How many more stories of known tax loop holes are going to appear before the ‘power of the press’ turns away from blaming the tax payer for acting legally and not breaking the law to the Government for allowing such known tax loopholes to go unchallenged for years?
Having aired my views on this topic on my blog back in April, some two months on there is no change.
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George Osborne has given his objectives to the new head of HMRC, Lin Homer and closing Tax Loop Holes was not explicitly stated as being one of them.
If Cameron is so outraged by these tax loopholes why isn’t he instructing his Ministers to do something about them. Surely he is the one person in the country that can start to bring changes to the law!
If there are any tax loop holes to be had in existing tax legislation then there will be a ‘gaggle of tax boffins’ working very hard, for big fees, to find those loop holes.
Better to be on the inside of the tent …..
It was Lyndon B. Johnson who said (slightly adapted to remove potentially offensive language)
“It’s probably better to have him inside the tent peeing out, than outside the tent peeing in.”
I think Cameron and HMRC should adopt the same approach – get the best Tax Boffins inside HMRC advising how to close the loopholes and make more water tight legalisation and if that isn’t possible then start from scratch and revolutionise the tax system.
Let’s face it – with the millions involved this should be self funding!
Tax is one of the two certainties in life and it is certain that whatever system is in place people will not like paying it and will try to reduce their tax bill.
But let’s face it – a lot can be done to get rid of some of these known loop holes if only people would get off their ‘chairs’ and do so instead of whinging about it and being morally outrage.
Being outraged changes nothing except maybe your blood pressure!