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calendar   Sunday - May 10, 2009

POLITICAL PERKS AND THE SCREWING OF THE TAXPAYER. BUSINESS AS USUAL.

It’s very doubtful if any American reading this will care a hoot about the ppl in power here and what they are up to.
But I have a personal stake, in a manner of speaking, in the financial side of things as after all, I live here.

Humor me on this people, ok?  Go on and read the article I copied from this morning’s paper.  If you read it slow like, even if not familiar with Brit doings, you’ll catch on to what’s going on and this is just one person. There are a 100 others.

Very soon, in fact by the end of July, the wife and I must come up with a ton of money for the inheritance tax on the house left to wife by her late mother. 
We have to pay the Inland Revenue (IRS in American terms) a sum of almost but not quite, $20,000.00 by July. 

There isn’t any loophole to crawl through, as you guys know at home, when dealing with income tax etc. There are just some things that can not be fought and won.  There are things that make us grit our teeth but we must simply move on. We can not make our own rules.
But seeing how govts. spend our money is always going to be a bit ulcer producing.  And what really frosts us is the current scandal exposed by The Telegraph in an exclusive brought about by leaked papers. And this thing is BIG.  As in HUGE.

Starting yesterday they have been publishing and have continued today, how the politicians here are claiming for expenses. And the sums are truly staggering.  In many cases the expenses are not necessarily illegal at all. 

THEY ARE MOSTLY ALL WITHIN THE LAW.  AH ...HERE’S THE CATCH.


THE BASTARDS HAVE WRITTEN THEIR OWN RULES.

HERE’S JUST ONE EXAMPLE AND THERE’S WORSE YET. BOTH LEFT AND RIGHT ARE ENSNARED IN THIS NET. BUT THEY’LL FIND A WAY OUT. THEY ALWAYS DO.

Here are a few translations from Brit to American usage.
Flat:  an apartment
MP:  Member of Parliament
MEP:  Member European Parliament
Inland Revenue :  IRS
Commons (House of): 
Actually, the House of Commons would be equivalent to the US House of Representatives, while the House of Lords’ counterpart would be the US Senate.  H/T with thanks to Macker for correcting me re. Commons.

CGT:  Capital Gains Tax

Politician: both countries. = lying, thieving,sneaky, conniving individuals working for themselves. Mostly. Might be exceptions but the sightings are rare indeed. Usually to be found in bloated condition after visit to public funds. Which is often.

image

The Communities Secretary, facing fresh questions over flat sale in row over MPs’ expenses
Hazel Blears is facing fresh questions over the tax arrangements surrounding the sale of a flat in South London she had designated as a “second
home.

By Patrick Hennessy and Melissa Kite
Last Updated: 9:35AM BST 10 May 2009

Miss Blears sold the property in Kennington, south London, in August 2004 for £200,000, making a profit of £45,000. She admitted last night that she did not pay capital gains tax (CGT) on the profit from the sale because “no liability” had arisen.

The admission suggested that Miss Blears declared the flat as her primary residence for tax purposes while at the same time telling the Commons authorities that it was her second home, a designation that enabled her to claim hundreds of pounds in parliamentary expenses.

See guys and ladies, here’s the trick.  It’s perfectly legal under the rules THEY WRITE, to say one thing to the Commons and another to the tax ppl.

CGT is liable to be paid on the profit from the sale of any property that is not classified with HM Revenue & Customs as a “main residence”. At the time of the sale Miss Blears had informed the Commons authorities that the Kennington flat was her second home, enabling her to claim mortgage interest payments on it at £850 a month. The Telegraph’s investigation into MPs’ expenses established that Miss Blears had claimed for three properties in a single year at taxpayers’ expense.

In March 2004 she stated to the Commons that her second home was a property in her Salford constituency, which she has owned with her husband since June 1997. During March 2004 she bought an £850 television and video recorder and a £651 mattress for this home.

In April 2004 she redesignated the Kennington flat as her second home with the Commons. After selling it four months later she spent taxpayer-funded nights in hotels in London, including the Zetter in Clerkenwell, where rooms cost £211 a night.

In December 2004 she bought another London flat with a mortgage of more than £1,000 a month and claimed it as her second home. Over the next four months, she claimed for groceries, furniture worth £4,874, a bed at £899 and £913 for a new TV.

Miss Blears’s spokesman said last night: “Hazel has complied with the rules of the House authorities and the Inland Revenue. No liability for CGT arose on the sale of her flat in Kennington.”

Tax experts said it was possible for Miss Blears to have designated the flat differently for the Commons and for HM Revenue & Customs.

Mike Warburton, a tax accountant at Grant Thornton, said: “The Inland Revenue rules work entirely independently of the parliamentary arrangements. It is open to anybody to elect which of their homes is their principal residence for capital gains tax. They will then not pay tax on the profit.”

LOOSE EXPENSES RULES FOR MPs; TIGHT ONES FOR TAXPAYERS. TELEGRAPH WITH MORE ON SUBJECT


avatar

Posted by peiper   United Kingdom  on 05/10/2009 at 04:45 AM   
Filed Under: • EconomicsGovernmentCorruption and GreedPersonalPoliticsTaxesUK •  
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