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Tax Avoiding Rich Kids
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I'm not an accountant (not a paedophile either), but as I understand it these are "tax losses" generated on paper by slippery accountants, not necessarily real losses. In some cases the "losses" claimed were five times the money actually "invested". only an accountant could claim to lose five times the money put in
What they did isn't illegal. Avoidance is ok but evasion is illegal. I think what happened in this case is that they got special tax relief on three times the amount they "invested" in the scheme whilst there was no genuine expectation of a taxable return on their investment.
I don't think everyone else would agree with you that "Tax avoidance is OK" in extreme cases. Where complicated schemes are set up by accountants for the sole purpose of avoiding tax, then it is not ok. It is only because parliament is stuffed with people with a legal or accounting background (which means they are trained to lie and deceive) that it is allowed.