George didn't know people try to reduce their tax liability

[Francis Overdere]

Millionaire tax avoiders 'shock' chancellor

The chancellor has said he is "shocked" that some of the UK's richest people have organised their finances so that they pay virtually no income tax.

http://www.bbc.co.uk/news/uk-politics-17661011

How gullible does he think we are? He's a beneficiary of a trust fund worth about £40 million and is currently worth about £4 million. And he doesn't have an accountant or a financial advisor to maximise his tax allowance?

Do leave off. Does he think his father would have paid one penny more tax than he actually needed to when he founded the family firm?

It's down to Osborne to change the rules so they don't get away with it, not reduce their income tax like he did in the budget and hope they'll pay more.

[alycidond9009]

Well, He has proved that He is not credible to carry out His job, and should quit forthwith....

[Road_Hog]

Gideon really is a tw@t. He's either so dim and been cosseted in his world, that he doesn't realise the basic realities of life or he thinks that we're so dim, that we'll believe his lies.

[Patman Post]

If the top 1% provide 25% of the income tax take, just think what would be in the coffers each year if the Tax Commissioners really got their act together and blocked these loopholes and sweetheart deals with big corporations.

Who knows, the country might become solvent again in a couple of years.

[CB100]

Why do the top 1% have to pay even more in tax?

How about everyone pulling their weight instead of expecting hand outs from the rich to bail them out.

If the top 1% provide 25% of the income tax take, just think what would be in the coffers each year if the Tax Commissioners really got their act together and blocked these loopholes and sweetheart deals with big corporations.

Who knows, the country might become solvent again in a couple of years.

[Francis Overdere]

Why do the top 1% have to pay even more in tax?

How about everyone pulling their weight instead of expecting hand outs from the rich to bail them out.

That's what it's about.Everyone pulling their weight which obviously the rich aren't doing at the moment.

So how about the rich pulling their weight instead of expecting the poor to pay more to support the even poorer? They can afford it.

[ron]

He won't change anything because it takes too much effort. It is far easier to tweak the tax codes of PAYE workers and pensioners than to tackle real transgressors. Cost effectiveness is of greater priority to the Tories than doing the right thing. Nothing has changed there then from Labour or the old Tories.

[Patman Post]

No one is asking them to pay above a very reasonable 45p on the top band, less reasonable pension allowances and the like to which we should all be entitled. But it is fair to expect them to pay their dues and not, for example, engage in sordid juggling of funds between personal wealth and corporate funds, or family members who supposedly live elsewhere.

[CB100]

I think the whole issue of tax avoidance has been a scandal for many years. The use of trust funds and other devices to exploit loop holes in the tax system should have been closed years ago.

The fact that we are still talking about tax avoidance after 15 years of the Labour government's rhetoric shows what an incompetent bunch they were. At least the current government is prepared to open the issue up to debate and they should be applauded for it not be subject to the habitual bout of mud slinging from those that probably contribute very little themselves.

I did previously have reservations about the cut in the 50% rate down to 45% but that was more down to how it looked politically than the issue of any tax lost which was marginal anyway. On reflection, I think it would be much better to scrap all the tax avoidance schemes and bring in a flat rate scheme of 40% on all income and non business capital gains above the current higher rate threshold. I am sure that would raise far more in tax than the current position.

No one is asking them to pay above a very reasonable 45p on the top band, less reasonable pension allowances and the like to which we should all be entitled. But it is fair to expect them to pay their dues and not, for example, engage in sordid juggling of funds between personal wealth and corporate funds, or family members who supposedly live elsewhere.

[lankou]