Tax loopholes are open to everyone who pays tax
Put your savings into tax-avoiding ISA's
Put as much of your income into a pension scheme as you can.....but make sure it is one that returns all your fund to your beneficiaries (inheritance tax exempt ) if you die before retiring (company pension schemes often dont ).
Buy the most expensive house you can afford ( CGT exempt when you sell it )
(
CanonCaliber A big bore, Sat 21 Feb 2015, 13:53,
Reply)
You've missed the point
Putting money into an ISA or pension scheme is the INTENDED function of those tax breaks, they are not 'loopholes'.
A tax avoidance scheme uses *unintentional* loopholes in tax law, and hence they are in effect cheating the system because the government did not intend that they be excused tax.
(
notoolsovernight you're all luvvly an' 'orrible, Sat 21 Feb 2015, 14:59,
Reply)
There's no such thing as "unintended"
All the loopholes were put in the tax laws deliberately by the polititions etc to benefit their pals.....not supposed to be used by the others.
It's like all the software flaws are put there deliberately to allow govt intrusions .....not meant to be used by hackers.
"Security updates " do 2 jobs, 1) plug the flaw being used by hackers and 2) open up a brand new flaw for govt intrusions
(
CanonCaliber A big bore, Sat 21 Feb 2015, 17:38,
Reply)
Yes and no. This is a tinfoil territory.
(
omnitruncatedkraken from Empire Algol, Sat 21 Feb 2015, 19:25,
Reply)
Seriously?
Tax law is ferociously complicated and corporate tax law is complexity squared. Add to that the fact that the resources of tax dodgers are far in excess of what is available to the legislators, it comes as no surprise that loopholes can always be found. Were the loopholes put there intentionally? It is a bit like Bertrand Russell's teapot, there is no way of disproving it, however it is somewhat unlikely. Government departments are disorganised and dysfunctional and at best they struggle to perform the tasks they are allocated, adding some tinfoil hat hidden agenda conspiracy would be utterly impractical.
(
notoolsovernight you're all luvvly an' 'orrible, Sun 22 Feb 2015, 15:57,
Reply)