Turn on thread page Beta

David Cameron admits to profiting from offshore fund !!! watch

    • Political Ambassador
    Offline

    17
    ReputationRep:
    Political Ambassador
    (Original post by RF_PineMarten)
    He didn't declare those interests though. Serving politicians are supposed to declare things like that if it is likely to affect the way they vote and debate in the commons. Maybe resignation is extreme but something needs to happen - if nothing happens then it sends a message to all the other self serving politicians that making large sums of money from offshore funds and then not declaring it is somehow acceptable behaviour. We certainly don't want to set a precedent like that.
    As far as I'm aware they had been sold and declared on his tax return before he took up his seat.
    Offline

    3
    ReputationRep:
    This is is hilarious. The economy actually benefits from what Cameron has done. No way will he resign. He's got more balls than the icelandic pm. People need to stop being so anti government... Or more specifically anti tories. All thanks to the left wing political socialisation/indoctrination that goes on in schools.
    Offline

    3
    ReputationRep:
    (Original post by thehistorybore)
    As far as I'm aware they had been sold and declared on his tax return before he took up his seat.
    He had sold and declared them! However, those raging left wingers think that it was hidden from the general public because it wasn't widely known! Do people really think politicians will be swinging from the tree tops yelling about everything they've ever done in their past lives!?!?
    • Political Ambassador
    Offline

    21
    ReputationRep:
    Political Ambassador
    (Original post by RF_PineMarten)
    He didn't declare those interests though. Serving politicians are supposed to declare things like that if it is likely to affect the way they vote and debate in the commons. Maybe resignation is extreme but something needs to happen - if nothing happens then it sends a message to all the other self serving politicians that making large sums of money from offshore funds and then not declaring it is somehow acceptable behaviour. We certainly don't want to set a precedent like that.
    Do you believe investing small amounts of money in businesses abroad would affect an MPs actions or words? Actually the question I should be asking isn't whether you would because I expect you will ideologically say "yes", but a reasonable person?
    Offline

    1
    ReputationRep:
    (Original post by RF_PineMarten)
    He didn't declare those interests though. Serving politicians are supposed to declare things like that if it is likely to affect the way they vote and debate in the commons. Maybe resignation is extreme but something needs to happen - if nothing happens then it sends a message to all the other self serving politicians that making large sums of money from offshore funds and then not declaring it is somehow acceptable behaviour. We certainly don't want to set a precedent like that.
    Define likely, and does this include post office savings? One could argue that any and every form of investment might affect an argument, that everything that a person both is and does might affect it. It might be impossible for an individual to keep pace with everything that one might argue should be declared. Certain specific word combinations in the right hands are easily capable to entirely distort perceptions into a world of non reality.
    • Political Ambassador
    Offline

    21
    ReputationRep:
    Political Ambassador
    (Original post by Kates David)
    Define likely, and does this include post office savings? One could argue that any and every form of investment might affect an argument, that everything that a person both is and does might affect it. It might be impossible for an individual to keep pace with everything that one might argue should be declared. Certain specific word combinations in the right hands are easily capable to entirely distort perceptions into a world of non reality.
    So should all MPs declare things like what car they are, who their utility suppliers, what sort of whatch, phone, personal tablets etc they have, how much porn they watch etc etc?
    Offline

    3
    ReputationRep:
    Even if they declared it what difference would that make?
    • Political Ambassador
    Offline

    21
    ReputationRep:
    Political Ambassador
    (Original post by whoneedseton)
    Even if they declared it what difference would that make?
    None, but some people just want blood and are trying desperately to find a way to say they can get it.
    Offline

    21
    ReputationRep:
    (Original post by thehistorybore)
    He sold shares in a company based in a tax haven; he payed capital gains tax at the correct level and did nothing illegal. There's no reason this should be made an issue of.
    Incredibly (and amusingly) it turns out that this firm ows not a single penny to HMRC. His fathers firm may have been registered in Panama but it was actually based in Dublin (making this an Irish rather than UK tax issue). Since Cameron apparently profited less than the capital gains threshold of the time, there's absolutely nothing to do with the UK.

    The more i hear about this, the more amazing it is that people are up in arms about it.
    Offline

    15
    ReputationRep:
    (Original post by Rakas21)
    Incredibly (and amusingly) it turns out that this firm ows not a single penny to HMRC. His fathers firm may have been registered in Panama but it was actually based in Dublin (making this an Irish rather than UK tax issue). Since Cameron apparently profited less than the capital gains threshold of the time, there's absolutely nothing to do with the UK.

    The more i hear about this, the more amazing it is that people are up in arms about it.
    People were up in arms about ed milliband having two kitchens. It doesn't take much.
    • Political Ambassador
    Offline

    17
    ReputationRep:
    Political Ambassador
    (Original post by Rakas21)
    Incredibly (and amusingly) it turns out that this firm ows not a single penny to HMRC. His fathers firm may have been registered in Panama but it was actually based in Dublin (making this an Irish rather than UK tax issue). Since Cameron apparently profited less than the capital gains threshold of the time, there's absolutely nothing to do with the UK.

