Labour’s Tax Expert Admits Error

jolyon

This morning on the Today Programme Ed Balls namechecked the blog of Jolyon Maugham a tax specialist QC, he estimated that Labour’s change to the non-dom tax rules would bring in an extra billion. Ed Balls referred to him again later as a “tax expert”:

Just now in the Q & A after his speech Ed Miliband also referred to Jolyon Maugham as an “independent expert” – he’s actually a Labour Party stalwart.

Well other independent experts have taken him to task on Twitter for a basic error, most countries have double taxation treaties (DTCs). If you pay tax in one country on your earnings, you can’t be taxed again in another jurisdiction – the UK has over 100 such treaties. On Twitter Jolyon has conceded “I accept DTCs could have some impact. There’s plainly some uncertainty about the numbers.” When you take this into account the net tax take will be nowhere near the billion claimed…

Will Ed Balls End the Guardian’s Non-Domiciling of Corporate Assets?

gmg

Further reading on the Guardian‘s tax hypocrisy:

10 Reasons to Re-Non-Domicile in Ireland if Red Ed Wins in May

Non-doms, hedge fund managers, entrepreneurs and investors are still welcome in Ireland:

  1. Only income from Irish sources is taxable in Ireland.
  2. Income from UK or foreign sources is only taxable to the extent of amounts remitted (brought into) Ireland.
  3. Remittances of capital are not subject to Irish income tax – income earned at a time when the individual was not resident in Ireland would be treated as capital in nature and therefore not subject to income tax here when brought (remitted) to Ireland. This means that while such individuals will be chargeable to tax in Ireland on Irish source income and gains, they will only be chargeable on foreign income and gains to the extent that they are remitted to Ireland.
  4. Where non-domiciled individuals come to Ireland and use their wealth accumulated outside of Ireland to cover their day to day living expenses, it is possible for such individuals to live in Ireland free of tax.
  5. Individuals tax resident or ordinarily tax resident but not domiciled in Ireland are liable to Capital Gains Tax on gains arising on the disposal of assets situated in Ireland and the United Kingdom, and on all foreign gains to the extent that those gains are remitted to Ireland.
  6. Prime property in Dublin as well as estates in the country are still below their bubble highs – though Dublin is rebounding fast. Beachfront properties or houses with stabling facilities are plentiful.
  7. Ireland has world beating sporting teams, fantastic golf courses, the fishing is spectacular, hunting is legal, the sailing is great and the country is the world leader in equestrian sports.
  8. Ireland’s regional airports are an hour away from London City Airport in your Lear  jet.
  9. Ireland has a world class educational system and universities, technology start-ups are springing up everywhere, foreign tech firms like Twitter base their European headquarters in Ireland because the young well-educated English-speaking workforce has the talent they need.   The International Financial Services Centre ‘IFSC’ in Dublin welcomes hedge funds with financial incentives to relocate and is second only to London for the number of fund managers. The Heritage Foundation ranks Ireland the freest economy in the euro-zone.
  10. There is broad cross-party support for Ireland remaining a low tax, business friendly country welcoming to foreign investors. Corporation tax is 12.5%, inward investment incentives with tax breaks for entrepreneurs are generous.

If Red Ed does get elected on May 7 and the socialist terror comes to Britain, Ireland will welcome the huddled elite, yearning to breathe free…

Tax Dodge Shame of Labour Election Star

Labour have wheeled out Tim from The Office, aka Martin Freeman, as their latest celebrity endorsement. Freeman, who is worth £10 million, told the Guardian in 2005 that he supported “Socialist Labour” but would not be voting for Labour under Blair again. Guess Miliband meets that criteria.

Back in 2013 it was widely reported that Freeman allowed his long-term partner and fellow luvvie Amanda Abbington to go bankrupt after she was whacked with a £120,000 tax bill. At the time the Mirror described the arrangement under the headline “Morally Bankrupt” as:

“an absolute disgrace… Amanda has been with Martin for 10 years and they have two kids – even if she really is skint why on earth can’t he chip in and help out with the bill?.. because she and her multi-millionaire partner can afford a fancy accountant, she doesn’t have to either, because he’s found her a way out of it”

Did Labour know about their star celeb’s past before they lined up his endorsement today?

