Huge data leak from Panama law firm - many politicians implicated

[doubleup]

https://panamapapers.icij.org/20160403-panama-papers-global-overview.html

http://www.bbc.co.uk/news/world-35918844

[EvilPie]

Watched a bit of this on the news this morning. Looks like the biggest thing since the MP expenses scandal.

Could be some really interesting stuff coming out over the next few weeks.

Obviously nothing will actually happen because everything they've done is legal but at least we'll have something to moan about for a bit.

[PokerBroker]

Surprised at the lack of comment on this.   

Or are people still working their way through it? 

[neeko]

Not sure what yet is surprising, foreign dictators hide money in Caribbean is hardly a suprise.

Iceland is interesting, tax avoidance issue is not understood, it's also not illegal. So until they find an example of a politician who is being two faced about it, then it will be quiet.

[TightEnd]

i'd be surprised if many of those named weren't looking to use tax havens.

great investigative journalism, quite the scoop, and potentially a big story but nothing too surprising yet i'd say

[doubleup]

Iceland is interesting, tax avoidance issue is not understood, it's also not illegal.

Is this avoidance though?  Avoidance doesn't require secrecy.

[neeko]

Iceland is interesting, tax avoidance issue is not understood, it's also not illegal.

Is this avoidance though?  Avoidance doesn't require secrecy.

No, it has nothing to do with tax avoidance - I just missed typing a full stop, missed the correct button on the iPhone keyboard.

[neeko]

What allegation are people making against Cameron, with regards to Panama?

I don't imagine that he has a significant income from capital in his personal name, that he is not paying tax on.

[TightEnd]

That some of his inherited wealth comes from funds from a company set up in Panama by his dad, blairmore holdings. His dad died in 2010.

[Doobs]

That some of his inherited wealth comes from funds from a company set up in Panama by his dad, blairmore holdings. His dad died in 2010.

It is a load of nonsense.  It is like the idiocy in the Daily Mail over Milliband's father hating Britain.  You can't choose your parents and you have no control as to how they lead their lives.  The people making news of this have put themselves on a par with the Daily Mail. 

If Cameron himself had set up a company in Panama he should be hounded out of office.

Surely by focusing on Cameron, we give the real villians in the story a free pass?

FWIW he inherited £300,000 from his father.  It was highlighted when the original story came out a few years ago.

[TightEnd]

I agree, unsurprisingly. I was just pointing out the perceived issue

there is plenty in there and plenty of people to go at

the audit trail of what happened to the Brinksmat money and how UK law firms allegedly obstructed its recovery is a good one

the Iceland stuff is good

Putin involvement has lots of implications

but the idea that people or corporations aren't going to manage their tax affairs in some of these ways is just naive....its very widespread. the guardian for example (someone was making the point they were being hypocritical, i just point them out as i saw the point this morning) has cayman funds and a luxembourg shell company through which it funnels money. All perfectly legal.

of course there are big vested interests (large slugs of some of these offshore economies for example) why its not gonig away either

[Doobs]

I agree, unsurprisingly. I was just pointing out the perceived issue

there is plenty in there and plenty of people to go at

the audit trail of what happened to the Brinksmat money and how UK law firms allegedly obstructed its recovery is a good one

the Iceland stuff is good

Putin involvement has lots of implications

but the idea that people or corporations aren't going to manage their tax affairs in some of these ways is just naive....its very widespread. the guardian for example (someone was making the point they were being hypocritical, i just point them out as i saw the point this morning) has cayman funds and a luxembourg shell company through which it funnels money. All perfectly legal.

of course there are big vested interests (large slugs of some of these offshore economies for example) why its not gonig away either

Just to make it clear, I think putting money offshore to avoid tax is a scummy thing to do, whether it is legal or not. 

Criticising David Cameron for the things his father did is also a scummy thing to do.

[PokerBroker]

Cameron was modest enough to bring up his Mother recently when heckling Corbyn, so one would assume he held her in great esteem and no doubt his old fella. 

[Jon MW]

Cameron was modest enough to bring up his Mother recently when heckling Corbyn, so one would assume he held her in great esteem and no doubt his old fella. 

wasn't he responding to a heckle about his mother?

[neeko]

Which of these would you consider tax avoidance?

1. Having a pension
2. Having an ISA
3. BT Plc making a profit but not giving a dividend (of shares you own) (so you are not paying tax this year)
4. A private co, being profitable but not paying shareholders dividends
5. An offshore trust not paying out an income but making a profit (don't pay any tax)
6. An offshore trust not paying out an income, making a profit then giving a loan to its beneficiaries of this amount (tax free)
7. An offshore trust paying beneficiaries an income (of say £20k each) but they don't pay tax on it

I would say only 3 are.