Hey there! Sign in to join this conversationNew here? Join for free

Paradise Papers leak reveals secrets of world elite's hidden wealth Watch

    • TSR Support Team
    • Peer Support Volunteers
    • Clearing and Applications Advisor
    • Thread Starter
    Offline

    21
    ReputationRep:
    TSR Support Team
    Peer Support Volunteers
    Clearing and Applications Advisor
    The Guardian, amongst other newspapers and broadcasting agencies, are revealing this week secrets of the world’s biggest businesses, heads of state and global figures in politics, entertainment and sport who have sheltered their wealth in secretive tax havens, in a major new investigation into Britain’s offshore empires.

    The details come from a leak of 13.4m files that expose the global environments in which tax abuses can thrive – and the different ways the wealthiest corporations can legally protect their wealth.

    For example, it has been revealed that the Queen's private estate have been investing in offshore accounts, and that there are extensive offshore dealings by Trump's cabinet members, advisers and donors.

    More can be read here:

    https://www.theguardian.com/news/201...-hidden-wealth

    Is the Guardian right in saying that in this coming week that 'The disclosures will put pressure on world leaders, including Trump and the British prime minister, Theresa May, who have both pledged to curb aggressive tax avoidance schemes'?
    Offline

    21
    ReputationRep:
    There is no meaningful news in this story for anyone who didn't start out ridiculously ignorant of how anything works.

    The silliest part of the coverage that I've seen so far is the suggestion that the Queen is doing something wrong by investing in the Cayman Islands. She is literally the monarch of the Cayman Islands. How could it possibly be wrong for her to keep assets there?
    Offline

    21
    ReputationRep:
    I think its quite funny actually. The more "stability" the government wants, the more external shocks they're receiving.
    Offline

    16
    ReputationRep:
    This is on a similar scale to the Panama Papers in 2015, which was huge.

    I'm surprised this post hasn't gotten more traction. I thought these left-wing TSR students abhor the global elite and all their money earned from capitalism!!!1

    On a serious note, these greedy individuals involved in tax havens and offshore trusts are the reason the wealth gap and inequality is getting bigger.
    Posted on the TSR App. Download from Apple or Google Play
    Offline

    18
    ReputationRep:
    Allegedly three members of the cast of Mrs Browns Boys have been tax avoiders. It's not funny, neither is their show.
    Offline

    8
    ReputationRep:
    Lewis Hamilton and his diamond earrings ....

    Give us a kiss tiger ...
    Offline

    19
    ReputationRep:
    It’s worth remember avoidance is legal evasion is not.

    We should be looking at the evaders and if people are so morally upset about avoidance they should campaign on it.
    Posted on the TSR App. Download from Apple or Google Play
    Offline

    21
    ReputationRep:
    (Original post by Johnny English)
    Lewis Hamilton and his diamond earrings ....

    Give us a kiss tiger ...
    This is a non-story and that is why it doesn't have legs.

    Take Hamilton, this has been covered as a VAT issue. There is no VAT issue there. At most there is a Corporation Tax issue which no commentator has mentioned.

    If you bring a yacht or plane into the EU you pay VAT in the first EU country visited. So Hamilton's company brings its plane into the IOM, to pay the British 20% VAT rate. I accept he could have paid more VAT if he first imported it into France but are we complaining that he chose to pay the British VAT rather than someone else's VAT?

    He can reclaim VAT on business use but not private use. That would have been exactly the same with a bicycle. He has declared 2/3 business 1/3 private. There is a complaint that he used the plane to go on holiday. What part of 1/3 private don't they understand? I don't know whether the proportions are right but it is obvious this man will do a lot of business travel with his job.

    If there is any tax avoidance, it is if his plane leasing co makes a profit ( from what his sponsors and employers pay in expenses). The company is in Guernsey and he is in Monaco. Those profits (if any) will be taxed nowhere. No mention of that.
    Posted on the TSR App. Download from Apple or Google Play
    Offline

    8
    ReputationRep:
    Ignoring the technicalities of tax evasion and tax avoidance surrounding Lewis sodding double diamond earring Hamilton .....I would just like to say what a complete and utter tosser of a man he truly is .

