EVASION OF TAXES.
PRACTICES IN ENGLAND. CHANCELLOR’S REMEDY. LONDON, April 25. Since the Treasury recently pointed out that incomes subject to surtax had mysteriously fallen by £170,000,000, the “Times” has revealed many taxdodging devices. A favourite one is to appoint a board of trustees to receive all income and to form two companies registered abroad—say in Andorra . and Luxemburg. Income is manipulated until it is returned to the owner as capital. Lacking income, then the owner pays no income tax. Sir John Simon, Chancellor of the Exchequer has applied his own knowledge of law- in addition to that of the Treasury experts, in order to defeat the hosts of lawyers and accountants who are thinking up plans to help the rich evade taxation.
Sir John will close loopholes in the law with clauses prohibiting the formation of “one-man companies” abroad and will give commissioners special powers to investigate tax-avoiding plans.
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Ashburton Guardian, Volume 58, Issue 185, 19 May 1938, Page 8
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150EVASION OF TAXES. Ashburton Guardian, Volume 58, Issue 185, 19 May 1938, Page 8
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