Labour Tell Donors How to Dodge Tax Too
Yesterday it was the Tories advising their top donors on how to avoid tax through a controversial “legacy” scheme. The story had considerable traction and unsurprisingly provoked considerable outrage among Labour MPs:
How many estates have reduced Inheritance Tax by leaving money to Conservative Party Foundation? Does PM regard it as tax avoidance scheme?—
Steve McCabe (@steve_mccabe) July 02, 2012
Guido can now reveal that the Labour Party offers an almost identical scheme to help its supporters dodge inheritance tax as well. Labour’s “Leave a Legacy” programme offers advice on three different methods of leaving money to the party, even going as far as to suggest clever a legalistic wording of donors’ wills in order to minimise tax liability:
Labour have led the way on bashing tax dodgers, with everyone from the shadow cabinet to the backbenches queuing up to stick the boot in. Starting with trigger-happy tweeter Steve McCabe, Guido wonders what they have to say about their own party being directly involved in a tax avoidance scheme. They call that red-handed…
Where’s the Libdum equivalent?
A piggy bank made from used fair trade coffee tins and rainbow magic.
… and raffia, Bill, don’t forget the raffia.
Again, this isn’t anything bad. If legacies are outside tax then they’re outside tax for everyone, whether the recipient is a person, a political party or a charity. It doesn’t bother me in the slightest that legacies are treated this way.
Mind you, rank hypocrisy does bother me: and this the Labour Party ARE guilty of and should be called out on it as loudly and and often as possible. Perhaps people will realise what a total shower the lot of them really are.
The Liebore party runs on weapons-grade hypocrisy, just as cars run on petrol, and household machines run on electricity.
Methinks you ain’t a lawyer Sir Guido. The wording merely means that full inheritance tax is paid from that part of the estate which is not intended for the spend, spend, spend party.
No tax avoidance here.
Of course if the full estate was to go to the spend, spend, spend party then the wording is meaningless and inheritance tax has to be paid before the spend, spend, spend party get their share.
Enshrined in EU Treaties.
So what?
the scumbags will have no shame they never do….vile party Labour
I pay full taxes on all the many millions my ‘charities’ earn. It just so happens that Cherie enjoys buying mansions.
We need a man to help push through a telecoms contract in the middle east. Meet a few dictators, pose for photos, use that bizarre peace envoy title to open a few other doors, give a speech about modernising, just need a name the oil sheikhs have heard of.
$50,000 used bank notes up front, another $200,000 if we get the contract plus a special 1hr life, unlimited credit card for Cherie – just turn her loose in Harrods. First class travel, 5* hotel of course. Are you in Tony? Our accountant will help run the money through your ‘charity’ as well.
Rule 1. It’s not evil if Lefties are doing it.
Rule 2. If Lefties are doing it, see Rule 1.
Clearly, this Labour legal financial instrument is a legitimate method of promoting democracy while the eeevil Tory scam is a means of suppressing democracy through crony-ism and attacking the most vulnerable in society.
The parties could not be further apart surely?
Quite right. If a socialist steals your wallet, it’s always in the interests of the equitable redistribution of wealth.
The “parties” are identical, the LabLibCon are three wings of one party, with a common aim, common policy and Common Purpose.
But…but…but…
Oh piss off you troll.
Save money during the housing and banking crisis by living in a council house, while pulling down £150k+ a year.
Fackin disgustin mate!
http://www.dailymail.co.uk/news/article-2003995/Former-minister-Frank-Dobson-afford-private-rent-66k.html
Just wait until I tell all about UKIP !
What they will say is nothing. They just couldn’t give a monkeys about being hypocritical. Just being right-on.
The best way to save money is to dispose of all your gold reserves and convert them to Euros
And use them to buy BTL flats in Dublin or Madrid.
Or Syria.
The pension pot is best used for those sort of ‘investments’
It seems the puppet strings are still working very well, come on Gordon spout some more incomprehensable rubbish.
Calm down dear
Labour – the Hypocrisy Party!
not true, tory bad, labour good… always vote labour they good… tory bad. Mungo want more beans
Ho, ho, ho, hoist with ones own petard.
But surely, this scheme of arrangement, is used by EVERY charidee in the UK, which seeks to maximise their income rake.
It’s a standard practice.
That political parties are using the same scam ( sorry scheme) is just an extension of the application of tax laws/loopholes to gain benefit by taxes management, i.e. reduce the amount of tax payable.
As for the Limp-Dicks one suspects that they are using the same scheme, if not, then that is more a demonstration of the financial naivety rather than any moralistic/ethical line being taken.
The LibDumbs don’t have any of these schemes set up as no one will donate them more than a fiver……………
I thought that the Limp Dicks lived off the proceeds of fraud – Michael Brown!
Fucking hypocrites
What’s the difference between the Church of Scientology and the Labour Party?
One is filled with creepy, possibly evil people. The other is Tom Cruise’s religion.
What’s the difference between the Labour Party and Jurassic Park?
One’s a high technology adventure playground full of dinosaurs, and the other is a family movie.
You can’t be Jimmy Carr. That’s far too funny to be from him.
What is the difference Jimmy between a pretend socialist and multi-millionaire that cynically manipulates the tax system for personal profit?.
Answer came there NONE.
What’s the difference between 1% and 50%?
Fuck all
what’s the difference between a labour minister and a loach? One’s a scum sucking bottom feeder and the other one is a fish
Or a Leftie filum director
I thought I should educate myself on what Scientologists really believe so went to fount of all knowledge – I quite like the opening line
http://en.wikipedia.org/wiki/Scientology_beliefs_and_practices
Careful with that reading malarky, or you will be in the Sea Organisation quicker than you can say ‘please debit my account with unspecified amounts at unspecified intervals’
that is a top first line.
Its been changed already – Xenu moves in mysterious ways indeed
Interesting piece on how Scientologists tried to enlist Murdoch’s son Lachlan. This is personal for Rupe!
http://www.thedailybeast.com/articles/2012/07/02/rupert-murdoch-attacks-scientology-because-it-once-courted-his-son-lachlan.html
Follow the money
It is all within the rules, and they make them (up as they go along).
The Milibands know their way around IHT rules for their own benefit, rather than as a contribution to party funds.
In the interests of transparency I shall post my last 3 years Tax Returns onto the internet.
One up on David Cameron and Gideon Osborne.
I did that and it didn’t help as I forgot to publish the URL which was 255 random non alphanumeric charcters
also brown,balls,milliand, two planks harman,fatso watson and on and on and on
Nick says he needs a lobotomy.
I agree with Nick.
I need one too!
But afterwards, how could anybody tell if it had been successful?
How does that wording minimize tax liability? Why would you specify a sum as being post tax unless tax was being paid? Perhaps you should get a grownup to explain it to you before you make a tit of yourself?
Who’s Steve McCabe?
Steve McCabe over-claimed on his mortgage by £4,059
http://www.telegraph.co.uk/news/newstopics/mps-expenses/5345304/Steve-McCabe.html
Ah ok – so he’s perfectly placed to moralise about public money being loast and/or mis-directed?
Return of the Godfather
http://www.thecommentator.com/article/1370/return_of_the_godfather_tony_blair_and_romania
Tony a very dangerous politician for the British now lurking on the sidelines of LABOUR
John Simpson, BBC broadcaster, has admitted he used to be a tax avoider, placing his home with an offshore company until he saw the error of his ways.
At the last count there appears to be about 400 bbc staff avoiding tax and rising
I’m always willing to see skullduggery at work, but where’s the avoidance here? The words merely say that the sum is to come out of the net estate after tax is paid, not the gross. The fact that this may short-change the expectations of other legatees may of course not be clear to people whose shaky financial grasp allows them to claim two sets of allowances on the same dwelling.
This is correct. Guido’s ‘story’ is once again a non-story. Yawn . .
Hi Snotty !
As Col. Killgore said, we love the smell of labour hypocracy in the morning !
The funny thing is always the 30 or so guidophiles who pile on before someone points out it’s all bollocks.
Diamond him can chillax now an smoke a lickle weed
When are Brown and Balls going to do the decent thing, eh Umunna?
probably never, they are too engrossed in their own self-righteousness to ever fall on their swords. I’d even offer to do the chopping head off thing so that they could save face; jolly decent ogf me don’t you think.
Why are none of the media asking Brown and Balls about the libor scandal. No mention from the BBC of yet another scandal that happened under labour.
The BBC serves no purpose in this day and age. Shut it down.
The BBC is a laughing stock.
This mess started with Thatcher,and I will repeat this allegation again and again.
I remember, she stopped children getting free milk at school… Thatcher, Thatcher the milk snatcher; that is why three terms of unregulated banking under labour is her fault.
…even going as far as to suggest clever a legalistic wording…
Could you say this in English for us, please?
Are the Unions subject to IHT? Or do some suckers really donate to Labour?
FREE ROGER HAYES Arrested, secret trial with no jury, imprisoned all in 9hours yesterday. he is a vocal opponent of the EU, banks and the banking system. Arrested I guess before the rest of us cotton on to getting round to a tax revolt.
http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/9371754/BBC-broadcaster-John-Simpson-admits-tax-avoidance.html
Brings a whole new meaning to his full surname Fidler-Simpson.
Sorry, but you have got this wrong (I dearly would have like you to be right).
All this wording says is that the gift is to be made free of inheritance tax, i.e. if there is any inheritance tax on the estate, this gift is to be paid out of whatever is left after the tax has been paid.