Two-Faced Chuka Refuses to Rule Out Toxic ‘Jobs Tax’

That sound you can hear is Labour pulping thousands of their Tory VAT leaflets. They won’t be using yesterday’s attack ad again either, which bashed current and former Tory chancellors for saying they had “no plans” to raise VAT, then going back on their word. “No plans” was the key sound-bite. 

24 hours later, on the pre-PMQs Daily Politics, when asked to rule out a rise in National Insurance, two-faced Chuka Umunna used the exact same choice of words:

“We’ve got absolutely no plans to do so.”

Will Labour rule out the the toxic branded ‘tax on jobs’ or do they just have “no plans” to do so?

Cameron Rules Out VAT Rise in PMQs Miliband Mauling

camdance

Save Ed…

Rachel Reeves Finally Admits Bedroom Tax is Not a Tax

How does the aspiring Work and Pensions Secretary want to raise money for Labour’s new flagship policy in Scotland?

Reeves wants to scrap the bedroom ‘tax’ and “use the savings” to raise £175 million. But, as should be obvious from Labour’s name for the policy, the bedroom ‘tax’ actually reduces government spending. Saving around a billion pounds so far in fact. Therefore scrapping it would not, as Reeves thinks, ‘save £175 million’. On the contrary, it would cost over a billion. Not like Reeves used to be at the heart of Labour’s Treasury team or anything…

UPDATE:

Official: Rich Hit Hardest Under Osborne

Another bash the rich budget from the Chancellor…

Ed Upsets the Neighbours

What happened when a community magazine in Ed’s family neighbourhood tried to find a supporter of the mansion tax, so they could write a balanced article giving equal prominence to both sides of the argument? The Primrose Hill journalist tasked with the story tells Ham & High:

“We wanted to do pieces on issues affecting the community, giving both sides a voice.

[…]

+ READ MORE +

PWC to Host Labour Prawn Cocktail Offensive

In their continued quest to pretend they are on the side of business, Labour frontbenchers are being wheeled out to meet local capitalists up and down the country:

What the invitation fails to mention is “Donington Court” is a regional outpost of Labour’s embarrassing big donor, the tax-avoiding PWC.[…]

+ READ MORE +

“Inappropriate” Tax Experts Labour’s Biggest Non-Union Donors

PriceWaterhouse Coopers, whom Margaret Hodge condemned earlier this month, gave almost £400,000 to Labour in the last quarter.

Also blows out of the water Labour’s line that they are being massively outspent…[…]

+ READ MORE +

‘New Owen Jones’ is Scion of Media Elite

Look out Owen Jones, there’s another younger, prettier, chippy, extremely privileged left-winger on the scene. Public schoolboy Jacob Diamond has been on Sky News this afternoon, telling Kay Burley:

“More people are in favour of increasing income tax to solve the problems in society.

[…]

+ READ MORE +

How Journalism Works

The Huffington Post are desperately trying to spin for Balls, resorting to real barrel scraping tactics:

From: Money4Media United Kingdom 
Date: 17 February 2015 12:26:49 GMT
Subject: Journalist Alert: The Huffington Post, Asa Bennett

Tax Experts on Receipts/accountancy Needed

I’m looking for a good tax expert who could help for a potential piece, aiming to debunk the Daily Mail’s suggestion that Ed Balls is a “total hypocrite” as he hasn’t asked his window cleaner for a receipt, despite suggesting it would be right to do that for odd jobs…

Contact Person: Asa Bennett

Publication: The Huffington Post

Deadline for responses: Date: 17/02/2015 Time: 2:30PM

An accountant that will say the opposite to reality?[…]

+ READ MORE +

Flashback: Osborne on How to Avoid Tax

 

Tony Hart died for the second time today and this clip of Osborne from 2003 looks to be making a similar social media resurrection.

