Brown and his Taxes.

[Lazy Lob]

Brown can't organise a piss-up in a brewery. You guarantee that what comes out his maf is a pile o' shyte.


City firms plot to avoid 50pc tax

Private equity houses are working with the City's leading accountancy firms over ways to avoid the new 50pc rate of income tax.

By Jonathan Sibun
Published: 9:51PM BST 18 Jul 2009

PricewaterhouseCoopers, the accountant, last week held a meeting with finance directors of private equity houses to help them work out how to get around the tax, introduced in this year's Budget.

Strategies to get around the tax include bringing forward payment dates for bonuses or dividends to pre-empt the introduction of the tax in April next year or deferring payments until after the general election.

Advent and Charterhouse, two City private equity firms, are planning to circumvent the new top rate tax by paying three years' worth of salaries and bonuses to top employees this year. Employees would then loan the salaries and bonuses back to the private equity houses for a pre-arranged rate of interest over three years.

"We hosted our regular private equity industry meetings this week at which a range of issues including tax planning options were discussed," said a PwC spokesperson. "Clearly, it would be for individual taxpayers to consider the options available to them and then decide on a course of action."

The schemes highlight the depth of concern about the planned 50p rate of tax for employees earning more than £150,000 a year. High profile entrepreneurs including Guy Hands, the City financier who runs Terra Firms Capital Partners, have already quit Britain in protest at the new tax and many senior businessmen fear others will follow suit.
"My biggest concern is that we will face a brain drain of talent abroad," said one chief executive of a FTSE 100 company.

Ok, you can all go back to sleep.

[CMNot]

Whilst they have legislated more Law in 10 years than all the Governments of the past 100 years combined, the beauty of rushing around is that all that legislation is about as tight as a hookers fanny.

'tis why good accountants command exorbitant fees. The tax you should have paid, pays their salary instead. Least they worked for it though.

[a_very_ex_STAB]

I often wonder why we are being told we should be worried about the possibility of there being a 'brain-drain' to places far away of the very people who caused financial apocalypse in the City of London and Wall Street etc. :roll:

The term good riddance comes to mind.

[oldsoak]

Frankly, I'm in accordance with ex_Stab. The ***** can f*** o** for all I care.
It just shows the level of greed these guys have.

[CMNot]

The problem is that prior to throwing it all away, that 1 square mile was our national wealth. The rest of us accounted for peanuts in comparison.

[a_very_ex_STAB]

The problem is that prior to throwing it all away, that 1 square mile was our national wealth. The rest of us accounted for peanuts in comparison.

I'm sure I read something recently that talked about financial services being responsible for about 15% of UK GDP (before the crash I think).

It could be that my memory is being faulty though

[Mackie]

Private equity houses are working with the City's leading accountancy firms over ways to avoid the new 50pc rate of income tax.

so sad ^^
I will never understand why the world don't ban these idiots business.

[RIPTIDE]

so sad ^^
I will never understand why the world don't ban these idiots business.
Ah... but that's what makes the world go around, my friend. :)

[Mackie]

Ah... but that's what makes the world go around, my friend. :)

Private equity?
Short term thinking brought us this whole crisis.
Private equity brings a bubble, nothing more.

[Eagle The Lightning]

Trying to doge 50p taxes now that is sad.

[oldsoak]

...I should be so lucky :roll:

[Lazy Lob]

Back in the "good old days" (07-08) the financial services coughed up roughly £42 billion /year to the Treasury. They may be a bunch of tossers but "we" did accept their loans with glee.

[rgjbloke]

Frankly, I'm in accordance with ex_Stab. The ***** can f*** o** for all I care.
It just shows the level of greed these guys have.

I agree completely!

[a_very_ex_STAB]

Back in the "good old days" (07-08) the financial services coughed up roughly £42 billion /year to the Treasury. They may be a bunch of tossers but "we" did accept their loans with glee.

Probably a fraction of what they should have paid.

[CMNot]

Its ****ed up that a lot of people seem to care more about the 50p tax (whether its right or wrong), than the destruction of the lower rate that bent over every single working man in Britain. Particularly when we are staring down the barrel of the 2.5% VAT increase next year AND increase NI tax. As the great program went, only fools and horses work it would seem.

[a_very_ex_STAB]

Its ****ed up that a lot of people seem to care more about the 50p tax (whether its right or wrong), than the destruction of the lower rate that bent over every single working man in Britain. Particularly when we are staring down the barrel of the 2.5% VAT increase next year AND increase NI tax. As the great program went, only fools and horses work it would seem.

