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Post by claudia123 on Apr 7, 2016 20:50:48 GMT
What do all you guys think about Cameron's addmitance of profiting from his father's of shore accounts?
It couldn't really come at a worse time with the EU referendum just around the corner and the government already being divided
Do you think he should resign?
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lesley
Drama Llama
My best friend Turriff, desperately missed.
Posts: 7,292
Location: Scotland, Scotland, Scotland
Jul 6, 2014 21:50:44 GMT
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Post by lesley on Apr 7, 2016 21:00:30 GMT
At this moment, I'm more annoyed about his decision to spend £9m on leaflets saying we should stay in the EU. What a total waste of money.
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Post by anxiousmom on Apr 7, 2016 21:14:54 GMT
I am so glad you asked this...I was curious too. Iceland already has a new Prime Minister thanks to the 'Panama Papers' and when I saw Mr. Cameron's name on the list, I wondered how it would effect/affect (I think both could apply here ) his ability to stay in a leadership position.
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Deleted
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Oct 1, 2024 2:21:53 GMT
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Post by Deleted on Apr 7, 2016 22:09:52 GMT
What do all you guys think about Cameron's addmitance of profiting from his father's of shore accounts? It couldn't really come at a worse time with the EU referendum just around the corner and the government already being divided Do you think he should resign? Resign? From the reports I have read he's done nothing wrong. He and his wife owned shares in a trust fund belonging to his late father (who died in 2010) from 1997 to 2010 when he sold them.This was before he became Prime Minister. Tax was paid on the dividends during this time and as the profit he made on the sale was actually less than the tax allowance on capital gains at the time ( 2010) he owed no CGT on the sale. So I see no reason for him to resign. Can't see that it has anything to do with the EU referendum.
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Deleted
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Oct 1, 2024 2:21:53 GMT
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Post by Deleted on Apr 7, 2016 22:21:44 GMT
I am so glad you asked this...I was curious too. Iceland already has a new Prime Minister thanks to the 'Panama Papers' and when I saw Mr. Cameron's name on the list, I wondered how it would effect/affect (I think both could apply here ) his ability to stay in a leadership position. It seems the difference between the Icelandic PM and David Cameron is the PM of Iceland hadn't declared his ownership of an offshore company before he entered parliament. Mr Cameron owned shares in trust fund which he declared on his tax returns and did pay tax on. So there was nothing " shady" about his ownership of the shares in the three years before he became Prime Minister. There's nothing illegal in owning shares in an off shore account provided you pay the due tax on the dividends and going on what I've read about the matter Mr Cameron did so.
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anniebygaslight
Drama Llama
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Jun 28, 2014 14:08:19 GMT
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Post by anniebygaslight on Apr 10, 2016 6:34:08 GMT
What do all you guys think about Cameron's addmitance of profiting from his father's of shore accounts? It couldn't really come at a worse time with the EU referendum just around the corner and the government already being divided Do you think he should resign? Resign? From the reports I have read he's done nothing wrong. He and his wife owned shares in a trust fund belonging to his late father (who died in 2010) from 1997 to 2010 when he sold them.This was before he became Prime Minister. Tax was paid on the dividends during this time and as the profit he made on the sale was actually less than the tax allowance on capital gains at the time ( 2010) he owed no CGT on the sale. So I see no reason for him to resign. Can't see that it has anything to do with the EU referendum. No law has been broken and it has bugger all to do with the EU referendum.
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craftykitten
Pearl Clutcher
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Jun 26, 2014 7:39:32 GMT
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Post by craftykitten on Apr 10, 2016 7:42:31 GMT
I think it *could* affect the referendum, if his opponents see this as enough of an opportunity to push him out of office and replace him with someone who wants us to leave the EU. And there are plenty of powerful people who influence the media who DO want us to leave the EU, so that might be why this is a bigger story than it seems to merit.
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BarbaraUK
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Post by BarbaraUK on Apr 10, 2016 7:47:12 GMT
Resign? From the reports I have read he's done nothing wrong. He and his wife owned shares in a trust fund belonging to his late father (who died in 2010) from 1997 to 2010 when he sold them.This was before he became Prime Minister. Tax was paid on the dividends during this time and as the profit he made on the sale was actually less than the tax allowance on capital gains at the time ( 2010) he owed no CGT on the sale. So I see no reason for him to resign. Can't see that it has anything to do with the EU referendum. No law has been broken and it has bugger all to do with the EU referendum. Yes, all of that above!
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Post by ScrapsontheRocks on Apr 10, 2016 9:22:45 GMT
OK, UK peas- I love you all and respect your opinions. Our politicians are very far from being above reproach. However- too many "clarifications" this week for all this to sit well with me. The man is super-wealthy. So is his wife. He should just quit dissembling, IMO.
