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corporations and tax or lack there of

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corporations and tax or lack there of

Postby Lordo » Sun Nov 17, 2019 12:44 pm

https://www.dailymail.co.uk/news/article-5120309/PMs-husbands-investment-firm-NO-tax-8-years.html
how do corporations survive for years without making a profit. who actually pays for their losses.

lets take may's husband's company.

Philip May, 60, (pictured with his wife yesterday) works as a relationship manager for Capital Group, which paid no UK corporation tax in the past eight years despite turning over £467million in that period

Philip May, 60, (pictured with his wife yesterday) works as a relationship manager for Capital Group, which paid no UK corporation tax in the past eight years despite turning over £467million in that period

Labour MP John Mann told the Mirror: 'It is fundamentally un-British to avoid tax. The Prime Minister should raise this at the breakfast table immediately.'
While tax expert Prem Sikka added: 'It's very odd a business can pay substantial amounts to directors while not turning a profit.'

Unlike Sir Denis Thatcher, who had retired from a successful career in the oil industry by the time he entered Downing Street in 1979, Philip has a full-time job.
His job in investment banking has already been the object of scrutiny by critics seeking to find holes in his wife's pledge to run a government for all, rich and poor.

For the past ten years he has worked as Capital Group, a private firm based not in the City but in Belgravia.
But despite having a huge turnover every year they have failed to produce a UK profit.
Capital says it will start UK corporation tax again next year, after a 10-year break caused by the credit crunch.

does making them pay the tax due sound like politics of envy.
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Re: corporations and tax or lack there of

Postby Lordo » Sun Nov 17, 2019 12:47 pm

it does make sense that people who feel being worht 3 millionisa dream, can be easily fooled into believing everything these crocks say. fancy paying millions to directors and yet not making any profits. the only other question is of course is what form these director payments were made and did they pay any tax. i suspect not as they have loopholes to pay the money into tax havens so they pay no tax either.

so really threating to pay less tax is no threat at all is it?
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Re: corporations and tax or lack there of

Postby Londonrake » Sun Nov 17, 2019 5:44 pm

HMG made £56,000,000,000 in Corporation tax last year. Again, the more you increase it the less the receipts tend to be. It's only 12.5% in Ireland. Currently in the UK it's 19%. (18 from next year). Labour are planning to increase it to 25%. Where you gonna have/move your business?

Why, oh why, is that such a difficult thing for socialists to understand? Ohh, wait a minute! Actually, they do! It's called ...................................Dogma!

Loopholes will always be exploited. What would you do? If it's legal it will be used.

I'll let you into a little secret. Whilst it was by no means a principle reason for my deciding (after 40 years of visits and living here previously for 4 in the 90s) to spend some of my twilight years in Cyprus I confess to the fact that only having to pay 5% income tax (a "fakin" loophole) was icing on the cake. :wink:

Am I a tax-avoiding parasite who should be kicked out (hung!!)? Or.................. am I a law abiding citizen who's using Cyprus tax legislation to my best advantage? :?
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Re: corporations and tax or lack there of

Postby Lordo » Sun Nov 17, 2019 9:04 pm

Londonrake wrote:HMG made £56,000,000,000 in Corporation tax last year. Again, the more you increase it the less the receipts tend to be. It's only 12.5% in Ireland. Currently in the UK it's 19%. (18 from next year). Labour are planning to increase it to 25%. Where you gonna have/move your business?

Why, oh why, is that such a difficult thing for socialists to understand? Ohh, wait a minute! Actually, they do! It's called ...................................Dogma!

Loopholes will always be exploited. What would you do? If it's legal it will be used.

I'll let you into a little secret. Whilst it was by no means a principle reason for my deciding (after 40 years of visits and living here previously for 4 in the 90s) to spend some of my twilight years in Cyprus I confess to the fact that only having to pay 5% income tax (a "fakin" loophole) was icing on the cake. :wink:

Am I a tax-avoiding parasite who should be kicked out (hung!!)? Or.................. am I a law abiding citizen who's using Cyprus tax legislation to my best advantage? :?

do you have a vote in this country?
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Re: corporations and tax or lack there of

Postby Londonrake » Sun Nov 17, 2019 9:18 pm

Lordo wrote:do you have a vote in this country?


If you're talking about Cyprus, where I live, of course not.

The principle reason I came to this forum - believe it or not - is to try learn about the feelings on both sides regarding the problem here. I think I'm well up on the actual events but that's just skimming the surface.

If there were a Brexit situation going on here I would watch with dispassionate interest but - basically - it wouldn't be something I'd feel comfortable about getting intimately involved in.

Any of this resonate?
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