Accepted Accounting Practice (GAAP) by companies, sole traders or partnerships to create asset depreciation costs and reduce their taxable profits. Other schemes subject to the amnesty are those relying on film production expenditure relief, and those that create partnership losses from first year allowance reliefs, restrictive covenant payments, and certain capital allowances.

Similar arrangements may be extended in future to participants in film partnership sale-and-leaseback schemes, and interest relief schemes based on S353(1) ICTA 88, though HMRC has not yet decided. HMRC says its aim is to restrict relief so that expenditure which is not part of the real economic cost borne by the participants will be excluded when calculating losses or capital allowances. Only amounts equivalent to the actual cash contribution funded by the participant and expended in the claimed trade will be allowed when computing losses or capital allowances.

Reliefs will probably not be allowed where the scheme participants have paid fees for tax advice or litigation protection. Some specific schemes that fall into the above categories are, however, expressly excluded from the amnesty. The offer has been prompted by HMRC’s successes in some recent litigation, notably Tower MCashback, and the film partnership cases Eclipse no.35, Icebreaker no.1, Samarkand and Alchemist. HMRC plans to contact all eligible individuals by the end of January, and says it is prepared to settle with individual partners in a scheme even if the partnership as a whole declines the offer.

Those who decline to settle will see the agency ‘increase the pace of our investigations and accelerate disputes into litigation,’ it said, though no specific deadline has been set.

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Middle East Geography by Mitt Romney

Posted in Uncategorized with tags , on October 24, 2012 by John

Obama might have something to hide but Romney’s failings are clearly on display

Quantitative Easing Explained (As Cartoon)

Posted in Big Brother, Economics, Privacy with tags , , , on October 10, 2012 by John

Quantitative Easing Explained (As Cartoon) Viewer discretion advised, contains one or two swear words.

Hillsborough Uncovered

Posted in Uncategorized on September 13, 2012 by John

The recently released files on the events at the Hillsborough sports stadium 23 years ago clearly show how the UK government, police and Murdoch owned press could so effectively and professionally cover up the cause of the deaths of 96 innocent people. While at the same time they apportioned the blame in the public mind on the dead fans friends and families. This is also the exact reason why it has taken so long for the truth to come out.

(Stop now:: try to put yourself in that position: your son, daughter or friend is crushed to death in front of you and you are blamed for this tragedy by the police and the media and nearly everyone believes it to be true)

Now that the majority of us have mobile devices with cameras and internet, facebook, youtube etc, it would now be much harder. to sell a similar cover up so fully nationwide.

So I am not surprised that now as this type of cover up is no longer an option to a current or future government and most of the people responsible are now retired or gone, the UK government has decided to own up,whilst also trying to win plaudits for their openness.

It should make us all question more…..

And to all the Apologists Mackenzie, Johnson and also every MP since Thatcher who has had access to and could have released these documents – TOO LATE!
Forced empty apologies mean nothing.

The American Dream (An animated history of banking)

Posted in Asset Protection, Asset Protection & Tax Planning., Economics, Financial Freedom, Nanny State, Privacy, Private Banking, Secrecy on September 8, 2012 by John

The banks have created a system whereby everyone has to borrow to keep up with the inflation (caused by their lending practices), but there is never enough money in the economy to pay back the debt plus interest. It’s like a board game where every round, one of the players must go bankrupt, and the bank takes their real assets. It’s a great game for the banks, but a fraudulent contract at the root. See “The American Dream” for an excellent and entertaining video on how this all works:

Viewer discretion is advised

This is not a children’s cartoon and deals with themes that may be above the understanding of younger children. The film has some moderately strong language and cartoon violence, which is a shame as it should be shown in Senior/high schools.

Tax haven UK is alive – and prospering on the back of corruption

Posted in Economics, fiduciary, international tax advice, international tax planning, nominee services, offshore banking, offshore company formations, offshore tax planning, Tax Avoidance, Trustees on September 3, 2012 by John

Tax haven UK is alive – and prospering on the back of corruption

 
The FT reports this morning

A £38bn development boom in London’s most expensive neighbourhoods has been spurred by rampant demand from European and Asian buyers seeking safe investments away from turbulent Eurozone economies.

The pipeline of upmarket housing projects in planning or already under construction in the UK capital has increased more than two-thirds during the past year, with 15,500 units slated for delivery by 2021, even as building work in other parts of the country remains stagnant.

That’s one version of the story. The Guardian offers another (in a compelling story that deserves to be read in full). They report:

Britain has allowed key members of Egypt’s toppled dictatorship to retain millions of pounds of suspected property and business assets in the UK, potentially violating a globally-agreed set of sanctions.

The situation has led to accusations that ministers are more interested in preserving the City of London’s cosy relationship with the Arab financial sector than in securing justice.

I and the Tax Justice Network have long argued there is an economy within an economy n the UK – which is that of tax haven UK. Boith these reports are clear signs of this.

Of course money floods to the UK – but that is because our domicile rule makes the UK a perfect tax haven. But these people who come do not add value: they simply distort our housing markets, destroy the balance in our society, encourage more financial services which imbalance our economy and have no role to play in our democratic and other processes. It’s worse than that though: as the second report shows, far too much of this money is illicit and the UK has a willingness to turn a blind eye to such funding that is reflected in the behaviour of our banks who all to knowingly it seems do just the same thing.

This is tax haven UK at work, like a cancer within our country, destroying it from within