Wednesday, April 22, 2009

Tax Avoidance - Only for the Rich

But of course Jersey has so many ways in which the rich can avoid tax. Yes, I know it’s legal, but is it moral? Gordon Brown wants to plug some loopholes. Should we? And in response to Clive Tomes’ letter of last night, I don’t consider claiming allowances to be avoidance – no Mr Tomes, that is called redistribution of wealth – something you doubtless don’t favour. In Jersey, the simplest way to avoid tax is to have a ‘roll up fund’. Simple, that is if you have tens of thousands to invest. In the UK you can have an ISA, and avoid paying tax on the interest of up to £10 000. Isn’t it time we did more to encourage saving amongst the less well off, instead of favouring the wealthier?

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