Paradise Papers leak reveals secrets of world elite&#x27;s hidden wealth

Original post by Doonesbury

Perhaps this is why offshoring has a poor reputation...

https://www.theguardian.com/uk-news/2017/nov/10/eton-educated-son-of-qc-jailed-for-part-in-108m

I am not sure, but it added an element of glamour to attract the punters.

I think if you said: Give me £200,000; you will then borrow £800,000 without any security from a bank in Weston-super-mare on a non-recourse basis. You will be able to claim tax relief on £1,000,000 and I will pay you each year £10,000 as your share of the profits on the Bolton scheme, i don't think you would take me up on it.

Reply 42

TimmonaPortella

Original post by Doonesbury

Perhaps this is why offshoring has a poor reputation...

https://www.theguardian.com/uk-news/2017/nov/10/eton-educated-son-of-qc-jailed-for-part-in-108m

You know, sometimes people commit fraud onshore, too.

Reply 43

TimmonaPortella

Original post by Bornblue

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Why did you edit my post here?

Original post by TimmonaPortella

...

Reply 44

ChaoticButterfly

20

Original post by TimmonaPortella

I'm not particularly interested in placating incoherent anger.

Good luck with that. That's what a whole heap of politics is. If you aren't doing it you can bet someone else is.

(edited 6 years ago)

Reply 45

Original post by TimmonaPortella

Why did you edit my post here?

Considering you're in the field of law, I am really quite surprised that you don't understand the concept of a conflict of interest. The idea that you shouldn't act for someone, if you have an interest in the case being decided the other way.

The state, or taxpayer's interest is clearly to maximise tax revenues. On the other hand, the big accountancy firm's interest is at least indirectly, to minimise tax revenue among the wealthy by arranging tax avoidance schemes. Clearly therefore, there is a conflict of interest in the big four accountancy firms drafting the tax codes when they have a vested interest in allowing the tax codes to be porous for potential tax avoidance schemes.

I really am not sure how you don't understand that. More realistically you probably do but don't care and are purposely acting stupid.

Reply 46

nulli tertius

Original post by Bornblue

Considering you're in the field of law, I am really quite surprised that you don't understand the concept of a conflict of interest. The idea that you shouldn't act for someone, if you have an interest in the case being decided the other way.

The state, or taxpayer's interest is clearly to maximise tax revenues. On the other hand, the big accountancy firm's interest is at least indirectly, to minimise tax revenue among the wealthy by arranging tax avoidance schemes. Clearly therefore, there is a conflict of interest in the big four accountancy firms drafting the tax codes when they have a vested interest in allowing the tax codes to be porous for potential tax avoidance schemes.

There is a conflict of interest here but it isn't quite this one. The big four accountants aren't really the ones behind most tax avoidance. They like loopholes being closed but they want them closed in a complex manner. The interest of the big four accountants is to make all their clients worried about falling foul of the taxman. Simplicity is their enemy.

Reply 47

Original post by nulli tertius

There is a conflict of interest here but it isn't quite this one. The big four accountants aren't really the ones behind most tax avoidance. They like loopholes being closed but they want them closed in a complex manner. The interest of the big four accountants is to make all their clients worried about falling foul of the taxman. Simplicity is their enemy.

The big accountancy firms do profit from tax avoidance though, given that they set their clients up with such schemes.

They should have nothing to do with drafting the tax codes. Indeed the Public Accounts committee said as much.

I also don't agree that we should hold nothing against those who use such avoidance schemes. We've endured austerity and cuts for years and years with the rationale being that 'there's no money left'. Yet we allow the wealthy to move billions and billions offshore to avoid paying the tax that they should.

Reply 48

nulli tertius

Original post by Bornblue

The big accountancy firms do profit from tax avoidance though, given that they set their clients up with such schemes.

They do profit from the schemes but the profits are minor compared with the day job and there would still be a conflict of interest if they didn't.

Reply 49

Original post by nulli tertius

They do profit from the schemes but the profits are minor compared with the day job and there would still be a conflict of interest if they didn't.

Exactly, which is why they shouldn't be drafting codes. Yet the poster I was arguing with seemed to be suggesting that conflicts of interest were fine so long as the people acting are skilled.

Reply 50

TimmonaPortella

Original post by Bornblue

I really am not sure how you don't understand that. More realistically you probably do but don't care and are purposely acting stupid.

I'm just not particularly interested in whataboutery. What you're saying has very little bearing on anything I said. Nor am I interested in taking the time to argue this point with you, when all the evidence I've seen suggests that engaging with you is extremely unlikely to yield anything of any value and you might just decide to delete my posts anyway.

Reply 51