I'm thinking a lot about what would be a fair way for the govt to raise taxes to part pay for the NHS' promised £20bn boost. #taxtwitter I'd love to hear what you'd do.pic.twitter.com/Os8crn2G6x
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Isn't Zucman's work based mostly (or even entirely) on pre-CRS periods? So either (1) he is wrong; (2) CRS will reap enormous dividends; or (3) gaps in CRS are being exploited to an astonishing degree?
Yes. His estimate of global undeclared offshore income is based on extrapolating from his interpretation of data on EU holders of Swiss Bank accounts and how they responded to the ESD http://gabriel-zucman.eu/files/JohannesenZucman2014 …pic.twitter.com/AW8nLM0zhp
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The mistake that too many make is to classify offshore assets as tax evasion. In my experience the majority of offshore money is held in trust/corp structures, which even if HMRC don’t like it, are hard to get at on the basis of past law. By comparison tax evaded funds are low
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indeed - and often held by non-doms, so the assumption tax is due is often questionable.
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Your occasional reminder that *disclosure*, as opposed to withholding, was so high under the Swiss final withholding tax agreements with UK and AT that the total withholding never reached the initial instalment paid (unbelievably) in advance by the Swiss tax authorities.
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