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Philanthropic tax

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By (user no longer on site) OP   
over a year ago

Super-rich call for higher taxes on wealthy to pay for Covid-19 recovery.

Ahead of the G20 Finance Ministers summit this group of the super rich have demanded to pay higher taxes.

Article here

https://www.theguardian.com/news/2020/jul/13/super-rich-call-for-higher-taxes-on-wealthy-to-pay-for-covid-19-recovery

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By *partharmonyCouple
over a year ago

Ruislip

At surface level I think we would support that.

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By *2000ManMan
over a year ago

Worthing

Most use tax loopholes anyway but glad they are thinking of us.

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By (user no longer on site)
over a year ago

I’m a chartered accountant - only ever worked in business.

Worked for 2 director owned businesses (100% ownership for 1 individual)

1st) £100M turnover - paying himself through 3 different companies to dilute taxes essentially.

2nd) £650M turnover - 1 guy owning it, paying himself through about 50 different entities. Again to dilute taxes.

The real fix is hitting Corporation Tax & ensuring it’s paid - because a company may be based in guernsey - it’s effectively tax free.

How’s it make you feel - A company could earn £1Bn in sales in the UK & pay 1% tax.

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By (user no longer on site) OP   
over a year ago


"I’m a chartered accountant - only ever worked in business.

Worked for 2 director owned businesses (100% ownership for 1 individual)

1st) £100M turnover - paying himself through 3 different companies to dilute taxes essentially.

2nd) £650M turnover - 1 guy owning it, paying himself through about 50 different entities. Again to dilute taxes.

The real fix is hitting Corporation Tax & ensuring it’s paid - because a company may be based in guernsey - it’s effectively tax free.

How’s it make you feel - A company could earn £1Bn in sales in the UK & pay 1% tax. "

I agree that Corporation Tax laws definitely need to change. It would be helpful if global collaboration were possible in closing the loopholes.

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By (user no longer on site)
over a year ago

Everybody is at it if they can.

Trade staff cash in hand, businesses offsetting purchases etc. Its not just the super rich fiddling the books?

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