Yeah I agree

[Blackcatnursery]

Particularly when we are staring down the barrel of the 2.5% VAT increase next year AND increase NI tax.
I think the VAT increase will be 3.5%+ as its an easy way of raising money, but will be very unpopular.
With regard to the 50% tax rate then the Government needs to warn all the tax evasion firms that if anyone is suspected of wilfully evading tax then the tax rate for that individual will be doubled, plus a very hefty fine.
It really annoys me that you declare what you earn and then pay tax and people who have huge amounts of money pay very little.

[CMNot]

Spare a thought for the poor ****ers on PAYE. No creative accounting for them.

[Lazy Lob]

Moan all you want about the city wankers but they sold the crack and we were their crack whores. A market exists only because there's a need. Just because the slack jawed git wants his dose and can't or doesn't want to reign them in it doesn't mean we should kill that stream of revenue.

Brown n Blair knew the them'n Us view of life could be easily distorted and they have taken the whole fvkin country for a ride.

[a_very_ex_STAB]

Moan all you want about the city wankers but they sold the crack and we were their crack whores. A market exists only because there's a need. Just because the slack jawed git wants his dose and can't or doesn't want to reign them in it doesn't mean we should kill that stream of revenue.

Brown n Blair knew the them'n Us view of life could be easily distorted and they have taken the whole fvkin country for a ride.

That's something I can feel quite comfortable about denying. Have I borrowed money to buy a house in my time - yes (but never ridiculous multiples of my earnings etc). No other debts.

[Flagg]

"Financial Engineering" has BECOME the economy, where once it played an important but SUPPORTING role in the economy.

Look no further than General Electric.

They used to be a company that made money MAKING things.

They became a company that made money FINANCING things.

The UK is financially munted.......let's be honest...there is NO North Sea oil treasure to save the UK's ass like it did for Thatcher.

The US/UK(and others) trying to destroy Switzerland as a global banking centre has less to do with "fat cat tax evaders" and more to do with keeping The City centred economy afloat.

With his 10 years as Chancellor of the Exchequer following with his time as PM, I reckon Gordon Brown will be absolutely SAVAGED by historians in the future.

Wait until the price of gold climbs...and the occasional mention of Brown selling the Bank of England's gold at it's multi-decade low a number of years ago changes from a murmur to a siren call.

Way back in the day, didn't well bred gentlemen top themselves when they fcuked up this badly?

What ever happened to that unofficial tradition?

If David Cameron gets the keys to the kingdom, I sincerely think it's going to be a case of worse, or worser :)

He will need to swing a razor sharp scythe very far and very wide....which will probably lead to some proper riots.

Failing that, and he chooses the path of his inept predecessor, I reckon there will still be riots, they'll just be bigger and a bit further down the track.

No offense, but it's a tossup as to which I would rather be less....a UK citizen staring down the barrel of a generation+ of frugality to pay for a generation of absolute financial stupidity OR a South Korean citizen staring down the barrel of a generation+ of frugality to pay for bringing North Korea up a rung or two on the ladder from the Paleolithic Age to the Stone Age, once it tips over.

[Flagg]

That's something I can feel quite comfortable about denying. Have I borrowed money to buy a house in my time - yes (but never ridiculous multiples of my earnings etc). No other debts.

Unfortunately, responsible folks who prepared life preservers for when HMS Titanic capsizes from all the drunk partygoers on the poopdeck will be required to share space on their meager flotation devices by the very people who organized the party...or risk being targeted as "floating fat cats".

Personally, if I was a UK citizen, I'd be looking hard at Andorra.

The tax rates of yesteryear are going to come back to haunt everyone.

[a_very_ex_STAB]

With his 10 years as Chancellor of the Exchequer following with his time as PM, I reckon Gordon Brown will be absolutely SAVAGED by historians in the future....


...If David Cameron gets the keys to the kingdom, I sincerely think it's going to be a case of worse, or worser :)


X2 on both those points couldn't agree more. If as seems likely the Conservatives win the General Election next year it will be the most bruising 'hospital pass' in British political and economic history.

[saturnin]

Private equity?
Short term thinking brought us this whole crisis.
Private equity brings a bubble, nothing more.

Public equity in long run bring you a flat you don´t like at the location don´t like with neighbours you don´t like and with no market to change this. If what decide is not not your money and your will but some regulator who thinkg that he know what is best for you.....

[Flagg]

X2 on both those points couldn't agree more. If as seems likely the Conservatives win the General Election next year it will be the most bruising 'hospital pass' in British political and economic history.

I get "a bit passionate" about this whole mess.

Particularly with what happens in the US/UK for many reasons.

While it is still very early days for Obama, early indications lead me to believe that from a special interest perspective, nothing of any real substance has changed.

A "Get out of jail free" card was available....and I think it has thus far ben wasted.

