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Friday
Nov262010

Tax Question from Ashcroft Re-Opens Controversy

Most people will be familiar with Lord Ashcroft, as he has been at the centre of a non dom row that has been going on for some time. Lord Ashcroft is no longer a non dom, but a question he asked recently has re-opened the controversy surrounding his status.

Apparently he posed a question in writing that asked whether people should “organise their tax affairs to maximise tax payable.” It might have been a fair question coming from anyone else, but as it came from Lord Ashcroft it seems to have opened old wounds and controversies.

The reply stated that “the government expects citizens to pay tax due by law.” This came from Lord Sassoon, the Treasury Minister. It was a fair reply and perhaps a little obvious in some ways, but he further went on to say that “action against tax avoidance schemes” would be taken.

I think it is fair to say that any comments Lord Ashcroft makes regarding tax – whatever the outcome may be – will be viewed as controversial because of his previous position. He has not said he wishes to avoid tax but of course that is what people will assume having read his written comments.

Of course we all know we must pay the required amount of tax and therefore we should ensure our tax affairs are overseen by an expert in the business. If this is not the case there is the chance that mistakes could be made which will prove expensive at a later date.

If you have any questions or concerns over your own tax position, the experts at St Matthew will assist in any way they can.



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