Skip to main content

"Eight out of ten cats" should be worth watching tonight.  Jimmy's smug but shame it wasn't that smug t**t Ian Hislop

 

As for Gary Barlow, a few years ago Take That appeared on Children in Need and donated ÂĢ100,000.  At the time I thought, "Good for them! Celebs putting their money where their mouth is!", now I think "Good for them, putting other people's money where their mouth is".

Replies sorted oldest to newest

Cameron would'nt be where he is today without his Daddies money..people in glass houses should'nt throw stones....

 

Cameron family fortune made in tax havens
Revealed: David Cameron's father built up legal offshore funds in Panama and Geneva
 
 

David Cameron's father ran a network of offshore investment funds to help build the family fortune that paid for the prime minister's inheritance, the Guardian can reveal.

Though entirely legal, the funds were set up in tax havens such as Panama City and Geneva, and explicitly boasted of their ability to remain outside UK tax jurisdiction.

At the time of his death in late 2010, Ian Cameron left a fortune of ÂĢ2.74m in his will, from which David Cameron received the sum of ÂĢ300,000.

Cameron and other cabinet members have recently suggested that they would be willing to disclose their personal tax filings amid growing scrutiny following the budget, but this would only shed light on annual sources of income rather than accumulated wealth or inheritance.

The structure employed by Cameron senior is now commonplace among modern hedge funds, which argue that offshore status can help attract international investors. UK residents would ordinarily have to pay tax on any profits they repatriated, and there is nothing to suggest the Camerons did not.

Nevertheless, the dramatic growth of such offshore financial activity has raised concerns that national tax authorities are struggling to pin down the world's super-rich.

Ian Cameron took advantage of a new climate of investment after all capital controls were abolished in 1979, making it legal to take any sum of money out of the country without it being taxed or controlled by the UK government.

Not long after the change, brought in by Margaret Thatcher after her first month in power, Ian Cameron began setting up and directing investment funds in tax havens around the world.

Leaving his full-time role as a City stockbroker, Ian Cameron went on to act as chairman of Close International Asset management, a multimillion-pound investment fund based in Jersey; as a senior director of Blairmore Holdings Inc, registered in Panama City and currently worth ÂĢ25m; and he was also a shareholder in Blairmore Asset Management based in Geneva.

However, the family will – a public document seen by the Guardian â€“ only details the assets of Ian Cameron's estate in England and Wales. Offshore investments would only be listed in submissions to HMRC for inheritance tax purposes. It is unclear what those assets – if any – are worth and which family member owns them.

In 2009 the compilers of the Sunday Times Rich List estimated Ian Cameron's wealth at ÂĢ10m.

He was survived by his wife, Mary Fleur Cameron, who as his spouse would not have had to pay inheritance tax on sums transferred between them.

In 2006 Ian's eldest son, Alexander, became the sole owner of the family's ÂĢ2.5m house in Newbury, Berkshire, where David had been brought up.

Another family home in Kensington, London, worth ÂĢ1m, passed to his two daughters in equal share.

Cameron's father was "instrumental" in setting up the Panamanian company, Blairmore Holdings, in 1982, which was exempt from UK tax, when David was a pupil at Eton aged 16.

The fund shares its name with the family's ancestral home in Aberdeenshire, Blairmore House, in which Ian Cameron was born in 1932 but which the family no longer owns.

A lengthy prospectus for Blairmore Holdings written in 2006 and meant to attract high net worth "sophisticated" investors, with at least $100,000 to buy shares, is explicit about how the fund sought to avoid UK tax. At the time more than half of the fund's 11 directors were UK nationals.

Under Panamanian law the fund was excluded from taxation derived from other parts of the world.

"The fund is not liable to taxation on its income or capital gains as long as such income or capital gains are not derived from sources allocated within the territory of the Republic of Panama," the 2006 prospectus reads.

"The Directors intend that the affairs on the Fund should be managed and conducted so that it does not become resident in the United Kingdom for UK taxation purposes. Accordingly ... the Fund will not be subject to United Kingdom corporation tax or income tax on its profits," the prospectus continues.

