Wiggins has withdrawn from tax-avoidance scheme

[Oldspice]

Olympic and Tour de France cycling hero Bradley Wiggins has withdrawn from a controversial tax-avoidance scheme, he said on Saturday.
The 32-year-old was criticised last week after it was revealed he was using a scheme named Twofold First Services, reportedly owned by a company based in the Cayman Islands.

He told The Guardian: "I had a small investment in Twofold, following guidance from my professional advisers.
"I had, however, claimed no tax relief of any amount in regard to this investment. Given the concerns raised about it, I have now instructed my advisers to withdraw me from the scheme with immediate effect."


http://www.huffingtonpost.co.uk/201...-lance-armstrong_n_2068930.html?utm_hp_ref=uk

 

[Archie_tect]

Good for him.

 

[Deleted member 26715]

Why he has done nothing wrong, it is completely legal, if the Government want to stop people doing it then change the rules, but they can't their mates won't let them.

Alan..

 

[Archie_tect]

Legal yes....

 

[Archie_tect]

Shift up Mort...

 

[Deleted member 26715]

Legal yes....

So what is the problem? Do you pay VED on your car? do you have a TV license? Should we alter our view of you because of that?

Alan...

 

[rich p]

Why he has done nothing wrong, it is completely legal, if the Government want to stop people doing it then change the rules, but they can't their mates won't let them.

Alan..

He clearly thinks he has done something wrong or he wouldn't be shifting out.

 

[Archie_tect]

So what is the problem? Do you pay VED on your car? do you have a TV license? Should we alter our view of you because of that?

Alan...

It's nothing to do with me- it's about respecting Bradley Wiggins for not abusing the tax system which has a loophole that should be stopped up immediately. I pay tax, you [presumably] pay tax, why shouldn't everyone pay their fair share?

 

[Deleted member 26715]

Sorry Archie this is not a personal attack but I do not see why he should stop doing something that is perfectly legal, it's not a loophole it's a legitimate/legal method of offsetting tax. If you feel it is morally wrong to do it then I suggest you petition your MP to get the law changed.

Alan...

 

[Archie_tect]

It's OK Alan, I realise that you haven't got an issue with it being a legitimate practise but I have, and yes I have already joined the petitions to get the tax avoidance scheme barred [there are a few- via 38 degrees and the like].... there are ridiculous unbalanced, unfair and unequal measures legitimised around taxation which need correcting... I call it not paying your way... I'd go further:

1. Any individual not paying 40% tax on personal earnings above the 40% threshold is evading tax.- they can afford it because they are earning the money to start with and are still getting p60 for every £1 earned over the threshold so they are not being ripped off, and, [more importantly],

2. Any limited company not paying 20% corporation tax on all profitable earnings over the corporation tax threshold is evading tax.... this is where off-shore tax evasion is the most criminal [in every sense of the word]. Yes, I know the arguments about how the companies will just move out of Britain and jobs will be lost but that's an emotive and unrealistic excuse trotted out ad nauseum.

There, sorry, I feel better now....

 

[slow coach]

Delighted to see reports in todays papers that Brad has ditched his tax avoidance scheme. Would appear that he'd listened to advice from financial weasels . Personally always thought that when I heard that he had set up a tax avoidance plan, that he'd been ill advised. My faith in him as a sporting icon and man of the people restored .

 

[Oldspice]

He would keep on doing it if it wasn't for the risk of bad press,which means he would loose out on cash. It isn't like he suddenly realised that the scheme that he was not ethical.I am sure his accountant has advised him of a different money saving scheme.

 

[Peteaud]

It's nothing to do with me- it's about respecting Bradley Wiggins for not abusing the tax system which has a loophole that should be stopped up immediately. I pay tax, you [presumably] pay tax, why shouldn't everyone pay their fair share?

Legal and moral are two different things.

Think its good pr for him to pull out of a system many think is unfair.

 

[Archie_tect]

Of course legal and moral are two different things... that's how politicians continue to stay in office and the Murdochs and their peers are not in prison.

 

[Peteaud]

Of course legal and moral are two different things... that's how politicians continue to stay in office and the Murdochs and their peers are not in prison.

Just dont get bitter and twisted about it.