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. For hours I tried – and failed – to find just one supporter of Labour’s proposals in Primrose Hill. Everyone opposed it. We’ve had to push back the piece until next month. Or until I find someone.”

Most neighbours fall out over mending a fence…

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.

So the tax avoidance kings swell the coffers and host the shadow cabinet, yet still Ed Miliband told the House “none of these people had given a penny on my watch…”

“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…

‘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. That is how you fund it, easy.”

As a borderline Marxist student, obviously Jake knows all about the realities of paying tax. 

Thankfully, Diamond told Sky that he does not want to be a politician, instead he wants to be a journalist:

In an already tough market and extremely competitive field, life is tough for any aspiring young hack.

Luckily for Jake, he’s the son of broadcaster Anne Diamond and telly executive Mike Hollingsworth.

Which has nothing to do with how he’s able to start his national broadcast career whilst still a student…

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? Try PWC…

Meanwhile, on the World at One, Rachel Reeves just totally contradicted Balls. The Shadow Chancellor said on Sunday:

“The right thing to do if you are having somebody cut your hedge for a tenner is to make sure they give you their name and address and a receipt and a record for the fact that you have paid them.Over my life – have I ever given people a tenner and not got a receipt for it? Probably yes. Since I’ve been involved in politics and Treasury matters, absolutely I think it’s really important to have a record.”

Today Reeves says the exact opposite:

“It’s not always that easy to get a receipt… it’s not the wrong thing to do.”

Who speaks for Labour?

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

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?

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.  It has more than trebled in size since 1997.”

Owen Jones Distances Himself From Guardian

 

Challenged by Toby Young on the Daily Politics, Owen Jones swerved the question of the Guardian attacking offshore tax shelters whilst sheltering half-a-billion of its assets in the Caymans:

“I am not responsible for my employer’s tax affairs.”

While writing in today’s paper that “while the poor’s smallest misdemeanours are punished, the rich are able to draft the loopholes they then use to avoid tax”…

FLASHBACK: When the Milibands Avoided Tax

Miliband worded this answer about the Deed of Variation on his family home very carefully:

“This is something my mother did 20 years ago. That was a decision she made. Let me just say this: I’ve paid tax as a result of that transaction, I’ve avoided no tax in that.”

A Deed of Variation has the sole purpose of saving tax. That Ed paid capital gains tax is irrelevant – the Miliband family avoided paying in some part inheritance tax (how much is still unclear).

From the Sunday Times, 19 September 2004:

“DAVID MILIBAND, the schools minister, and his brother Ed, the chancellor’s economic adviser, are set to avoid paying thousands of pounds in tax through an Inland Revenue loophole which the Labour party pledged to close. 

The brothers, Labour’s rising stars, are poised to benefit after their family set up a scheme to share ownership of the family’s Pounds 1.3m townhouse in north London which was sold recently.

Accountants and the Inland Revenue say the scheme established by the Milibands is used to reduce inheritance tax.

The move is particularly controversial for Ed Miliband who is chairman of the council of economic advisers responsible for co-ordinating the Treasury’s long-term policy on behalf of Gordon Brown, the chancellor.”

The Sunday Times has learnt that after Ralph Miliband, the socialist father of David and Ed, died in 1994, he transferred almost all his assets, including homes in London and Oxfordshire, to his wife.

However, after taking professional advice, the family is understood to have posthumously rewritten his will to give 20% of the London home to both David and Ed.

David has declared a “20% share of family home in London” on the MPs’ register of interests since 2002.

This scheme is called a “deed of variation” and was highlighted by the chancellor in opposition as an unacceptable way in which the wealthy avoid paying death duties.

It allows people to inherit assets tax-free even if this goes against the wishes of the deceased. Had Ralph Miliband’s will not been altered, David and Ed would have inherited the house (or the money raised from its sale) when their mother Marion died and would have faced a tax bill equivalent to 40% of its value.

Instead they were able to cash in on their stakes when the family’s four bedroom townhouse in Primrose Hill, north London, was sold earlier in the summer.

For the record…

Lord Fink Responds to Miliband “Dodgy” Climb Down

Ed Miliband just clearly said that he was not calling Lord Fink dodgy. The vanilla peer has responded:

“Yesterday I challenged Ed Miliband to repeat the accusations he made in the Commons – that I used an HSBC bank account to avoid tax and that I was a “dodgy donor.”He did not. This is a major climbdown by a man who is willing to smear without getting his facts straight.”

Fink/the Tories are now focussing on the word dodgy. Which was not mentioned in his letter yesterday….

Miliband Thinks Fink Tax Issue “Milly Dowler Moment”

miliband-robinson

Nick Robinson is reporting that over Lord Fink’s taxes “The Labour leader’s aides say that he sees this as another Milly Dowler moment”. That would be the apocryphal Milly Dowler moment for which the Guardian apologised and of which Mr Justice Saunders said they were “wrong and they have accepted that”. It is also a pretty tasteless metaphor (sounds like Tom Baldwin, at a guess, is the source).

In addition to this being a beltway thing of interest only to broadsheet readers, this may not go as they think…

UPDATE: A Labour spokesman denies this is Miliband’s view:

“Ed is not comparing this to a Milly Dowler moment. This is about standing up for what is right, not making comparisons.”

So who briefed it?

THE VAN THAT HATED BRITAIN

+ Labour’s Pink Van Paid For By Taxpayer
+ Made in Turkey at Cost of 500 British Jobs
+ Funded By €190 Million EU Loan Raised By UK Taxpayer

Is there anything British about Labour’s sexist pink van? 500 jobs were lost when the Ford Transit factory in Southampton was closed down in 2012 and relocated to Turkey. In a further slap in the face for British workers, the EU’s European Investment Bank then approved a €190 million loan for the new Turkish site, raised on the back of UK taxpayer funding for the bank. So Labour’s pink van was made in Turkey thanks to the loss of UK jobs, funded by an EU loan paid for by us. The only thing British about it is that it was paid for by the British taxpayer…

I Wouldn’t Take Money From PWC Says Ex-Employee Hodge + Hodge Family Firm Stemcor Employs PWC+ Admits She Still Receives Pension From Her Time There

Worth listening to the end of Margaret Hodge’s interview on the World at One as she is politely reminded of her massive hypocrisy when it comes to Pricewaterhouse Coopers. Hodge began by slamming Labour’s Shadow Cabinet – including Ed BallChuka Umunna and Rachel Reeves- for employing PWC staffers, before being told that her company Stemcor also uses PWC, that she used be a senior consultant for the firm herself and still receives a pension from them:

[gigya src=”https://abfiles.s3.amazonaws.com/swf/audioboom_default_player_v1.swf” style=”background-color:transparent; display:block; min-width:300px; max-width:700px;” flashvars=”image_option=small&imgURL=https%3A%2F%2Fd15mj6e6qmt1na.cloudfront.net%2Fi%2F12825978%2F300x300%2Fc&link_color=%2358d1eb&mp3Author=The+World+at+One+%2F+The+World+This+Weekend&mp3Duration=176040.0&mp3LinkURL=https%3A%2F%2Faudioboom.com%2Fboos%2F2868166-inappropriate-for-pricewaterhouse-coopers-to-fund-research-assistance-for-the-shadow-cabinet&mp3Time=02.50pm+06+Feb+2015&mp3Title=%22Inappropriate%22+for+Pricewaterhouse+Coopers+to+fund+research+assistance+for+the+Shadow+Cabinet&mp3URL=https%3A%2F%2Faudioboom.com%2Fboos%2F2868166-inappropriate-for-pricewaterhouse-coopers-to-fund-research-assistance-for-the-shadow-cabinet.mp3%3Fsource%3Dwordpress&player_theme=light&rootID=boo_player_1&show_title=true&waveimgURL=https%3A%2F%2Fd15mj6e6qmt1na.cloudfront.net%2Fi%2Fw%2F1906520″ width=”480″ height=”150″ allowFullScreen=”true” wmode=”transparent”]

By the end even she was laughing at her own hypocrisy…

UPDATE:

[…] Read the rest

+ READ MORE +



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Michael Crick on Safe Seats:

“In effect, new MPs are being elected day by day now, as, amid huge secrecy, small cabals of party bigwigs pick candidates for safe seats.”

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