BUDGET - TAX AVOIDANCE TIME

I watch with amasement sometimes when politicians speak, when george talked of 'tax avoidance' he must have been getting a bit paranoid or his interpretation must be rather selective as 'stuff other people do, but not me' after he avoided Inheritance Tax by having the family wealth placed into trust.

Think this is what he was meaning:

http://www.guardian.co.uk/uk/2011/mar/23/budget-2011-chancellor-to-close-online-vat-loophole

I looked through the whole bloody thing yesterday, he also refers under tax avoidance about Inheritance Tax avoidance by placing in trust!

Amazing when you think of it, bit like 'I'm alright jack, phuck the rest of you' politics....

2.180 Listed tax avoidance schemes – The Government will consult in May 2011 on
proposals to counter the continued marketing and use of highly aggressive and artificial tax
avoidance schemes. Subject to consultation, the Disclosure of Tax Avoidance Schemes (DOTAS)
regime will be extended to enable the listing of specific tax avoidance schemes for direct taxes
so that the subsequent use of such schemes will carry consequences for the user. Options under
consideration include a surcharge for late payment of the tax. (Finance Bill 2012)
2.181 DOTAS: improvements – A group of measures improving the DOTAS regime took
effect on 1 January 2011 following consultation. The measures included some refinements to
the hallmarks (the descriptions of schemes to be disclosed). The Government will hold further
informal consultations with stakeholders over the summer on the remaining changes to the
hallmarks. Subject to consultation changes will be implemented in 2011-12.
2.182 DOTAS: inheritance tax – Regulations have now been laid to bring inheritance tax, as it
applies to transfers of property into trust, within DOTAS. They come into effect on 6 April 2011
and will require disclosure of new and innovative IHT avoidance schemes involving transfers into
trust.

What is wrong with that dusty?

That depends on your viewpoint, but taking the non-political stance would you not think it a bit rich that the Osbornes close the very loopholes after using them themselves?
It makes me think of the saying 'pull the ladder up after you'

Ok, I see where you are going with this.  I don't know what type of Trust the Osbornes used but the concept of bringing  IHT into line didn't seem wrong.