Somebody once said to me that tax avoidance (or efficiency) was like farting in a crowded lift, not illegal but you know you shouldn't do it. Personally I use whatever legitimate means I can to reduce my tax bill, it's the definition of legitimate that clouds the issue.
I'm quite happy to pay my 40%, after all if I didn't have the money I wouldn't be paying at that rate.... it is time we did away with the distinction between avoidance & evasion.......if you are not paying the tax you are due to pay then you are evading in my opinion, we need to close all these loopholes for both private & more importantly business taxpayers......if the big corporations paid all they are due in the countries where they make the profits the public could probably get away with paying a 10p rate at most
I agree, I think... It's the 'due to pay bit' where it gets complicated. For example, not telling HMRC about the capital gain on flogging your second house is evasion and should be stopped. Some of the outlandish schemes the rich and famous use are exploiting loopholes, so not strictly illegal but morally questionable and the loopholes should be closed. Small business owners who pay salaries to their wives and children to avoid the 40% bracket falls into the same category. Individuals who reduce their tax liability by making use of HMRC rules is quite legitimate, eg folk working from home claiming some of their utility bills against tax, self-employed people claiming car or equipment expenses, etc. Corporate tax is another story altogether. Here endeth my sermon on personal tax.