The investor document also credits Ian Cameron as a founder member of Blairmore Holdings and states that as an adviser he would be paid $20,000 a year – the highest paid director – whatever profits were realised.

In fact, the long-term Panamanian investment fund performed above market rate over many years averaging a 116% return from 2002-2007. Today many of the fund's largest holdings are in blue-chip stocks such as Apple, Unilever and Coca Cola.

Before his death, aged 77, Ian Cameron was also chairman and shareholder of Close International Equity Growth Fund Ltd, registered in Jersey and worth ÂĢ9m according to papers filed in 2005. In that year just under half of the fund's holdings were in UK listed stocks.

A third fund set up in Geneva, Switzerland, had a shorter life span and finally dissolved in 2007 but had many of the same registered shareholders as the Panamanian outfit. These included a number of former employees of Panmure Gordon, the stockbroking firm where Ian Cameron spent much of his career and those from Smith and Williamson investment management where Cameron senior was a consultant.

One notable investor into the Panama fund was a charity established by Tory peer Lord Vinson. Accounts from 2009 show that a charitable trust set up under his own name invested ÂĢ82,000 into the fund – almost one quarter of its investments in shares.

Vinson's trust that year went on to donate tens of thousands of pounds to rightwing think tanks including the Institute of Economic Affairs and Civitas.

David Cameron has recently remarked on companies who have taken advantage of offshoring to legally avoid tax. Speaking at the start of the year to small business leaders in Maidenhead, he said: "With the large companies, that have the fancy corporate lawyers and the rest of it, I think we need a tougher approach.

"One of the things that we are going to be looking at this year is whether there should be a general anti-avoidance power that HMRC can use, particularly with very wealthy individuals and with the bigger companies, to make sure they pay their fair share."

The row also comes as the top rate of tax was lowered in last month's budget from 50p to 45p and the rate of corporation tax continue to drop to achieve thechancellor's ambition of giving the UK one of the lowest rates of corporation tax in the G7.

Responding to opposition criticisms over the lowering of the top tax rate, Cameron said: "The cut in the 50p tax rate is going to be paid five times over by the richest people in our country."

Downing Street said it did not want to comment on what was a private matter for the Cameron family.

A spokesperson added: "The government's tax reforms are about making sure that some of the richest people in the country pay a decent share of income tax."

The investment managers Smith and Williamson, for whom Ian Cameron worked, chose not to comment.

stonks
Originally Posted by jacksonb:

tory boy has pissed me right off with his 'naming and shaming, jimmy carr', all his best mates  do exactly the same thing as do  hoards of  civil servants, does he name and shame them?

 

 no chance, lets pick on some one who isn't a member of ' the club' and pillory them instead.

 

i hope this comes back to bite dave in bum.


This.

cologne 1

i've said it before, but  i find it impossible to name  a politician that has integrity, conviction(not the criminal kind) or decency and who isn't it for themselves.

 

everything is run  by the greedy bastards mob, which numbers politicians, corporate bosses, bankers etc. it's a private club made to ensure they get richer, and  guess what?  you aren't invited.

 

the sooner we stop thinking we can change anything by voting  for the other mob to govern by doing it  slightly differently, the better.  

 

they are all corupt, they are all greedy and i've been told off as being naive  in thinking anything good will come of a revolution, but all the time our politicians are as they are, then we only  have to look to the upsurge of racial hatred and the success   of the rightin europe, to understand that when the greedy, grasping bastards, keep it all for themselves then the have nots  cast around for some one to blame for their plight, and currently  that seems to be anyone else that isn't them...

 

jacksonb

You don't have to look too closely to find out that Labour Politicians are every bit as bad

 

Official accounts show a company set up by Mr Blair to manage his business affairs paid just ÂĢ315,000 in tax last year on an income of more than ÂĢ12 million. In that time, he employed 26 staff and paid them total wages of almost ÂĢ2.3 million.

The accounts provide the strongest evidence yet of the huge sums generated by Mr Blair through his various activities since quitting Downing Street in June 2007.

