Gideons trust fund

[newwave]

How many find it nauseating and hypocritical that Gideon "we are all in it together" Osborne has his 4 million pound trust fund placed offshore to avoid paying 1.5 million in tax.

I would question his morals and those who think it's ok to do this. Bad enough if Green and his wife avoid tax but what example is or Chancellor giving

LFN will be along shortly to tell us what a shrewd policy it is and how we should all applaud.

And how she will spend more money in shops owned by Greens wife :o

To be fair to her she is away with the fairies politically

I find most things he does to be nauseating and hypocritical.

'We're all in it together, but I'm off to Klosters to stay with a City financier'

If any of us won a few million on the lottery tonight I'm pretty sure the responsible financial adviser from Camelot would tell us how to distribute it as tax-efficiently as possible within the law. If Osborne, Green or others are operating within the letter of the law they are behaving properly. If tax laws need changing that's an entirely different matter.

But Chil, the law-makers are making the laws to suit themselves. For example, they have changed the pension rules so that they are giving a tax cut to anyone able to save 50k a year in pension contributions.

It's very hard to see that they are being fair in their law-making, when not only do they avoid paying tax, but also make tax changes that means a family earning 50k lose more in REAL terms (not percentage terms) than a family on 200k. Estimated at 3k for 1st family, 2k for second. But when you see that the cabinet are primarily millionaires, it makes sense.

That's interesting, Lily , and really clearly expressed. Well done.

You know, at my advanced age I am wishing I had a little background in economics - I feel its lack! I wish I were studying economics A level, for instance..

But MN politics thread is good - interesting - and I learn stuff from it, and it makes me think.

I can see how Gideon wants to avoid paying 1.5 million in tax if he can legally do so, but OF COURSE it gives the lie to 'we're all in this together.'

'The working class can kiss my arse,
'I've got the Chancellor's job at last.'

Just politics of envy.

I'm sure if Newwave had a £4m trust fund, it would be in an offshore account too.

@lilybolero. That's not correct about pensions. From April 2011, the annual allowance for tax-privileged pension saving will be reduced from £255,000 to £50,000. This negatively affects 100,000 pension savers, 80% of whom will have incomes over £100,000.

genuine question here but why do some people refer to the chancellor as Gideon? I know it's the name he was given at birth by his parents but it's not the one he uses. Loads of people are known by names other than the one on their birth certificate - are you similarly pedantic in real life with your friends and colleagues?

I could understand it slightly if it was a name he had chosen for political reasons but I don't think it is - I thought he changed it when he was still a child. I don't understand what point you are all trying to make.

Because 'Gideon' is seen by some as a comical name? Because there's a popular idea that he dropped the name to be seen as more 'ordinary?' Either way, for members on a parenting website where the clarion cry is 'call your baby whatever you like and don't let anyone tell you any different!!!', taking the piss out of someone for the name they were given seems a little.... well... inconsistent, not to say childish....

Report from the Independent here about how the hardest hit families are the middle ones.

SPecifically;
"This week the Institute for Fiscal Studies said 750,000 more taxpayers would be dragged into the 40p band. Yet while the super-rich also lose out, their share of the burden might have been much larger, but for a recent and little-noticed alteration in policy by the Coalition.

Although there is still a cap on the amount the very rich can claim in tax relief for the money they put into their pension schemes, detailed changes mean a slightly more generous treatment for most of those able to put aside £50,000 a year for their old age.

The relaxation of "anti-forestalling" measures imposed by Alistair Darling helps limit the damage done to the richest few ? reforms that the Government's critics can portray as a "stealth tax cut" for the wealthy. "

And also;
"Claims by government ministers that their policies are "progressive" are challenged by the latest figures. As the Budget on 23 March approaches, the new data suggests that a family on about £50,000 will see a loss of £3,250 or 6.5 per cent ? much more than any likely salary increase this year, and an even greater loss than the £2,300 faced by a family with an annual income of £280,000. Families in the £40,000 to £50,000 bracket will be particularly disadvantaged by a series of measures that appear to be aimed squarely at their living standards."

Families in the £40-50k bracket are losing out on a triple-whammy incorporating tax, Child Tax Credits and ultimately Child Benefit in the 2011-2013 period. The change in pure income tax is relatively minor... the others are corrections of payments that, arguably, should never have been given to people on high incomes in the first place. People on more than £55k were never in receipt of Tax Credits so they don't have them to lose. However, the relatively new 50% tax band for incomes over £150k took away a lot of disposable income the previous year...

You can spin the figures all you like, the fact remains that from where we are, the people on higher incomes are losing less than families on middle incomes.

politics of envy my arse
if he's going to spout stuff like 'we're all in it together' he should put his money where his mouth is and cough up the tax.

A family on £280,000 two years ago would have paid 40% tax on £238,000 ...£95,200. This year they'll pay 50% tax on £130,000... £65,000... and 40% tax on £110,000... £44,000 (all approximate). Higher-rate tax bill gone from roughly £95,200 to £109,000 and staying there.

I'm not spinning, but it's not quite as black and white as that article suggests.

Newwave. If you had any money you would do it yourself! .

I've set up Trust Funds and insurance for my children. Why wouldn't you?. Government's only waste my money, and I pay enough tax as it is!

I don't question his morals, or mine,I don't have enough spare cash for 'Offshore Trust Funds'. Perhaps DH should work harder!

Nothing wrong with the name Gideon either, it's a good biblical name! Wish I'd called my son it, that or Gabriel. Lovely....

Chil & Comp.

Gideon is hardly setting a good example to others, he may be legally within his rights but morally his actions are very dubious to say the least.

Maybe next time my builder offers to work "cash in hand" and split the VAT I will accept, I see no difference between that and Gideons actions except one is illegal and the other morally dubious.

Maybe it is to much to expect our leaders to lead by example in the sacrifice stakes.

As for politics of envy, do behave, I would not swop places with that smug Tory bastard for a £40 million trust fund. I like to sleep at night.

My two sons will inherit two properties mine and their Grand Parents as well as a large amount of cash. The total at today's estimate would be about £900,000 to £1.1 million, I will NOT be pulling any strokes so they can avoid inheritance tax

I notice all the supporters of Gideons tax avoidance are (I think) Tories.

I'm not a Tory, Of always been glad to say I vote UKIP!

Do behave Newwave, you would swop places with Gideon for 40 million! I would swop places with Gideon for a week for 40 million. It will come in very handy, in ensuring the people of this country get out of the EU, and that we are not ruled by Elitist politicians.

Yes, and then I could share out some of the money ensuring some kids were enabled to go to public schools.

The Labour party is full of people like Gideon, they are called champagne socialists!

Newwave. 'Our leaders, leading by example', you mean Tony Blair?

That's outrageous

Has this only just come to light or am I being thick ?

ensuring some kids were enabled to go to public schools.

Only "some kids" bloody elitist. :o

I am surprised you vote UKIP you seem far to intelligent. Do swivel eyes hurt :o

Sorry your wrong I would not change places with Gideon for any money, somethings are just not worth it. we have a family income of about 80 to 90 thousand which gives me a good life style i am not greedy.

Newwave. 'Our leaders, leading by example', you mean Tony Blair?

I have no time for most of NL so yes and TB, although he wasnt spouting about "we are all in this together."

Newwave. Why would you want to pay inheritance tax. Ed Miliband and his brother David avoided paying it on their fathers house, they used the property and inheritance laws to avoid inheritance tax on their father's 1.6 million home.

It was not illegal, but compllcated and both knew how to get around property laws.

This story was run by the Standard and ignored.

I'm sorry they are all up to it, it's not illegal, that both brothers avoided inheritance tax, but was it immoral?

Of course it was immoral all large scale tax avoidance is immoral not illegal of course because it benefits the rich but it is immoral.

I dont judge myself by most politicians values.

That is not to say i dont help myself to stationary and use the phones at work for personal calls and more than a couple of family meals out have gone down as "customer entertainment, then again when I am driving home in my own time from an appointment I dont see my bosses offering to pay overtime.