These are my links for August 5th:
- FT.com / Home UK / UK - Entrepreneurs could get snagged by loophole - "When Alistair Darling increased the base rate of capital gains tax for most business owners from 10 to 18 per cent last year, the chancellor sent dozens of accountants scurrying to figure out ways around it." But now they can't sell and may have to pay the tax anyway. Which is very good news. Nothing like an unexpected boost for the Treasury from those seeking to abuse the tax system to make my day. I hope their advisers get taken to the cleaners as well.
- KPMG hits £1million milestone for Help the Hospices - And in the meantime their work in tax avoidance and the work of their extensive and subversive offices in tax havens (or secrecy jurisdictions as I'd rather call them) have cost the UK many, many, many more times in tax lost. You can't salve your conscience like this KPMG: pay up and the hospice system would not need charitable support.
- Nordics to enter tax deals with Channel Islands - Forbes.com - But let's be clear: given the Channel Islands are working as hard as they can to make sure they have no information to exchange with anyone this is empty political gesturing on their part from which they hope to secure political advantage. Unfortunately it will not advance the cause of defeating tax evasion one iota.
- Brown could scrap stamp duty to rescue economy - Accountancy Age - As an economic idea this has to take the biscuit: it's paid mainly by the wealthy for a start, has marginal impact on the real cost of moving, especially for new home owners, and only stimulates the investment market. Is that what we want right now? I don't think so, but presumably Rupert Murdoch does; this came from the Sun.
- Tax emigrant happy in Ireland not UK - Accountancy Age - The Shire CEO says "If [the UK] want to drop the tax rate to 5pc we might be interested, [but] we are very happy with the decision we have taken [to move to Ireland]."
That's corporate irresponsibility in the form of free-riding summarised in a nutshell for you.
- FT.com / Home UK / UK - Data handover could boost German crusade against tax evaders - Banking secrecy continues to crumble. It's inevitable: corruption breeds corruption and then it all falls down.