He runs a business consultancy – Tony Blair Associates – which has deals with the governments of Kuwait and Kazakhstan among others and is a paid adviser to JP Morgan, an American investment bank, and to Zurich International, a global insurance company based in Switzerland. Mr Blair makes a further ÂĢ100,000 a time from speeches and lectures while also presiding over a number of charities including a faith foundation.

Mr Blair has previously been criticised for cashing in on contacts made in Downing Street and these accounts will likely add to those concerns.

The documents also reveal that in the two years until March 31 last year, Mr Blair’s management company had a total turnover of more than ÂĢ20 million and paid tax of about ÂĢ470,000.
Related Articles

The scale of Mr Blair’s finances are shown in accounts lodged by Windrush Ventures Limited, just one of a myriad of companies and partnerships set up by the former prime minister. Windrush Ventures Ltd’s “principal activity” is the “provision of management services” to Mr Blair’s various other interests.

The accounts for the 12 months to March 31 were lodged with Companies House in the week between Christmas and New Year and made publicly available for the first time last week. Previously the accounts have contained almost no information because Windrush was classified as a small company. This time auditors appear to have been obliged to divulge more information because of the amount of money being handled.

The accounts show a turnover of ÂĢ12.005 million and administrative expenses of ÂĢ10.919 million, leaving Windrush Ventures with a profit of just over ÂĢ1 million, on which Mr Blair paid tax of ÂĢ315,000. The tax was paid at the corporate tax rate of 28 per cent.

Of those expenses, ÂĢ2.285 million went on paying 26 employees at an average salary of almost ÂĢ88,000. Windrush Ventures also pays ÂĢ550,000 a year to rent Mr Blair’s offices in Grosvenor Square, a stone’s throw from the US embassy in Mayfair in central London and a further sum of about ÂĢ300,000 on office equipment and furniture. But those costs amount to a little more than ÂĢ3 million, meaning almost ÂĢ8 million of “administrative expenditure” is unexplained in the accounts.

It is not known from the accounts what happened to that huge sum.

Tax specialists who have studied the accounts have told The Sunday Telegraph that the tax paid in 2010 of ÂĢ154,000 and ÂĢ315,000 in 2011 appears low because costs have been offset against the administrative costs, which remain largely unexplained.

One City accountant, who did not wish to be named, said: “It is very difficult to see what these administrative costs could be. It is a very large amount for a business like this. I am sure it is legitimate but it is certainly surprising.

“The tax bill of ÂĢ315,000 is explained by the large administrative costs that are being treated as tax allowable.”

Richard Murphy, a charted accountant who runs Tax Research LLP and has studied Mr Blair’s company accounts, said: “There is about ÂĢ8 million which we don’t know where it goes. That money is unexplained. There is no indication at all why the administration costs are so high. What has happened to about ÂĢ8 million which is being offset against tax?”

There is no suggestion that Mr Blair’s tax affairs are anything other than legitimate. His accounts are audited by KPMG, one of the world’s biggest accountancy firms. Mr Blair presides over 12 different legal entities, handling the millions of pounds he has received since leaving office. Another set of companies, which are run in parallel to Windrush Ventures, are called Firerush Ventures and appear to operate in exactly the same, oblique way.

The money paid into Windrush Ventures Ltd largely comes from Windrush Ventures No. 3 Limited Partnership, which appears to be where money is deposited before being spread around other companies, ultimately in Mr Blair’s ownership. The limited partnership does not have to disclose publicly any accounts allowing its activities to remain secret.

Mr Murphy said last night: “It is in the limited partnership where things really happen. But that is the one Mr Blair keeps secret. We don’t know how much money is in the LP. It is completely hidden. The question is why is Tony Blair running such as a completely secretive organisation?”

A spokesman for Mr Blair said last night: “The Windrush accounts are prepared in accordance with the relevant legal, accounting and regulatory guidance. Tony Blair continues to be a UK taxpayer on all of his income and all of his companies are UK registered for tax purposes.”

The spokesman added that the accounts did not relate to any of Mr Blair’s charitable activities, which raised money separately as independently registered charities.

The spokesman chose not to explain what happened to about ÂĢ8 million of administrative expenses.
 
       

squiggle
Originally Posted by jacksonb:

i've said it before, but  i find it impossible to name  a politician that has integrity, conviction(not the criminal kind) or decency and who isn't it for themselves.