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craftykitten
Pearl Clutcher
Posts: 4,304
Jun 26, 2014 7:39:32 GMT
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Post by craftykitten on Apr 10, 2016 10:08:27 GMT
OK, UK peas- I love you all and respect your opinions. Our politicians are very far from being above reproach. However- too many "clarifications" this week for all this to sit well with me. The man is super-wealthy. So is his wife. He should just quit dissembling, IMO. I agree, and I don't like him, but I don't think this is going to be the issue we could use to get him out of office. It's taken him all week but now he's released 6 years' worth of tax details, which actually I think is the right thing to do and I think ALL politicians should be able to stand up to that kind of scrutiny. I like Jimmy Carr's stance on the issue.
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Post by ScrapsontheRocks on Apr 10, 2016 11:21:34 GMT
OK, UK peas- I love you all and respect your opinions. Our politicians are very far from being above reproach. However- too many "clarifications" this week for all this to sit well with me. The man is super-wealthy. So is his wife. He should just quit dissembling, IMO. I agree, and I don't like him, but I don't think this is going to be the issue we could use to get him out of office. It's taken him all week but now he's released 6 years' worth of tax details, which actually I think is the right thing to do and I think ALL politicians should be able to stand up to that kind of scrutiny. I like Jimmy Carr's stance on the issue. Thanks for the link- "keeping it classy" but still making his point. We saw the tax return segment early this am; only a very high-level summary version though.
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Deleted
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Oct 1, 2024 2:21:53 GMT
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Post by Deleted on Apr 10, 2016 11:22:41 GMT
OK, UK peas- I love you all and respect your opinions. Our politicians are very far from being above reproach. However- too many "clarifications" this week for all this to sit well with me. The man is super-wealthy. So is his wife. He should just quit dissembling, IMO. I don't really agree that he's been dissembling to be honest. He was originally asked a question when the Panama Papers were first published whether he had any shares...... obviously someone somewhere thought they had hit the jackpot when they found the name Cameron on the list!! He answered honestly that he didn't. He does not have any shares now and has not had any since 2010. I can understand why he answered the way he did originally and in piecemeal. If the original question had been......" Have you ever had or have you benefited from any shares through a trust or investment in your own name or that of your father through his business interests in Panama" then. and only then. could it be said that he did not answer truthfully or avoided giving out the correct information . To me it smacks of asking simple questions bit by bit and expecting an extended answer to each one and turning everything he said, out of context, to suit ones own agenda. So he's super wealthy, so are millions of others and in many cases far wealthier than he is IMO. His wife and her wealth shouldn't be in the equation at all IMO. There are many on the opposite political fence to him or her that are far wealthier. Legally he has done nothing wrong and he can't be responsible for the actions of his father whatever they were at the time, his father is not here to defend himself. Whether his father did or didn't pay tax...who knows? His father was a stockbroker so it stands to reason that he would use the tax laws of this country to his best advantage in the same way everyone that has any savings or investments would do so whether it was £100 or 1 million.That has nothing to do with the son or his wife. I don't like this kind of mud slinging politics and intrusion into someones private life, financial or otherwise whichever party they represent when it's not based on hard evidence. It's the politics of envy IMO.
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Deleted
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Oct 1, 2024 2:21:53 GMT
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Post by Deleted on Apr 10, 2016 11:32:02 GMT
I agree, and I don't like him, but I don't think this is going to be the issue we could use to get him out of office. It's taken him all week but now he's released 6 years' worth of tax details, which actually I think is the right thing to do and I think ALL politicians should be able to stand up to that kind of scrutiny. I like Jimmy Carr's stance on the issue. Thanks for the link- "keeping it classy" but still making his point. We saw the tax return segment early this am; only a very high-level summary version though. Jimmy Carr's situation and a lot of others that were involved was quite different in my opinion. It went further than having just shares in an off shore investments company and the tax that is due on the dividend whether they paid it or not. Under the K2 scheme, an individual resigns from their company and any salary they subsequently receive is paid to an offshore trust.
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Post by peasapie on Apr 10, 2016 12:16:30 GMT
Typical of what happens in the U.S. (and elsewhere), the Labour party seems to try to be using this to go on a witch hunt. Now I see they are asking for his tax returns even before 2010. I have no dog in this race, but if I were Cameron I'd tell them all to go take a hike.
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Deleted
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Oct 1, 2024 2:21:53 GMT
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Post by Deleted on Apr 10, 2016 12:44:54 GMT
Typical of what happens in the U.S. (and elsewhere), the Labour party seems to try to be using this to go on a witch hunt. Now I see they are asking for his tax returns even before 2010. I have no dog in this race, but if I were Cameron I'd tell them all to go take a hike. Exactly! People in glass houses shouldn't throw stones and this article shows the hypocrisy at its best
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Post by stargazer on Apr 10, 2016 13:43:19 GMT
He hasn't done anything wrong. He has inherited from his father. He didn't invest any money in Panama himself. Greatest "reaching" headline today "...could potentially avoid inheritance tax" on money his mother gave him, again within the law, nothing shady, using information freely available to all of us. Talk about trying to find something wrong.
