UK: The wealthy businessman who paid just £35.20 in tax

[Independent voter]

Frank Timis rented a £14,000-a-month penthouse and spent thousands dining in London's finest restaurants.

But his personal tax return for 2017 shows he paid just £35.20 in tax, after claiming that he had hardly any income from his worldwide business empire.

Mr Timis's lawyers say he has fully complied with all of his tax obligations.

https://www.bbc.com/news/business-48481320

Will it ever be possibly to effectively tax the rich?

[Lochton]

Will it ever be possibly to effectively tax the rich?

Yes, a flat down tax ruling. Denmark has it, and it makes many - mostly foreign - rich people cringe and hide. But 35 pounds, that is fraud, fucker should be jailed.

[Veggie50]

Will it ever be possibly to effectively tax the rich?

In theory or in practice? Because it isn't that hard to tax the rich. As long as people elect the politicians that have the grandest campaigns though, no it won't happen.

Why? Because those grand show campaigns cost millions upon millions, which are financed by big money, in exchange for keeping their tax schemes open.

[dunhildas]

Yes, a flat down tax ruling. Denmark has it, and it makes many - mostly foreign - rich people cringe and hide. But 35 pounds, that is fraud, fucker should be jailed.

Under what law?






















No one should be jailed when they didn't break the law.

[The Stormbringer]

Under what law?

No one should be jailed when they didn't break the law.

Under the same laws that non-rich people pay taxes?

At this point I'm ready to say slash the fucking tax code and make it a flat tax, even if it does harm the poor due to relative earning power. We can finally get some money from these rich assholes using every loophole in the book to get out of paying their fair share, and roll that into an actually decent welfare program like UBI.

[The Stormbringer]

Pro-tip: make laws against immoral behaviour.

R-r-r-raptor PRO-tiiiiip!

[Lochton]

Under what law?

No one should be jailed when they didn't break the law.

So, you're saying your country doesn't have laws against fraudulent information (explains some of the things going on over there). For as you can read, he had a much higher income.

[horbindr]

if he wants to make his salary $1 a year or w/e trick he uses, let him. just audit his company every year i bet he will enjoy that.

[AeneasBK]

Decimation is a kind of tax, isn't it?...

Anyway; looks like this video is going to be relevant for a long time yet.

[Lochton]

Jailed for what? What fraud? He's paying his taxes. If he was in Denmark, it wouldn't be any different.

You've missed the point completely. Point is everything is a business expense. Point of article is to cause outrage by completely and intentionally ignoring that business do get taxed, so he does pay taxes as business. Many business do that, many have done that for decades. Its normal business practice. This is basically a slow news day.

Here there would be calculation and limitation on what is a business expense and when it turns into private expenses. Accountants would sniff through it all, sadly only companies based in Denmark gets caught doing it while larger ones like CocaCola and such still get away with shit but a normal company would still be taken on this.

[Unholyground]

People who make untold amounts of money should be putting money back into the communities and systems they used to make those loads of cash, because without all the people and places they operate in/with they would not have that money in the first place.

[Socialhealer]

Will it ever be possibly to effectively tax the rich?

Well done for once not making this about the UK or Europe when it's happening all over the world.

Taxes are for the poor and stupid, the rich are just too powerful they run the world, if they don't want to pay taxes they'll find ways around the law or just buy off the people the need to pay less or no taxes.

I mean didn't blizzard get a tax rebate for the billions they earned? someone bringing home 50k a year should certainly pay more taxes than a company making 10 figures right.....right?!

[Tabrotar]

What about taxes on his business? Just because he doesn't pay much taxes personally, doesn't mean he's not paying taxes as business. As far as I'm aware, in Europe (and that includes UK) it is not possible to get 0% business tax deal. All companies pay same taxes and they are quite high.

In US it would have been an issue because of corrupt system that allows local politicians to decide which companies pay taxes. Then almost no tax from person and no tax from business would have been an issue. But this is not US company.

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Jailed for what? What fraud? He's paying his taxes. If he was in Denmark, it wouldn't be any different.

You've missed the point completely. Point is everything is a business expense. Point of article is to cause outrage by completely and intentionally ignoring that business do get taxed, so he does pay taxes as business. Many business do that, many have done that for decades. Its normal business practice. This is basically a slow news day.

Not as long as companys can decide i which country they want to pay their taxes and them being able to only have all their losses in the other ones.

[Thereturn]

Sometimes i think the only way is just to kill a few. "Pay your tax or you are next". Appealing to rich peoples morale is trying to suck a girl off, cant appeal to what isnt there.

[Jonnusthegreat]

Didn't report any profits? Shouldn't have to pay any tax.

Living a luxurious lifestyle while making no money? I'd investigate for embezzlement.

No evidence of wrongdoing so far though, it seems.

[Kapadons]

Seems they are mad they couldn’t double tax the guy. Good for him.

[Ghostpanther]

Only way to have a fair tax is a sales tax. Everyone pays some tax that way. You could bracket it, with the more expensive items only the rich can afford, have a higher % tax rate. No income to write off or hide.

[TrollHunter3000]

Only way to have a fair tax is a sales tax. Everyone pays some tax that way. You could bracket it, with the more expensive items only the rich can afford, have a higher % tax rate. No income to write off or hide.

Except that 10% sales tax to a person making $4k a month is a hell of lot more relative to their income then the guy making $20k a month. Higher taxes on luxury goods don't make up for it unless they work like property taxes and you pay them every year. It also doesn't do much to people that are just upper middle class. They don't typically buy a ton of luxury goods.

If someone making $4k a month spends $500 a month on food, they're paying 1.25% of their salary in that sales tax. The person making $20k a month may buy better/more food so let's say $1000 a month. That's still only .5% of their salary in sales tax.

Higher sales tax disproportional affect the poor and lower class.

[prwraith]

Only way to have a fair tax is a sales tax. Everyone pays some tax that way. You could bracket it, with the more expensive items only the rich can afford, have a higher % tax rate. No income to write off or hide.

How is that more fair than a flat tax ?

[Hypasonic]

Funny thing money isn't it. Having alot of it makes it easier to keep it and aquire more, it allows you get the best defence lawyers to *probably* save you money in the long run, it allows you to pay someone to work your books to avoid giving money away, it gives the very wealthy a means of getting certain products for free just due to advertising or sponsorship, life is just alot easier with more of it. Hard part is getting alot of it though, some people just have a knack for it. If I were rich and weren't breaking any laws, why shouldn't I do the same? It's not "morally" right to walk past a begger in the street and ignore him/her, but you shouldn't feel obligated to give them money when you don't have to.