Scandal! Man checks he’s obeying the law!April 7, 2016 Tim WorstallTax10 CommentsDavid Cameron’s father sought legal advice on best tax havens If everyone did that then where would we be, eh? Eh? previousI predict the major outcome of the Panama PapersnextIt’s a big claim isn’t it? 10 thoughts on “Scandal! Man checks he’s obeying the law!” abacab April 7, 2016 at 9:13 am Well, as the LHTD knows, seeking legal advice to ensure you’re within the law is evidence of lawbreaking. Or something. BraveFart April 7, 2016 at 9:52 am As this all happened before the introduction of the Fair Tax Mark certification (which he would have to seek if this was happening now), his sin at the time was not to seek advice from Murphy Deeks Nolan, or whatever vehicle Murphy was practising under at the time, on what structure to adopt to pay the maximum UK and other taxes possible*. *Unless this all took place at a time before Murphy suffered his own epiphany in relation to the immorality of tax avoidance, in which case any legal avoidance of tax was fair game and in fact often recommended by Murphy – viz Guardian advisory articles. Liberal Yank April 7, 2016 at 5:33 pm The Guardian has confirmed that in 30 years Blairmore has never paid a penny of tax in the UK on its profits. Breaking news: Panamanian firm pays no tax in the UK In other news water is wet, the sky is blue, and you are a minute older after reading this*. We can ask if it is morally responsible when the people that use tax avoidance schemes are the same people that write the laws. It is hard to break a law you set up to protect your investments. *The guardian piece, not the comment. If you can’t process this comment in under 60 seconds you may be a slow reader. Churm Rincewind April 7, 2016 at 6:39 pm “seeking legal advice to ensure you’re within the law”… Assuming, of course, that’s why he sought legal advice. Bloke in Costa Rica April 7, 2016 at 8:32 pm Yeah, right, maybe Cameron’s dad’s mate was a lawyer and he thought he needed a few readies in consultation fees. Why the fuck else would you seek legal advice before making an investment other than to know what your legal rights and responsibilities were? Bloke in Germany in Catalonia April 7, 2016 at 9:46 pm Wasn’t it the impeccably left-wing (irony alert for the hard of thinking) John Le Carre who wrote of the “obvious corruption of Panama”? Love to go there one day (not merely because they make the best cigars in the world) but I think UK tax law (like almost everywhere else) is pretty clear on the fact that if you are resident (and domiciled) you pay UK tax on your worldwide income (with appropriate double taxation relief). So Panama or the BVI might be a sensible, even wholly legitimate, place to set up for business reasons, but a UK-resident beneficiary still has to pay their income tax on it. Yes, I find tax a loathsome, regrettable necessity, as most everyone else does, and would love the rates to be lower. Which they would be if these toffs declared their incomes. And not declaring those incomes is facilitated by schemes like this. Bloke in Malta April 7, 2016 at 10:42 pm I have a few friends who worked in ‘international firms’ in Panama, but to be fair to them, they actually worked in Panama. I’ve personally had much bigger tax free payouts from shares sold than Cameron’s little payout, but then I actually lived in a place where there was no capital gains – and I actually bought the shares with my own post-tax earnings, which were earned while living in that place. Not that I claim to be a bastion of morality – just that I’m probably against dodging paying taxes that are due in the place that you live (you can always leave). And I wish they could simplify the law so that the rules are less subjective – so that all us ‘follow the objective law’ tax dodgers can continue our party in peace. Bloke in Costa Rica April 8, 2016 at 12:42 am BiGiC: Bocas del Toro is a lot of fun. Panamá City is too hot though. A lot of expats live in Boquete or David. It’s a bloody sight cheaper than CR, I can tell you. Alex April 8, 2016 at 8:33 am https://www.politicshome.com/news/uk/economy/financial-sector/opinion/73541/top-lawyer-ian-camerons-investment-fund-was-not-tax Tax lawyers don’t come much bigger than Graham Aaronson. TomJ April 8, 2016 at 8:45 am BiGiC: “[I] would love the [tax] rates to be lower. Which they would be if these toffs declared their incomes.” May I refer you our genial host’s piece at Forbes wherein he expounds the theory that the ability to avoid tax is one of the factors which keeps a lid on rates? http://www.forbes.com/…/timworstall/…/tax-avoidance-and-tax-evasion-are-to-the- benefit-of-us-all/ Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment Name * Email * Website Save my name, email, and website in this browser for the next time I comment.