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Topic History of: Me and stupid tax laws
Max. showing the last 5 posts - (Last post first)
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Honey |
Retrogressive anything is wrong. |
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Wyot |
Retrogressive tax legislation is wrong on every level! |
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JK2006 |
Again, who cares about the Rishi tax problems? In my opinion, tax evasion is illegal and it seems clear neither Rishi nor wife did that. Tax avoidance is not only legal but sensible. Unless, of course, the media says it isn't. Why? Because it's a good story.
Back in the early 1970s I was making vast sums of money as, often, the most successful record producer. When I decided to found a record label my tax advisors told me I should not pay the massive UK tax on profits - they advised myself and David Frost, also doing well, to start a DUTCH company each. That way we would literally save millions. We each had to have valid reasons for that though. Mine was that I wanted to call the company King Of England and naturally the Palace would not allow it to be registered in the UK. So we founded King Of England BV - a Dutch company. This meant I had to fly to Amsterdam for any signing of documents (which was fine by me) sometimes with my Mum who was co-director.
And saved over the years about 2 million quid.
Then the UK Government brought in RETROGRESSIVE legislation and both Frost and I had to pay back loads of the saved monies - in my case about 2 million quid.
In fact, after deducting those costs of trips to holland, I was out of pocket. Waste of time!
I couldn't blame my advisors (nobody had anticipated retrogressive legislation).
So David and I shrugged our shoulders and vowed never to use legal tax loopholes again. |
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