Osborne’s ‘Casablanca’ moment: he’s shocked, shocked!

April 10, 2012 at 4:14 pm (Asshole, Beyond parody, cinema, comedy, Jim D, parasites, tax, Tory scum)

I’m shocked, shocked!

George Osborne has said he was “shocked” to discover that some of the wealthiest people in the country pay “virtually no” income tax.

The chancellor said he had seen “anonymised” tax returns submitted by multimillionaires using aggressive avoidance schemes to dramatically reduce their tax bills.

HM Revenue and Customs (HMRC) found that the income tax rate among some of the highest earners was, on average, only 10%.

Osborne said the HMRC study convinced him of the need to “take action” to ensure high earners pay more income tax.

In last month’s budget he limited how much people could offset their tax bills by investing in businesses or donating to charity.

Anyone seeking to claim more than £50,000 of tax relief in any one year will have a cap set at 25% of their income from 2013.

HMRC found hundreds of millions of pounds of income tax is avoided by using legal loopholes.

The main methods included writing off business losses, offsetting the cost of business mortgages, and borrowing on buy-to-let properties.

Others took advantage of tax relief on donations to charity.

“I was shocked to see that some of the very wealthiest people in the country have organised their tax affairs, and to be fair it’s within the tax laws, so that they were regularly paying virtually no income tax. And I don’t think that’s right,” Osborne told the Daily Telegraph.

“I’m talking about people right at the top. I’m talking about people with incomes of many millions of pounds a year.

“The general principle is that people should pay income tax and that includes people with the highest incomes.”

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: