After the government promised to name and shame wealthy people who use ‘aggressive’ tax avoidance schemes, users of ‘aggressive’ tax avoidance schemes have already begun looking for ‘aggressive’ exposure avoidance schemes.
Popular tax avoidance schemes, such as donating money to the Conservative Party so that loopholes remain open, are estimated to cost the economy billions.
The super rich have expressed their annoyance at the inconvenience of finding ways of avoiding being exposed for avoiding paying tax
“If the tax laws become too restrictive then I’ll have to take my enormous wealth elsewhere,” threatened one multi-millionaire.
“Technically I’ve already got my vast wealth elsewhere, but that’s not the point.”
“What’s important is making people think that they’d be worse off if I moved overseas.”
Accusations that the government’s plans are nothing but populist rhetoric designed to avoid actually closing tax loopholes exploited by some Tory donors have been dismissed by Downing Street.
“Suggestions that we’re trying to create the illusion of doing something while actually doing nothing are unfair,” insisted David Gauke, the minister with responsibility for tax matters.
“These schemes take money away from public services that help people who are the most in need.”
“While we appreciate the super rich trying to help, we’re perfectly capable of doing that all by ourselves.”