“The one piece of advice I would give… is there are some pretty clever financial products which enable you to in effect pass on your home, or the value of your home, to your son or daughter… I probably shouldn’t be advocating this on television.”

Also known as ‘Doing a Miliband’…

Via @SophyRidgeSky / @liarpoliticians
[…]

+ READ MORE +

Show Us Your Receipt, Ed!

Talking of cash in hand, Miliband had the roofers in to his North London home last year.

He did get a receipt, didn’t he?[…]

+ READ MORE +

Quote of the Day

Marina Hyde on why UK tax is so untaxing

“The Hong Kong tax code, widely held by tax lawyers to be the most admirably efficient in the world, is 276 pages long. The British tax code, rapidly beginning to look like the most disingenuous in the world, is currently in excess of 17,000 pages. […]

+ READ MORE +



Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

Recently unresigned Sarah Champion on Corbyn:

“Jeremys [sic] position is no longer tenable if we’re to be effective”

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.

Facebook

Trump 5% Ahead of Clinton Trump 5% Ahead of Clinton
LILY COLE FRONTS BBC “CEO SECRETS” SERIES AFTER RUNNING COMPANY INTO GROUND LILY COLE FRONTS BBC “CEO SECRETS” SERIES AFTER RUNNING COMPANY INTO GROUND
Guardian Media Group’s Losses Total £173 Million Guardian Media Group’s Losses Total £173 Million
MCGINN WHIPPED LABOUR MPS TO “KEEP UP THE PRESSURE ON JC” MCGINN WHIPPED LABOUR MPS TO “KEEP UP THE PRESSURE ON JC”
VICTORIA’S SECRET LINGERIE AND 5 STAR HOTELS: WELSH GOVT’S £7.5 MILLION CREDIT CARD SPEND VICTORIA’S SECRET LINGERIE AND 5 STAR HOTELS: WELSH GOVT’S £7.5 MILLION CREDIT CARD SPEND
OWEN SMITH HIRES TOP PFIZER LOBBYIST TO RUN CAMPAIGN OWEN SMITH HIRES TOP PFIZER LOBBYIST TO RUN CAMPAIGN
HAMMOND FIBS AND SAUDI SLAVERY SLIPPED OUT ON DUMPING DAY HAMMOND FIBS AND SAUDI SLAVERY SLIPPED OUT ON DUMPING DAY
MATTHEW ELLIOTT ON WHY LEAVE WON MATTHEW ELLIOTT ON WHY LEAVE WON
OSBORNE GIVEN “SH*T” ROOM WITH NO VIEW OSBORNE GIVEN “SH*T” ROOM WITH NO VIEW
5,000,000 SIGNATURES: FEW POLICY CHANGES 5,000,000 SIGNATURES: FEW POLICY CHANGES
CORBYNISTAS USED CODE TO HIDE CASH-FOR-VOTES PLOT CORBYNISTAS USED CODE TO HIDE CASH-FOR-VOTES PLOT
First Lady Michelle Obama Carpool Karaoke First Lady Michelle Obama Carpool Karaoke
PMQ’s Sketch PMQ’s Sketch
How to Reach Westminster Politicians How to Reach Westminster Politicians
OWEN SMITH’S 999 EMERGENCY OWEN SMITH’S 999 EMERGENCY
MELANIA BORROWS FROM MICHELLE MELANIA BORROWS FROM MICHELLE
MAY: I WOULD PRESS NUCLEAR BUTTON MAY: I WOULD PRESS NUCLEAR BUTTON
New Uber Rival Tries to Get Unions Onside New Uber Rival Tries to Get Unions Onside
SMITH’S £200 BILION “NEW DEAL” PLEDGE BUSTED BY MCDONNELL SMITH’S £200 BILION “NEW DEAL” PLEDGE BUSTED BY MCDONNELL