 

everything is run  by the greedy bastards mob, which numbers politicians, corporate bosses, bankers etc. it's a private club made to ensure they get richer, and  guess what?  you aren't invited.

 

the sooner we stop thinking we can change anything by voting  for the other mob to govern by doing it  slightly differently, the better.  

 

they are all corupt, they are all greedy and i've been told off as being naive  in thinking anything good will come of a revolution, but all the time our politicians are as they are, then we only  have to look to the upsurge of racial hatred and the success   of the rightin europe, to understand that when the greedy, grasping bastards, keep it all for themselves then the have nots  cast around for some one to blame for their plight, and currently  that seems to be anyone else that isn't them...

 

Menzies Campbell.

 

Charlie Kennedy.

 

Other than that a stunning 9  

FM

It's pretty sickening that the rich can bypass PAYE yet those on incomes under ÂĢ100,000 are taxed at source and cannot reduce their tax liabilities.  People say, 'fancy accountants' but it's more than that, it's tinpot islands/states leeching off big states to cream off revenue for the mutual gain of very rich people. It's a stitch up job by the super rich with complicit banks/governments to protect their money from the attention of sovereign nations.  The same sovereign nations that provide their revenue.  If Jimmy Carr had to rely on Jersey for his career, he'd be lucky to earn average salary.

 

The irony is that if Jimmy Carr didn't put his earnings into Jersey, he could probably put his earnings into Monaco and the UK tax payer would get nothing at all. Liechtenstein has the highest GDP per person in the world yet what does it produce except sponge from the rest of Europe by moving money around?  Why are EU operations based in Luxembourg when it too behaves like a tax haven!  Far better to put those operations and that EU wide funded gravy train in a country like Spain, the UK, France or Germany, so it can at least benefit their taxpayers.

 

Meanwhile states such as ours have to tax the mugs heavily to provide a state infrastructure.  Naturally the richer tax payers are a bit peeved at paying 50% or whatever and demand cuts in the state.

 

I can't understand people who say 'good luck to them, I'd do the same if I could' .  The key is they can't because the government would never let the little man evade the tax man like that.  But it's their services, police, NHS and education service that suffers. 

Carnelian
Last edited by Carnelian
Originally Posted by velvet donkey:

Wanna know the truth.

 

If I was super rich I'd be doing exactly the same thing.

 

What allegiance do I owe to this country?

It shouldn't have to be the country but it's inhabitants, although politicians make it nigh impossible to feel that way.
I have to fill in an inordinate amount of new forms to determine wether or not I'm defrauding the Government by claiming DA. I will also have to attend a medical which means I need an ambulance to get me there or a house visit, which has not been established as being possible.

Angry? Very.

cologne 1
Originally Posted by Garage Joe:

As far as the rest of the bolleaux in this thread goes..... The British public make me laugh. If you don't want these sort of shenanigans why have you voted for 33 years of Thatcherite market obsessed governments and rejected anything smelling faintly of left wingness?

Because the left wing is as self seeking and hypocritical as the right perhaps?

Kaytee
Originally Posted by Kaytee:
Originally Posted by Garage Joe:

As far as the rest of the bolleaux in this thread goes..... The British public make me laugh. If you don't want these sort of shenanigans why have you voted for 33 years of Thatcherite market obsessed governments and rejected anything smelling faintly of left wingness?

Because the left wing is as self seeking and hypocritical as the right perhaps?

I amn't.

Garage Joe

Oh yes the happy memories of the 70's, rubbish rotting in the streets, power cuts etc etc, here are some happy reminiscences

 

Your 1970s: Strikes and blackouts

It was the decade of strikes, electricity shortages and piles of rotting rubbish on the street.

There was more to the 1970s, such as music, fashion and long, hot summers.

But the industrial unrest had a huge impact. Here is a selection of your comments.

Kate Gardiner
It has to be the power cuts and the three-day week. Two abiding memories are: being a hairdresser and having clients sitting in semi-darkness with wet hair in rollers waiting for the power to come back on
Kate Gardiner
so they could get under the dryer and at home boiling a kettle on the open coal fire to get hot water to make up my new baby's feed!
Kate Gardiner (right, in 1972 and 2007), Perth Scotland

My abiding memory of the rolling power cuts was having to write university essays by candle light. And then three months later being charged for the repainting of my room in Halls because of the smoke "damage" in my room. I spent 30 minutes with a bucket and sponge and the damage magically disappeared.
Bill Huggins, Birmingham

Then I lived in the North East near Newcastle and I vividly remember my grandmother and I walking from one shop to another in search of candles to buy. All were sold out. Innovatively butchers placed string down cartons of dripping which we bought eventually. These worked although the smell and risk of fire made them less practical than candles. I loved the bread strike as my grandmother could make proper bread in her oven and it was better than anything you could buy in the shops. I remember the smell which lingered in the house was beautiful (the smell of the dripping candles in contrast was not). As a child it was exciting to sit with the family around candles and with no TV we had no choice but to indulge in the art of conversation.
David Stoker, Guildford

As a trainee engineer in 1976, I remember changing a toilet roll when on secondment to our Sheffield factory and being seriously worried that someone might find out and accuse me of doing somebody else's job. My predecessor had almost caused a strike by helping to sweep up some rubbish. The union's grip was total, and the atmosphere was poisonous. I don't agree with all that Margaret Thatcher did, but let's not pretend that drastic action was not required.
AJ, Dorset, UK

I remember one time I had to wait two hours outside a fruit shop just to get some milk!
Maffew, Glasgow, Scotland

Rubbish
Rubbish piled up in the street
I was 12 years old. I remember seeing all the rubbish in the streets and Arthur Scargill on TV and other union leaders talking about living conditions and the need to strike, and my grandparents complaining that they can't afford to turn the heat on anymore. I also remember, as barely a teenager, the awful living conditions faced by miners and others up North whilst I lived in beautiful East Anglia. Instead of making me vote for Thatcher a few years later, it turned me into a life-long socialist.
SJW, Sac. CA, USA

I don't remember it myself, but I was born in 1979 in Swansea, South Wales. My mother had to cross a picket line to get into the maternity hospital (they told her she couldn't come in, her response is unprintable....). My Grandmother had to bring in food for her to eat, and clean towels and bedding.
Richard Evans, London, UK         I remember my parents trying to bake their own bread because the bakers were on strike like everybody else. It wasn't a great success. I will always remember watching my mother pulling a shapeless lump of half cooked dough out of the oven, made to look even more obscene by candle light because the power was off.
Chris Towers, Madrid, Spain         I remember with fondness the three-day week, I was a compositor and we worked by hurricane lamp. Our wages were linked to inflation and seem to go up every other week, good old Ted Heath.
Michael Murphy, London

I remember the three-day week; going to school in groups, all wearing luminous yellow bands on our coat sleeves so that we could be seen in the dark. Then coming home and huddling round the gas cooker for heat. Then there was the heatwave in '76 when we had severe thunder storms, and water shortages. I developed my love of ice cream that year! The winter of discontent caused a lot of disruption through all the strike action but to a teenager who cared for little else but music, fashion and boys, most of the politics just passed me by! I do have fond memories of the seventies, but then I didn't have any worries or responsibilities......
Gillian, Edinburgh, Scotland


I used to love power cuts. We would have candles and mum made us all Bovril to drink. We would sit around the coal fire and my dad told me fairies lived in it. That kept me entertained for hours. Better than Crackerjack!!
Sarah Grimstone, London

The 70s was my teenage decade. One amusing event was during the coal strike and three day week, my father looked in he paper and decided that, as we were on a 'high risk' for power cuts at home we would go to the city to the cinema to see the new James Bond. Bond; "Your time is up Stromberg" Stromberg; "So is yours Mr Bond" Guess what? The power went out and we never did see the end of the film
Louise Warren, Leicestershire UK

Candles... I was about 8/9 during the three-day week. Mum made it sound exciting like the Blitz but it wasn't. Apart from that my abiding memories is of dreariness, decay and depression apart from the summer of 76 of course
Andy Bell, Notts

        Candles and power cuts are my memories of the 70s. That and starting primary school in 72 and my mother dying in 74 by heart disease; something which could easily fixed today like myself by having a bypass.
David Fieldsend, Chesterfield

Three-day weeks, candles at night, cold dinners, and power cuts and all because of what? A union who used that decided to hold the country to ransom! Strikes seem to be the only thing on the news back then. As a child growing up, I believed this was how adults always behaved. If that wasn't bad enough, we had the threat of a nuclear conflict with the Soviet Union and terrorist bombings in London. The BBC news was always full of gloom stories about the Middle East, about which we cared nothing... The plus side was one or two hot summers... I stayed up all night to watch Mrs Thatcher get elected that May night, it was the start of better times as history has now proved. I was glad when the 70s ended, it was an awful time.
Gavin, Essex

The main effect of the drivers' strike was lack of fuel delivery. My own school had to close and only those taking exams that summer were educated. We were taught in the science block using Bunsen burners as heaters, which kept us warm, but incredibly drowsy! In addition I remember the queues of cars at garages in Stevenage to get the little petrol that there was. Finally, do not forget that the firemen's strike did lead to the army being used for fire duties, using the already gold Green Goddesses.
Matthew Wyatt, Stevenage


As a 10-year-old in 1978 I remember the piles of garbage piled up in our local recreation ground in Stanmore (a council estate in a posh part of the UK) Winchester. The piles of rotten waste became our playground, well it always was our playground so we continued to play on the soccer pitch, rather than kicking a ball but investigating all the crap spilling out of the bags! I was lucky enough to find a whole bag of used syringes! I can't really recall what we did with them, but did tell me mum later what we had found and she rang the council office to complain, not that it did any good. The rubbish kept coming, and it's only now that I realise that all the council owned recreation areas were used as garbage disposal areas, the hallowed grounds of public school Winchester College, of course were unaffected, hence the working class got kicked in the balls by its own kind yet again!
Slick McIntyre, Sydney, NSW


In January and February of 1974, because of a strike by Britain's miners, the government imposed a three-day working week and rationed electricity supplies. I was a control engineer at Huddersfield Power Station at the time and part of my duties was to switch off the supply to various substations around the town, according to an official rota. On many an evening shift I would have to switch off the power to my own home before going back for a candle-lit supper! In addition to this, the power station was picketed by miners so that we had extreme difficulty receiving coal supplies and getting rid of our waste product - ash. Eventually the management hired some dumper trucks which were used to ferry coal from the reserve stock area. They were also used to store piles of ash in every available space. Trying times, but we managed to keep generating as long as we were needed.
John Blackburn, Wetherby UK

I don't remember all the political chaos, but I do remember playing Scrabble by candlelight and the fact that we couldn't bury my deceased grandfather. My mother never forgave Labour or the trade unions for that.
Carl Parry, Antalya, Turkey

Trafalgar Square was a mountain of black garbage bags twitching with rats. The nice thing about electricity shortages was that they were announced on the wireless, by area, beforehand. Candles could not be found in hardware stores, but were plentiful in Harrods. We used Artic candles and camping lanterns. One could be somewhat prepared. No bread? They flew in bread from France until that was stopped and, if there was flour in the house, one had to bake (or not). The worst strike for many was on throwaway nappies. I am sure that hurt many people. I seem to remember contests of how to get along with tiny amounts of water - winners combined boiling food, washing dishes, bathing, washing clothes and finally, using the remains to water the garden, in about the same order with the same water. Hosepipes were banned in London. An old man in our neighbourhood used to so slowly pace his green front garden after dark with a hosepipe down his trousers so no one could see it. Sixteen strikes at one time, as I remember. Every day a new challenge.


squiggle
Originally Posted by velvet donkey:

And is Labour the only football team in town?

 

They are all pish.

They are in mine!

I think what this exciting debate shows is that I'm in a minority. I feel that  that Thatcherism, not making and selling things, relying on abstract market principles, investing money in things with no real worth, not paying tax, that sort of thing, has been a complete failure.

The rest of you have never had it so good.

Garage Joe

Add Reply

×
×
×
×
Link copied to your clipboard.
×
×