Also the £9m is for 4 publications nationwide, 2 of which will be neutral & anti-EU. The thing I'm hearing most in discussion with friends etc is a complete lack of knowledge, so it seems like a good plan to me.
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Post by claudia123 on Apr 10, 2016 17:07:07 GMT
Cameron also helped prevent laws passing that would have clamped down on tax avoidance/ off shore accounts.
His release of his tax returns is interesting as he inherited £300,000 from his father (under the £325,000 inheritance tax threshold) and the received £200000 as a gift from his mother. This meant he didn't have to pay over £80,000 tax. It could have genuinely been a gift bit it still seems suspicious.
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Post by stargazer on Apr 10, 2016 18:14:26 GMT
But who would willingly pay tax that they didn't need to pay? The family have done nothing wrong. If his mother dies within 7 years of the gift then inheritance tax will become due on the £200,000 she gifted him which she is legally allowed to do. This is not dodgy tax avoidance, this is knowing how the system works & working within it. My family are nowhere near as wealthy as them but you'd better believe that as dh & I own a house with my parents we have checked where we stand re inheritance tax etc. We've ensured that we won't have to pay inheritance tax on their share of our home when they die & they have taken steps to ensure that we will not have IT to pay. Once again, we are not talking about anywhere near the amounts Cameron has, just a large uk home & savings but we've all familiarised ourselves with the law & made arrangements in accordance with it for the best outcome for us.
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Post by fruitysuet on Apr 10, 2016 18:23:55 GMT
I don't know the ins and outs of the Cameron situation but there is a 7 year rule regarding gifting in the UK
7-year rule The original owner must live for 7 years after giving the gift. Any gifts made less than 7 years before death count towards the Inheritance Tax threshold (£325,000). They count towards the threshold before the rest of the estate.
If the donor gave away more than £325,000 of gifts in their final 7 years, tax is due on everything over that threshold.
Gifts made 3 to 7 years before the death
The rate of tax is reduced for gifts over the threshold made between 3 and 7 years before the person died. This is known as ‘taper relief’.
Lots of people do this if they have the knowledge and the money. They would rather their children have the money than the government. Even my mother in law is doing this at the moment. She has enough money to live on and inheritance from her own mother that is allowing her to gift amounts to her children and grandchildren. Granted it is only a few thousand rather than hundreds of thousands but it is the same in essence.
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Deleted
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Oct 1, 2024 2:21:53 GMT
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Post by Deleted on Apr 10, 2016 19:28:59 GMT
Cameron also helped prevent laws passing that would have clamped down on tax avoidance/ off shore accounts. His release of his tax returns is interesting as he inherited £300,000 from his father (under the £325,000 inheritance tax threshold) and the received £200000 as a gift from his mother. This meant he didn't have to pay over £80,000 tax. It could have genuinely been a gift bit it still seems suspicious.Suspicious of what? He's admitted he received it and unless his mother dies within 7 years of giving it to him then there is no inheritance tax to pay on it. That is the tax law and has been for years, way before David Cameron became PM. Millions of people do this every year maybe not to the value of £200,000 but very many families give regular gifts away to make the value of the persons estate less on death. They most certainly need to consider it if anyone lives in the South of England where ordinary family homes have rocketed in value,some far higher than £325,000. Add that to a small amount of savings then you've gone over the threshold. I haven't read anyone getting all worked up about what Tony Ben did that I linked in my previous post and that was 5 million so you have to ask what actually is their agenda. Whatever it is it seems to have backfired as they haven't found anything untoward to nail him for! While they're at it, maybe they'll also find time to ask Tony Blair about his tax returns. I bet he and his wife are far wealthier than David Cameron is.
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Post by gar on Apr 11, 2016 1:59:57 GMT
Obviously the Camerons are wealthy but they are just optimising their wealth as many people do by knowing how to work the system. That's what financial advisors do - advise on how to maximise your money while staying within the law and everyone is able to do the same in essence. And certainly there are well off labour mps, other than mega-rich Blair!!
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lesley
Drama Llama
My best friend Turriff, desperately missed.
Posts: 7,292
Location: Scotland, Scotland, Scotland
Jul 6, 2014 21:50:44 GMT
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Post by lesley on Apr 11, 2016 2:18:28 GMT
O/T, but why are you peaing in the middle of the night gar?
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Post by gar on Apr 11, 2016 2:30:18 GMT
O/T, but why are you peaing in the middle of the night gar? It's 10.30am here in Singapore and I'm waiting for DD to get out of the shower.
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lesley
Drama Llama
My best friend Turriff, desperately missed.
Posts: 7,292
Location: Scotland, Scotland, Scotland
Jul 6, 2014 21:50:44 GMT
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Post by lesley on Apr 11, 2016 9:14:36 GMT
O/T, but why are you peaing in the middle of the night gar ? It's 10.30am here in Singapore and I'm waiting for DD to get out of the shower. Singapore, fancy! I didn't know you were on holiday, have a wonderful time!
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