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Kudospeter

Listed below are comments made by Kudospeter between Tuesday, 8th December 2009 and Thursday, 10th December 2009 (23 Hours Ago) .

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Time to hug a banker? 1:35pm on 10 Dec 2009 # 34 Drg

thank you, how could i have forgotten Politicians!

The story with Darling is that he is alledged to have claimed stamp duty on a flat purchase and approx £6k on furnishings then let the flat out making at least £5k pa profit after mortgage payments. He claimed for tax advice of just over £1k relating to letting out the flat while claiming living expenses at a different property.

Not big bucks i know, but if your looking to be an example!
Time to hug a banker? 12:12pm on 10 Dec 2009 "If i were running a big international bank i'd be a little bit depressed that the government's super-tax on bonuses has not been attacked on principle by either of the main opposition parties." - Come on RP, this is a great deal for the bankers, you'd also have no excuss to be a little depressed with the money you'd be on.

Why are you only talking of Bankers though, to keep the football analogy going, its reported that there are over 300 non domiciled footballers / managers for tax purposes in the uk, this would equate to the team, bench and manager of every premiership team in the country.

Many of footballers who do pay uk tax have set up ltd co for their image rights to reduce their tax to between 19 and 30%, in line, percentage wise, with the income tax and NI of somebody earning £20k per annum.

Others are at least considering "cleaver" schemes where they are meerly loaned money from the club, thus in the short term only paying tax on the 5% interest they are deemed to have as a benefit, ie an immediate tax rate of less than 2.5%.

Entertainers are probably no different.

I have banged on that the top 10% earners in the country pay around 32% tax rate as compared to the lowest 10% earners paying 46% when all taxes are taken into account. The latest pre budget has done very little to redress this.

Personally i'm not emotional enought to want to biff or hug a banker, but i do feel the "clever" ways of not paying tax is probably exploited by virtually all those who wages are say over £200k per annum

IMO a very tax simple system where everyone is "made" to pay a sensible amount relating to their income is more desirable than complex systems which almost invite accountants to find a loop holes.

Also In War time, trying not pay tax had a stigma to it, imo there should be more emphasis on avoiding paying tax being unfair rather than clever.
Will taxing bonus pools spur lending growth? 10:06pm on 09 Dec 2009 #68 Dempster

fellow blogger, your thoughts are provoking. I too have faith in people as being just. when i was a student ( a long time ago) people were trying to do account formats where the amount paid to the workers was the bottom line instead of profit, the balance sheet tried to reflect the value of its workforce etc, basically though the formats did not reflect the true issue of justice etc. As you know large company's annual accounts are becomming bigger and bigger books, trying and failing to demonstrate corporate responsibility. IMO you cannot quantify justice etc, you can only place it ahead of profit and try to ensure it stays there in our culture. In hip hop culture Tupac was one of Americas most wanted, yet in prison he wrote 20 rules of thug life eg don't sling drugs to the kids etc. IMO in general the culture should be that if you want to be a player you need to show understand compassion etc even if it can't be quantified.

In terms of your comment that people cannot understand £100bn i totally agree, life seems to be getting cheaper as we get older, i think but maybe wrong a heart bypass op costs c£20k when i was a kid rightly or wrongly it felt like this be an obvious thing to do, today we seem not to be able to. How can anyone quantify the value of a few further years of life for a loved one. What i would say though, on a less important matter, is that an abilty not to understand is almost being abused by some. The c£117bn figure is the amount of government outflow so far on bank shares and loans, although still a very difficult and uncertain task the net cost of the bail out is forecast to be c£10bn. My guesstimate is that this is likely to be a little understated but even so in financial terms,my guess is that this equates to a lot less than the tax revenue from banking for any one of the other tax years for 30 years. i know this will upset a lot of bloggers but to the best of my knowledge this is the reality of the figures. imo i also feel spite is becoming too prominant in the bloggs i can't belive 90% of bankers are much different to the 90% of the rest of us
Will taxing bonus pools spur lending growth? 9:28pm on 09 Dec 2009 #70 #30 i suspect a guarenteed bonus instead of a discretionary bonus wouldn't be that much of a wheeze. part of the reason why co's pay bonuses instead of salary, if this is the case, is so when they want to get rid of you the termination pay is not too high. It would also blow a hole in the theory that bonuses are for "above standard" performance. i am toying with the idea of the unfainess that contracted fat cats pay less tax than someboy who earns less but on discretion they receive a bonus
Will taxing bonus pools spur lending growth? 5:06pm on 09 Dec 2009 # 12

"...whilst we're on football, a lesson for bankers thinking of leaving the country in a huff. That's what Ronaldo thought when he went to Real Madrid - I'll save tax as well as getting paid more - and what is La Liga facing now? - that's right a strike because there are proposals on the table to tax the highest paid footballers in Spain as it's currently running with about 20% unemployment rate."

wasn't Ronaldo a non-dom?

what was that about needing to do the reading first??
How the bonus tax will work 11:35am on 09 Dec 2009 #75 you got me thinking, I know im being trivial, but if the govt wants to make a point against people who have earned obscene amounts from the banks, how about a winfall tax on the £2m a year and £500k a year tony blair received from J P Morgan and Zurich respectfully. Also how about a windfall tax on the £4.6m he is to earn from his memoirs, after leading us into war against Iraq.
Defending a super-tax on banks 5:44pm on 08 Dec 2009 RP, I too think any new or smash and grab taxes will be heavily dressed up as social causes, but shouldn't all the taxation we currently pay be in the public interest and worthwill anyway ?
We're all bankers now 2:48pm on 08 Dec 2009 #106 Writingsonthewall

The times article was written by a journalist, once it seems credit suisse were asked to consider the way a good and bank could be structured out of Northern Rock. Unnamed treasury sources are worthless. My recollection is that Darling has said he “is no hurry to sell the bank” while reports have said that a sale by May 2010 would be optimistic in terms of timeframe.

Your forecasts at the beginning of the year were Hyperinflation, the dollar and sterling to be worthless and civil unrest by the winter.

Your reference to bank failures in the US as being “key to the worlds recovery (or lack or of it)” seems to completely contradict your lambasting on Friday of somebody who dared to mention “a global financial crisis” and “we can do nothing on our own”

Please give up on these egocentric reviews of the year they let you down
We're all bankers now 12:58pm on 08 Dec 2009 # 94 Anglophone,

As i understand it, the reason why this is only now emerging is that Cadburys have been a client of RBS for decades, those loyal and wealth creating people at RBS deliberately kept their change of support to Kraft and their attempted hostile takeover, from Cadbury.
We're all bankers now 12:04pm on 08 Dec 2009 #88 Ian the chopper

you are correct the link a must read.

I actually thought this type of soppy accounting was outlawed in the 80s Also most companies have either learned or are physically prevented from paying bonuses when they are racking up losses.

even my generally calm blood is boiling now

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