Discussion Re Mr Darlings Budget Speech - 24/11/08

  • Tricky Dicky
  • 24/10/08 30/05/09
  • a depositor
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Posted: Tue, 25/11/2008 - 08:00

This is the forum for discussion on your views to Mr Darling's Budget Speech - 24/11/08.
No Offensive langauage please.

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Tax Havens

  • Tricky Dicky
  • 24/10/08 30/05/09
  • a depositor
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  • Tue, 25/11/2008 - 09:41

Below is an email I sent to the BBC this morning, it will be interesting to see if there is a reply.

Dear Joanna,
As a member of the Action Group, trying to have our money returned as highlighted in your special piece for us in last Sundays Politics Show, I would personally like to thank you and the BBC for this air time.
Furthermore I would like to suggest that following Mr Darlings statements to a) the Treasury Select Committee on the 3rd Nov, and b) his comments in his pre budget speech, both regarding the IOM and its like as 'tax havens', perhaps the BBC would like to produce a short programme on this tax issue, so that the public can see both sides of the argument and not just Mr Darlings or Mr Browns.

It has been mooted for a long time that in fact it is the financial centre of London that rates worldwide as one of the best tax havens.

I have provided below a link to some information pertinent to the subject of income tax concerning the IOM, IOM residents, UK citizens who are non resident in the UK but bank on the IOM etc. It should also be noted that as a UK citizen, once you leave the shores of the UK, then it is impossible to open a new account onshore with a UK financial institution - perhaps a reasearcher would test this out. As the banks are now in crisis mode, perhaps if they allowed us to deposit into onshore accounts then the potential millions that are presently offshore would actually have been deposited onshore and provided more liquidity to the UK banking system.
http://chat.ksfiomdepositors.org/blog-entry/income-tax-real-situation

In my humble opinion there are various other sectors of this, that the BBC may well like to follow up.

Regards


Perhaps Mr Darling confuses

  • Anonymous
  • Offline
  • Tue, 25/11/2008 - 17:11

Perhaps Mr Darling confuses the tax status of the IoM's wealthy residents with that of non-resident savers ?

http://www.independent.co.uk/money/tax/forget-monaco-isle-of-man-cuts-ta...

(old article)

[[[ Don't know why .........but full length of long link (though correctly copy / pasted ) won't show on post.

If interested, should be, after "cuts"....

-tax-to-tempt-superrich-

Sorry ! ]]]


That "Tax Haven" gibberish is

  • go mann
  • 10/10/08 31/05/09
  • a depositor
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  • Tue, 25/11/2008 - 16:17

That "Tax Haven" gibberish is all over the Jersey Evening Post today.

I therefore wonder why I seem to end up paying tax both in the UK and in JSY?

Not much of a haven, is it, Chancellor?

%££&)^ $%£@$ )&%^$*&&((%>>":{


That nice Mr Darling

  • nivit
  • 19/10/08 31/05/09
  • a depositor
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  • Tue, 25/11/2008 - 09:17

I wonder if he is aware that the nationalised Northern Rock is still taking deposits in Guernsey!


NR Guernsey is an odd-ball,

  • go mann
  • 10/10/08 31/05/09
  • a depositor
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  • Tue, 25/11/2008 - 10:08

NR Guernsey is an odd-ball, and possibly another example of something not being through through properly by the Treasury.

And the only accounts still available pay ludicrously small interest ... max 2.35% on a 90-day with £250k deposited!!!


NR Guensey

  • Ally
  • 13/10/08 31/05/09
  • unspecified
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  • Tue, 25/11/2008 - 10:29

Yes it pays low interest now as when the government took over NR as part of the takeover they had to limit the amount of deposits they could take.

When there was panic in September/October over banks collasping there was a rush to NR as people realised it was government owed and so in theory 100% secure. So they reduced rates dramatically to stop drawing in money.

However over the summer they were offering good rates. I opened a one year fix with NR Guensey on 1st August that actually paid more than my 1 year bond with Derbyshire Offshore (as it was when I deposited). So, so much for higher rates meaning higher risk!!!


I'm finding it hard not to

  • nahkit
  • 25/11/08 31/05/09
  • a depositor
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  • Tue, 25/11/2008 - 08:54

I'm finding it hard not to use offensive language when discussing Darling's Budget Speech.

Lines such as this, when talking about IOM banks:

"They attract banking customers with lower taxes – without contributing to the UK Exchequer."

and

"The British taxpayer, cannot be expected to be the guarantor of last resort. "

make us sound like some sort of leech. He seems to think that people who bank in the Isle of Man couldn't possibly be British taxpayers as well.

This next gem almost had me putting my foot through the television:

"Because of the Government’s action over the past year, no retail depositors in British banks have lost out."

He conveniently ignores the fact that it was the governments' action in taking our £550m in the first place that caused the collapse of Kaupthing S&F.


Isle of Man Today article on Darling's Pre-Budget report

  • Hoping and coping
  • 16/10/08 31/07/10
  • a depositor
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  • Tue, 25/11/2008 - 08:26

Just posted new News item - "Pre-Budget report reveals plans for review of Crown Dependencies" from Isle of Man Today (http://www.iomtoday.co.im/news/PreBudget-report-reveals-plans-for.472515...).


"It will cover financial

  • go mann
  • 10/10/08 31/05/09
  • a depositor
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  • Tue, 25/11/2008 - 10:23

"It will cover financial supervision and transparency; fiscal arrangements; financial crisis management and resolution arrangements; and international cooperation."

  1. I believe we in JSY are well supervised and transparent.

  2. We have fiscal arrangements - what does HE mean?

  3. Crisis management are resolution is a hot Govt topic in both JSY and GSY.

  4. We are highly cooperative, in the assumed context of exchange of information to avoid tax-dodgers.

What The Eyebrow Kid doesn't seem to understand is that the big dodgers don't pop into the local branch with a suitcase full off dodgy cash, open a deposit account and never declare it. The big boys bury stuff in a welter of trust companies. This has absolutely NOTHING to do with ordinary members of the public depositing funds in an offshore savings account.


Unfortunately though, we are

  • IceCrusher
  • 14/10/08 25/10/11
  • a depositor
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  • Tue, 25/11/2008 - 13:35

Unfortunately though, we are those very ordinary members of the public who are being hung out to dry as an example to others not to dare bank offshore.