If David Cameron gets the nod I hope it results in the UK tabloid press immediately giving him a nickname like Cameron the Impaler, or Darth Cameron, or Grim David.

If he issues more free lollies then you are really, really, really, truly fcuked and the newest upper-middle-class Indian family accoutrement will be an English manservant or girl friday....which would be quite unfortunately ironic.

[Lazy Lob]

Jeezuz freakin krist Flagg, you've really cheered my morning up. Here I am 2 or 3 weeks from flicking the "on" switch on my new company and all I see is a massive screw up around me. And the nation doesn't give a toss.

Now Brown, just before buggering off for his recess has let slip that revenues fell £38 Billion last year.

I can't open the whisky before midday.

[Flagg]

Jeezuz freakin krist Flagg, you've really cheered my morning up. Here I am 2 or 3 weeks from flicking the "on" switch on my new company and all I see is a massive screw up around me. And the nation doesn't give a toss.

Now Brown, just before buggering off for his recess has let slip that revenues fell £38 Billion last year.

I can't open the whisky before midday.

Now now, don't let my daily dose of gloom and doom piss in your punch bowl.

Where there is chaos, can be found a proportional amount of eventual opportunity....and there is going to be lots and lots and lots of opportunity.

Russia exports it's hot women...maybe the UK can export proper butlers to the colonies!

Speaking of the colonies, just remember, it is always past midday somewhere out here amongst us colonials :)

Best of luck with the new biz mate!

[Lazy Lob]

Thanks chum. I'm having my share of sleepless nights.

Hmmmm, Chav exporting. Now there's an idea. Chavco. Inc.

[CMNot]

Flagg he'd never off himself, that would be far too kind. I firmly agree with you, I think he will be recorded not for being ineffectual, but for being dramatically damaging to the state. I think his firesale of UK gold to fund state projects appear to have had tiny, or unnoticeable, returns. During a conversation with a friend the other day, we struggled to think of a single policy area where New Labour haven't screwed the pooch. I think his far reaching legacy will be to have irreairably damaged the Labour party. The area where I hail from (pit country) should be [i]de facto[i/] Labour voters. Yet it is this demographic that New Labour have appalled the most.

The longer Our Dear Leader maintains his stubborn, megalomanic country over the country, the more I feel vindicated for re-training from automation to teaching. At least I have a half viable parachute. I feel for all the poor bastards who have no route off the ship.

[oldsoak]

I've got my escape route to NZ planned - Flagg's taking me on his books as chief whinger :lol:

[Flagg]

I've got my escape route to NZ planned - Flagg's taking me on his books as chief whinger :lol:

Absolutely! We will need Poms to ensure NZ doesn't lose the growing "whingeing gap"!

Actually I think emigration of nations' best and brightest will begin to look more and more like professional sports. The best "teams" will get the best talent. That trend is already well underway and will accelerate.

So letall your switched on hard working mates with valuable skills that Oztralua is filled with poisonous koala bears with AIDS and NZ is made of gumdrops, rainbows, and pretty sweet firearms laws :)

[observer1]

Like i said in the other thread.

The British population is too ignorant and stupid to do anything about it.

Most people you'll ask here will be familiar with the expenses and economic scandals running rife in the "British government".

But that's all they know.

If you actually go further than simple scratching the surface, it will pretty obvious who much "advantage" their taking.

They've been doing this kind of stuff for years.
Every PM has done something ridiculous, in this case to benefit personally.

Can't wait to graduate.

I'm out of this corrupt place.

[oldsoak]

Please dont let us detain you any further.

[CMNot]

Graduate?

With English like that?

This country; to the dogs it has gone.

[Connaught Ranger]

Like i said in the other thread.

The British population is too ignorant and stupid to do anything about it.

Most people you'll ask here will be familiar with the expenses and economic scandals running rife in the "British government".

But that's all they know.

If you actually go further than simple scratching the surface, it will pretty obvious who much "advantage" their taking.

They've been doing this kind of stuff for years.
Every PM has done something ridiculous, in this case to benefit personally.

Can't wait to graduate.

I'm out of this corrupt place.

More Yoda Engrish :roll: sign of a Labour Party Education rofl

[Mr Gently Benevolent]

Like i said in the other thread.

The British population is too ignorant and stupid to do anything about it.

Most people you'll ask here will be familiar with the expenses and economic scandals running rife in the "British government".

But that's all they know.

If you actually go further than simple scratching the surface, it will pretty obvious who much "advantage" their taking.

They've been doing this kind of stuff for years.
Every PM has done something ridiculous, in this case to benefit personally.

Can't wait to graduate.

I'm out of this corrupt place.And to what Utopian paradise are you fleeing?