I do not wish to debate the pros and cons of the revelations from The Paradise Papers.
What I want to do is to suggest sone change in Government Policy which might help reduce
the scale of Tax Avoidance by the Rich and Global Companies.
1 - Any British citizen with a British Passport should pay Tax on earnings wherever it is deposited in the World.
2 - All income earned in the U.K. from earnings anywhere in the World, including Investment income or profits or Companies owned or part earned, should pay UK income tax.
3 - Profits earned by Companies in the UK should be pay UK corporations tax.
4 - Excessive Management charges to overseas companies to reduce e the tax burden should be illegal.
5 - Offshore tax heavens in British territories throughout the World such as Isle of Man, Jersey, Bermuda and others should be outlawed.
6 - A Wealth Tax of 10% of Capital Assets over £10 Million should be imposed by the Government.
7 - Assets owned by British citizens should pay the 10% Wealth Tax wherever these assets are in the World.
8 - It is outlawed for British citizens to establish companies to feed their earnings and assets into thereby reducing their personal tax burden. This includes Sole Traders.
You may not agree with all my recommendations but surely, they deserve a free and open debate in Parliament, The Media and the Public in general.
Otherwise, the rich and Companies will continue to get away with avoiding tax, possibly legally under present legislation for many years to come.
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