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Adam wrote "Is it legal? No. Does it make them a criminal? Of course not. Next you'll be telling me I shouldn't stream videos online or give me an earful for not putting food in the food bin!"
or driving below 35 in a 30 zone. It may be "OK" whilst you don't get caught, but that doesn't mean you should be doing it.
Illegal and unlawful have slightly different meanings, although they are often used interchangeably. Something that is illegal is against the law, whereas an unlawful act merely contravenes the rules that apply in a particular context. Thus handball in soccer is unlawful, but it is not illegal.
Learn Change and Adapt ?????
Well put, this is exactly what I meant but failed to articulate.
Rassie I agree with you that I shouldn't be doing it. To be honest, I think I have shot my self in the foot a few times on this website and made myself sound more controversial then I actually am. The reason: I talk on here as if I was having a chat down the pub. I don't really make efforts to censor what I say. I talk openly and say things that can be easily misinterpreted. People reading these comments do not know me so will form an opinion of my character. Whereas if I had this same conversation down the pub to a friend, it will be a harmless chat because the friend will know my character.
The general rule of thumb I go by when declaring tax is this:
You will find that most of our income will be planned, so this removes the notion that one is intentionally avoiding tax. If that small one-off payment starts to turn into regular payments, then of course I will need to start declaring it. I can see this happening which is why I am setting up the company.
We can only base our thoughts on what you write on the thread - I would ask how does you last comment match with your declared intention on assisting your father to avoid CGT?
Fair enough. Although you should know that I am not going ahead with that strategy. Having a discussion on here made me realise it wasn't a smart move.
That said: AVOIDING tax is legal (despite what the media may make people believe). I also happen to think it is morally ok.
But any form of evasion or fraud (and this post is not accusing you of this) is neither legal nor morally ok.
Avoiding tax is NOT allowed. People often quote the 1936 Duke of Westminster case where famously, Lord Tomlin said
Every man is entitled if he can to order his affairs so that the tax attaching under the appropriate Acts is less than it otherwise would be. If he succeeds in ordering them so as to secure this result, then, however unappreciative the Commissioners of Inland Revenue or his fellow tax-payers may be of his ingenuity, he cannot be compelled to pay an increased tax.
however things didn't stop in 1936 See https://en.wikipedia.org/wiki/Ramsay_principle & the 2014 change that specifically outlaws schemes such as the Film Investments scheme that led to the predicted bankruptcy of Sir Alex Ferguson et. al. .........
Avoiding tax is allowed. ISAs being the clearest example.
I met a Millionaire ISA owner he is living Tax free on income and his old age pension
very wise man I wish I had done similar too
So Im maxing out my ISA now but we live and learn
I appreciate that this is an old thread now, and the original subject got a bit lost near the end of the discussion !
However, I'm also looking into the idea of forming a ltd company to manage my own portfolio. This will be done to reduce my personal tax liability. Has anyone had any experience of is this activity being permissible with HMRC as legitimate avoidance ?