    Even my dog was sick when he won his last championship .

    I would rather spend a week in a Glasgow prison cell than endure 5 minutes of conservation with him .

    Pathetic .
    Offline

    1
    ReputationRep:
    (Original post by Airmed)
    The Guardian, amongst other newspapers and broadcasting agencies, are revealing this week secrets of the world’s biggest businesses, heads of state and global figures in politics, entertainment and sport who have sheltered their wealth in secretive tax havens, in a major new investigation into Britain’s offshore empires.

    The details come from a leak of 13.4m files that expose the global environments in which tax abuses can thrive – and the different ways the wealthiest corporations can legally protect their wealth.

    For example, it has been revealed that the Queen's private estate have been investing in offshore accounts, and that there are extensive offshore dealings by Trump's cabinet members, advisers and donors.

    More can be read here:

    https://www.theguardian.com/news/201...-hidden-wealth

    Is the Guardian right in saying that in this coming week that 'The disclosures will put pressure on world leaders, including Trump and the British prime minister, Theresa May, who have both pledged to curb aggressive tax avoidance schemes'?
    Nobody should be paying tax. Only the sheep want to pay tax. The problem is that there are NWO trillionaires who own the media and control Western governments and who intend to depopulate the planet by means of sterilization and murder.
    • TSR Support Team
    • Very Important Poster
    • Clearing and Applications Advisor
    Offline

    20
    ReputationRep:
    TSR Support Team
    Very Important Poster
    Clearing and Applications Advisor
    It is somewhat troubling the sheer number of people who seem to be involved in this, to say the least.
    Offline

    19
    ReputationRep:
    (Original post by shadowdweller)
    It is somewhat troubling the sheer number of people who seem to be involved in this, to say the least.
    Involved in what? Paying as little tax as legally possible?

    Shocking
    Posted on the TSR App. Download from Apple or Google Play
    • TSR Support Team
    • Very Important Poster
    • Clearing and Applications Advisor
    Offline

    20
    ReputationRep:
    TSR Support Team
    Very Important Poster
    Clearing and Applications Advisor
    (Original post by paul514)
    Involved in what? Paying as little tax as legally possible?

    Shocking
    Involved in tax evasion, yes. You earn the money, you should pay the necessary tax on it, like pretty much everybody else does.
    Offline

    19
    ReputationRep:
    (Original post by shadowdweller)
    Involved in tax evasion, yes. You earn the money, you should pay the necessary tax on it, like pretty much everybody else does.
    The same thing happened with the Panama papers.....

    Media out cry and little to no convictions as it was pretty much all legal.

    Evasion and avoidance are not the same thing.
    Posted on the TSR App. Download from Apple or Google Play
    • TSR Support Team
    • Very Important Poster
    • Clearing and Applications Advisor
    Offline

    20
    ReputationRep:
    TSR Support Team
    Very Important Poster
    Clearing and Applications Advisor
    (Original post by paul514)
    The same thing happened with the Panama papers.....

    Media out cry and little to no convictions as it was pretty much all legal.

    Evasion and avoidance are not the same thing.
    And nor did I allude them to be the same - that doesn't, however, mean they are justified in evading them, in my view. They should still pay the tax, the vast majority of the population does, and there is no real reason that they shouldn't too.
    Offline

    20
    ReputationRep:
    (Original post by TimmonaPortella)
    There is no meaningful news in this story for anyone who didn't start out ridiculously ignorant of how anything works.

    The silliest part of the coverage that I've seen so far is the suggestion that the Queen is doing something wrong by investing in the Cayman Islands. She is literally the monarch of the Cayman Islands. How could it possibly be wrong for her to keep assets there?
    Weirdly I agree with you. Except I want people to realise this is what a Monarchy is by definition for different reasons. Yeah none of this is a surprise, but that is because this is the logical conclusion of the societies we live in. They stole all their stuff and are hording it away from the rest of us. You are absolutely right, tax avoidance is totally a fundamental part of monarchy. Tell the plebs this over and over again please.

    I do also hope that people like you continue to go along with this line. None of this is popular with the public at large. They suffer from some form of cognitive dissonance where they both support the society but are outraged at what that society does. By all means call them stupid morons and don't try and placate the masses with reforms that address their anger, instead reinforce the idea this is what out society is by definition. Makes the jobs of those who want to fundamentally change society a hell of a lot easier if you are being honest about what already exists.
    Offline

    19
    ReputationRep:
    (Original post by shadowdweller)
    And nor did I allude them to be the same - that doesn't, however, mean they are justified in evading them, in my view. They should still pay the tax, the vast majority of the population does, and there is no real reason that they shouldn't too.
    They aren’t evading them, that’s the point. They plan their tax to pay as little as possible by using the law.

    Your argument is that morally they should pay more when tax is about paying what you legally have to, paying more is effectively charitable giving.

    If you don’t like it campaign for the laws to be changed, once again tax is the law not morality otherwise no one would pass the test.
    Posted on the TSR App. Download from Apple or Google Play
    • TSR Support Team
    • Very Important Poster
    • Clearing and Applications Advisor
    Offline

    20
    ReputationRep:
    TSR Support Team
    Very Important Poster
    Clearing and Applications Advisor
    (Original post by paul514)
    They aren’t evading them, that’s the point. They plan their tax to pay as little as possible by using the law.

    Your argument is that morally they should pay more when tax is about paying what you legally have to, paying more is effectively charitable giving.

    If you don’t like it campaign for the laws to be changed, once again tax is the law not morality otherwise no one would pass the test.
    I do understand that they are doing so in a legal manner, but I don't think that makes it excusable still. It also doesn't negate the issues caused by people avoiding paying tax, and the impact that has.
    • Political Ambassador
    Online

    21
    ReputationRep:
    Political Ambassador
    I wonder how many of your households have similar investments, either personally or through your parents given you have no way of knowing how your ISAs or private pensions are invested, odds are at least partially in tax Havens.

    Posted from TSR Mobile
    Offline

    21
    ReputationRep:
    (Original post by ChaoticButterfly)
    Weirdly I agree with you. Except I want people to realise this is what a Monarchy is by definition for different reasons. Yeah none of this is a surprise, but that is because this is the logical conclusion of the societies we live in. They stole all their stuff and are hording it away from the rest of us. You are absolutely right, tax avoidance is totally a fundamental part of monarchy. Tell the plebs this over and over again please.

    I do also hope that people like you continue to go along with this line. None of this is popular with the public at large. They suffer from some form of cognitive dissonance where they both support the society but are outraged at what that society does. By all means call them stupid morons and don't try and placate the masses with reforms that address their anger, instead reinforce the idea this is what out society is by definition. Makes the jobs of those who want to fundamentally change society a hell of a lot easier if you are being honest about what already exists.
    What is logical is that people should act within the law to protect their assets so far as possible. They don't have any moral duty to give you more of their money than the law requires them to.

    I'm not particularly interested in placating incoherent anger. I'm in favour of the government taking such steps as it properly can to keep as much money going into the treasury as possible, while keeping headline tax rates reasonably limited, but this isn't necessarily as straightforward as the 'they're stealing from us!!' lobby would have you believe.

    (Original post by shadowdweller)
    I do understand that they are doing so in a legal manner, but I don't think that makes it excusable still.
    It doesn't make it excusable. It makes it justified. No excuse is needed for legal action with one's own property.
 
 
 
Reply
Submit reply
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: November 13, 2017
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • Poll
    Would you like to hibernate through the winter months?
    Useful resources
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • 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

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