Why, this is tax avoidance, if not evasion!
Growing worries about an increase in Capital Gains Tax, currently standing at 18pc, to narrow the gap with the new 50pc top tax rate next April has resulted in business advisers being inundated with \”help me\” pleas from entrepreneurs seeking to protect their business from further demands from the taxman.
As reported in Your Business last week, many are planning to boost dividend payments to investors to try to shelter some of their income against the higher tax rate for people earning more than £150,000 a year. Others are examining ways to advance bonus payments to escape the initial impact of a tax that tops 60pc after including National Insurance contributions.
Ritchie has, quite seriously, proposed that the taxman should be able to change the law retrospectively to catch people doing such awful things: exercising their rights as an Englishman to order their affairs so as to legally reduce the tax payable.
Yes, he really does want to overturn the 1688 Bill of Rights.