    The more i hear about this, the more amazing it is that people are up in arms about it.
    Precisely my thoughts.
    Offline

    18
    ReputationRep:
    Cameron might be 100% innocent but it doesn't matter. He has took up the banner of fair play now he is going to have to satisfy the proles and the class prejudices that go with avoiding tax. He should of just shut up but he has cracked under pressure and invited all the sins of envy to his door step.

    To be fair the whole political class across the world have just found themselves in a compromising position and the proles have finally found some sense to be out-raged by the whole tax avoidance & evasion processes that go on.

    Its going to take a while for this to blow over. Seems Cameron has been caught avoiding inheritance tax now. Expect the media to milk this.

    But lets be real a second. Cameron isn't blowing the whistle on any of his chums here by making it harder to hide money off shore. He is basically going after the proles who copy the well off because its so easy now to create a fake company LTD company and loan yourself funds from your fake foreign business entity.

    Camerons new tax policy has nothing to do with preventing the rich from hiding their money. Its now possible to legally pay less than 1% tax from dozens of dubious accounting practices. If you can afford the fees you can pay less than 1% tax.

    Anyway here is my 5 point guide how to pay next to no tax in the UK.

    1. Become self-employed or become a LTD company and make your place of work your home. This then allows you to treat nearly all household expenses as business expenses.
    2. Set yourself a wage less than the £11,000 tax free allowance.
    3. Claim as much welfare as you possibly can. Getting exempt from council tax because you have are entitled to PIP can do wonders for your business.
    4. If your going to save money make sure you milk the most out of Capital Gains allowances and Tax Free ISA. Even take advantage of the Government new schemes where they pay you to save.
    5. Always claim your VAT back for expenses and if there is no way you can avoid Tax for purchases buy things As New off Ebay because you won't be paying VAT as they are second hand goods.

    I'm a lefty and I can honestly tell I pay no tax at all though various legal loop holes.
    Offline

    1
    ReputationRep:
    (Original post by illegaltobepoor)
    Cameron might be 100% innocent but it doesn't matter. He has took up the banner of fair play now he is going to have to satisfy the proles and the class prejudices that go with avoiding tax. He should of just shut up but he has cracked under pressure and invited all the sins of envy to his door step.

    To be fair the whole political class across the world have just found themselves in a compromising position and the proles have finally found some sense to be out-raged by the whole tax avoidance & evasion processes that go on.

    Its going to take a while for this to blow over. Seems Cameron has been caught avoiding inheritance tax now. Expect the media to milk this.

    But lets be real a second. Cameron isn't blowing the whistle on any of his chums here by making it harder to hide money off shore. He is basically going after the proles who copy the well off because its so easy now to create a fake company LTD company and loan yourself funds from your fake foreign business entity.

    Camerons new tax policy has nothing to do with preventing the rich from hiding their money. Its now possible to legally pay less than 1% tax from dozens of dubious accounting practices. If you can afford the fees you can pay less than 1% tax.

    Anyway here is my 5 point guide how to pay next to no tax in the UK.

    1. Become self-employed or become a LTD company and make your place of work your home. This then allows you to treat nearly all household expenses as business expenses.
    2. Set yourself a wage less than the £11,000 tax free allowance.
    3. Claim as much welfare as you possibly can. Getting exempt from council tax because you have are entitled to PIP can do wonders for your business.
    4. If your going to save money make sure you milk the most out of Capital Gains allowances and Tax Free ISA. Even take advantage of the Government new schemes where they pay you to save.
    5. Always claim your VAT back for expenses and if there is no way you can avoid Tax for purchases buy things As New off Ebay because you won't be paying VAT as they are second hand goods.

    I'm a lefty and I can honestly tell I pay no tax at all though various legal loop holes.
    1. You are only permitted to off set those specific ones which relate to your business, and fifty percent of those, on average, are reckoned to be private use.
    3. If you are under 25 yrs, except under the circumstances of living with your children, there is no welfare state left - You cannot even claim housing benefit. Should the courts take your kids you have to find thirty pounds to support them on a wage as low as £100 weekly, and the only support would be aid in completing registration for homelessness.
    4.You wont be paying capital gains anyway, and ISA`s never give the best return on the savings which you wont have..
    Offline

    3
    ReputationRep:
    People want squeaky clean politicians now a days - even though that does not in any way, shape, or form effect their politics. Remember what matters most - whether they are in stances of conviction or consensus.
    Offline

    19
    ReputationRep:
    (Original post by MrMackyTv)
    There is nothing legally wrong with his tax affairs but there is something morally wrong with it. He had shares in an offshore company set up for tax avoidance, he has said that the Tories are the only part who have come down the hardest on tax avoidance when he was part of it himself, that's hypocritical. Again, he hasn't done anything illegal, but many people think that he's a hypocrite.
    It wasn't a company set up for tax avoidance. It's a legitimate hedge fund, established in a foreign country. It doesn't pay UK tax because it isn't British and doesn't operate in the UK.
    A Briton starting a foreign business overseas isn't tax avoidance. The UK has no 'moral' claim to any taxes from Blairmore as a company, only income tax on dividends paid to British investors. That was paid, in full. The idea that the company was a tax-avoidance vehicle is a myth perpetuate by shoddy Guardian journalism.
    The sheer ignorance of so many people on this matter is staggering.

    (Original post by MrMackyTv)
    You're not reading my posts properly. It's not just how long he took to answer important questions but what that implies. Again I ask, if you were involved in dodgy tax affairs then wouldn't you wait for media attention to go away from you? Wouldn't you try to hide it? Wouldn't you lie? That's what he did. If people take so long to answer questions like that and lie about it at first suggest he has something to hide. If a Prime Minister has something to hide it raises questions about his credibility. Do you want a credible Prime Minister or not? You would rather have a Prime Minister who is untrustworthy? I'm not saying I think this but I am saying what most people think. 94% of people think he should resign... Not saying he should but that's what people want.
    I've now actually looked at the statements Cameron gave, having originally taken your word for it that he 'lied'. Where exactly is the lie? Every statement is factually correct and a reasonable answer.
    Not releasing a detailed biography of his life within minutes of the story breaking does not imply anything.
    And 94% of who? Guardian readers? Sounds highly dubious.

    (Original post by MrMackyTv)
    Personally, I think David Cameron is our best bet for now, because if he goes down then he might have worse people replace him such as George Osbourne, who is not a popular choice.
    Agreed, although I doubt he'd be any less 'effective' as a PM than Cameron. The policies would probably be the same too.

    (Original post by MrMackyTv)
    That's true, people do hear 'offshore' and get ahead of themselves. So why wouldn't he try to tell the truth at the beginning? How would you know?
    He did...
    Literally. His statements were that he'd already sold all shares in Blairmore, paid all taxes in full, that he doesn't have any other offshore stakes and that Blairmore is a legitimate business.
    Where's the lie? Where in there warrants his resignation.

    (Original post by MrMackyTv)
    Well... so much for sensationalism. More than 80,000 people have signed a petition for him to resign. People aren't happy with what he has done, his reputation is going and he's becoming less credible. Maybe that's why they want him to resign and not because of a "delay in response".
    How does that disprove sensationalism? The fact that people are getting aggro over something that didn't actual happen (tax avoidance, lies) proves it is sensationalism.
    And 80,000 isn't impressive in the relative scheme of online petitions.
    Offline

    4
    ReputationRep:
    LOL if he resigns, his replacement will be just as shady or even worse than him, he will just happen to be one of the lucky ones who hasn't been cauht yet. Also, is anybody surprised at any of this? It has always been obvious and there have been reports of his father having offshore funds anyway....
    • Political Ambassador
    Offline

    21
    ReputationRep:
    Political Ambassador
    (Original post by lolakirk)
    LOL if he resigns, his replacement will be just as shady or even worse than him, he will just happen to be one of the lucky ones who hasn't been cauht yet. Also, is anybody surprised at any of this? It has always been obvious and there have been reports of his father having offshore funds anyway....
    Why should anybody be surprised by people paying their taxes?

    Posted from TSR Mobile
    Offline

    19
    ReputationRep:
    I'm not a tory supporter, but I don't understand what Cameron has done wrong. Can someone explain it to me? As far as I'm aware, he sold off commodities that were held in a hedgefund (Almost everyone has vested interests in hedgefunds, I believe a lot of contributory pensions form a large part of these) that was set up off-shore (again there are business reasons to do this, and also the entire world doesn't revolve around UK market commodities) and paid gains tax on it which is the right thing to do. Everything was done before he was officially announced as PM. I think a lot of people protesting are just annoyed that he comes from a rich upbringing.

    I remember Ed Miliband avoided paying stamp duty on a home he bought/avoided inheritance tax on the family home or something similar. There was absolutely no cries for him to step down as Labour leader. I think a lot of lefties hear 'off-shore' and they just think dodgy profits etc.
    Offline

    4
    ReputationRep:
    (Original post by Jammy Duel)
    Why should anybody be surprised by people paying their taxes?

    Posted from TSR Mobile
    Why should anybody be surprised by Tory millionaires not paying their taxes?
    Offline

    19
    ReputationRep:
    (Original post by Kates David)
    1. You are only permitted to off set those specific ones which relate to your business, and fifty percent of those, on average, are reckoned to be private use.
    At my place of work, half the employees are agency staff who have registered as a Ltd company. The lengths they go to to save tax is incredible. Almost all offset everyday expenses as business expenses. Things like breakfast (allowed apparently if they eat it at work), lunch, petrol, gas and electricity even due to smarter working. Some of them then moan all day about the state of the UK and how public services are woeful whilst browsing the daily mail and blaming immigrants. If everyone just paid in good faith, that would be good.
 
 
 
Reply
Submit reply
Turn on thread page Beta
TSR Support Team

We have a brilliant team of more than 60 Support Team members looking after discussions on The Student Room, helping to make it a fun, safe and useful place to hang out.

Updated: April 11, 2016
Do you think parents should charge rent?
Useful resources

Groups associated with this forum:

View associated groups

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

Write a reply...
Reply
Hide
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.