RE: That is Government approved... and what is wrongwith that, Tax evasion is illegal. Tax avoidance is not and a legitmate
Exploiting loopholes, abusing the spirit of the law by minutiae is immoral and Govt ought to focus its attention on such abuse.
RE: Exploiting loopholes, abusing the spirit of the law by minutae SO you decalre everything then do you?
Yes, but I'm not talking about yer average taxpayer I'm talking about where the real money is, business, the rich, tax skanking contractors blah blah blah.
I agree There are loads of legal ways of avoiding paying tax. Some of them, like ISA's, personal allowances, tax free National Savings etc are well known and most of us use some of them. There are, as you say, other more dubious (morally) mechanisms which allow people to avoid tax, even though still legal. In time, the government (regardless of party) changes the rules to make some schemes illegal, but they are simply replaced with new schemes, and the cycle repeats. My point is that tax avoidance is totally legal, but tax evasion is illegal. I think the priority should be to clamp down on tax evasion first, then have a go at the more dubious aspects of some tax avoidance schemes.
Taxation law is a mish mash and is full of uncertainty administered by call centre staff who really don't have a clue about the rules. </p> </p>
Never bumped into someone wanting a water treatment plant designing on the side so the answer is yes, I declare everything, though to be more accurate my employer does.
That's a step in the right direction So the IR has the chance to make a ruling on it and deem it illegal if it sees fit. I agree with Spartacus, some of the schemes appear to push the boundaries too far.
there's also anti money laundering regulations to back up against evasion. Reporting to the state by accountants solicitors etc... oh 6 months or 14 years on indictment... focuses the mind !