EVASION OF TAXES
PRACTICES IN ENGLAND CHANCELLOR’S REMEDY LONDON, Apl. 25. Since the Treasury recently pointed out that incomes subject to surtax had mysteriously fallen by £170,000,000, The Times has revealed many tax-dodging 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 taxavoiding plans.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/ODT19380514.2.133
Bibliographic details
Otago Daily Times, Issue 23500, 14 May 1938, Page 14
Word Count
150EVASION OF TAXES Otago Daily Times, Issue 23500, 14 May 1938, Page 14
Using This Item
Allied Press Ltd is the copyright owner for the Otago Daily Times. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons New Zealand BY-NC-SA licence. This newspaper is not available for commercial use without the consent of Allied Press Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.