Goldman Sachs Pencils © fintag
News comments:The UK should be applauding the latest news on bankers' bonuses. Every pound announced, 50% goes to the government via tax. In some cases, when you add on National Insurances this goes up to 65%. So let us all celebrate. With the small amount left, the bankers can keep London's restaurants alive as well kitchen shops, car dealerships and the thousands of workers like cleaners and nannies.
Goldman Sachs GBP10 billion bonuses (telegraph)
So why are Hedge Fund managers and Football players escaping the media's wrath?
Take premiership football players. These people work a few hours a week and earn more than most bankers. Many of them pay as little as 2% in tax. Why? Because unlike Bobby Diamond who has no image rights, Wayne Cole et al have the ability to put their abilities into intellectual property companies as image rights. They take out a huge loan and then pay 50% on the 4% HMRC interest rate agreed for these types of loans.
Football players avoid tax but nobody cares (accountancy)
As for Hedge Fund managers, most who work in London are non-dom and pay nothing except an entrance fee of GBP30k to be here.
Hedgies wipe backsides with Euro notes (daily mail)
Of course the worst tax evaders are mostly American who hide their assets in Switzerland.
Wikileaks to leak stuff (manx radio)
Today's shorts:
People who don't work in UK almost exceeds those who do (reuters)
Ever wondered how lazy Europeans are? (eur-lex)
Today's longs:
Bank of England to raise rates (reuters)
Gossip:
Latest trend to avoid tax is not to get paid.
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4 comments:
Football is run by money launderers for money launderers
Interesting point about Intellectual property companies. Most of these companies ( usually based in and around gresham st) are being investigated by HMRC special investigations. My tax return had to include a special note in the add info section specifying this. I am as of yet still waiting for my huge tax refund from those numptys at HMRC. But otherwise u have the process spot on.
Are you in one of these schemes Fintag??
Oh btw I see you have new shiny GS pencils. I only have the older black ones.
Dont be ridiculous re American tax evasion in Switzerland.
You must know no self-respecting Swiss private bank will have Yanks as clients these days. They won't even let their clients buy USD-denominated assets.
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