Wednesday, 25 March 2015

Mayfair loophole. Amendment 3

I have received a lot of e-communications recently regarding the 38 degrees proposal to stop hedge fund managers from paying 28% tax and 10% tax using the now dubbed Mayfair loophole.

I can assure you. If they are able to pay 10% tax using a corporate structure employing entrepreneurs relief, they will. And for the ones with friends in the tax office there is no risk risk discovery or jail, so they will definitely try.

Over the last 30 years will have amassed unfair wealth, and if you understand currency, that means a unfair debt over you and, thanks to the completely avoidable inheritance tax, their children over your children.

I'm not sure how workable the 38 degrees amendment is because they are mostly profiting from capital gains, and as major shareholders in a business...technically this is how lots of other business practices work.

My personal preference would be to do away with entrepreneurs relief for any business that does not produce a physical or digital value added (not value shifted) product and make capital gains tax no different from income tax. That will do away with an awful lot of tax legislation and manipulation.
However, I'm a big fan of trying something that has momentum behind it.

There's no harm in explicitly focusing on a form of tax avoidance and making rules against it. Indeed, one of the many ways the establishment maintain the status quo is by not agreeing on how severe a limitation should be...and therefore applying no limitation at all.

As a candidate were I committed to supporting treating capital gains like other income sources (rich people mostly make capital gains) I would be obliged to support this bill. That is why you should ONLY vote for candidates willing to make a meaningful commitment using contractual obligations to constituents such as

For those of you following my General Election campaign, I have a set of 5 core policies that I am committed to. I have since also committed to voting no to Fracking owing to a Greenpeace pledge that should help advertise my campaign, and is a matter I feel strongly about. The other commitments will be down to a random sample of the Wokingham electorate.

I have very little doubt that over 50% of Wokingham support this bill and therefore very much hope to have it on my promise list, I will definitely encourage those 20 people to add it to the list which will be on film and open to the public.

My main focus for now is a political system that is resistant to corruption. 1 voice in 300 is not going to pass any legislation so you need to spread the word to voters harder and faster than the vested interests and door steppers do.

Most voters are over 65, and the internet is not their primary source of information.  I don't have a doorstep army. You must talk to your family about demanding their Voter Consumer rights.

Pub by Kaz Lokuciewski on behalf of Kaz Lokuciewski. 10 Tangley Drive. RG412NY

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