Friday, April 08, 2016

This comment from the ASI about sums it up

Some of the people with whom I was at University will laugh themselves silly at the thought of me praising the Adam Smith Institute for the second time in a few weeks, but they have an article called

"What tax dodging?"

which I think sums up the current ridiculous spat about the Cameron family tax affairs perfectly. Here is a couple of extracts:

"It's somewhat unlike us to come to the aid of any politician at all but we do think that this David and Ian Cameron story has got just a tad out of hand."

"Jerry Hayes tells us this:

'Today I can tell you the truth about Blairmore Holdings. Not from any contact in Number 10 nor any friend of Cameron, but an old friend who is one of the leading tax specialists in London. This is not his opinion, it is a set of facts. This is what he texted me. I put it in direct quotes to show that I am not putting a personal spin on it.'

“Blairmore Holdings was a perfectly legitimate offshore investment fund. It’s underlying investments were very largely if not exclusively non UK. The fund was registered with the UK revenue as a ‘distributer fund’ which meant that it had to pay out to investors at least 85% of its income each year. The investors would be liable to UK income tax on those payments if UK resident. Equally, if they sold their investment they would be liable to capital gains tax”

So we know that the fund was legitimate. Question one. Was Ian Cameron a UK resident? Yes. Was David Cameron a UK resident? Yes. This really is a no brainer. Their can be nor could have been any possible tax be benefit under this fund for the Camerons. End of story.

That "men pay taxes due" becomes a film at 10 story makes us concerned for the metal health of society as a whole."

No comments: