See he has been declared bankrupt.
How do these folk make such a rickets of their cash?
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See he has been declared bankrupt.
How do these folk make such a rickets of their cash?
See the "Voila" thread.Quote:
Originally Posted by Sauzee 4
Hector having a purge on football agents.
He was on the United coaching staff with Macnamara too though.Quote:
Originally Posted by greenginger
It's a purge on those who couldn't pay the tax on the failed film-investment tax avoidance scheme.Quote:
Originally Posted by greenginger
See the Voila (sic) thread for a roll of honour :greengrin
Call me hard-hearted, but. I don't feel much sympathy for tax avoiders and significantly less for tax evaders. Most folk who complain about paying huge amounts of tax are creaming in a lot of candy, so I say 'tough sh/t.'
Quote:
Originally Posted by CropleyWasGod
I wouldn't have thought the tax charge on that one scheme would have been enough to bankrupt people.
However being involved in the scheme would open the way for a tax investigation of all of Voila and Jackson's income sources . :cb
It's been pretty nasty.Quote:
Originally Posted by greenginger
There have been plenty footballers involved. The high-profile ones, the high earners (Rooney and Lineker, IIRC), could afford the hit. Those less so, like DJ (and the others I mention on the Viola thread) might not be so fortunate.
From the other thread:-
Derek Whyte
Paddy Connolly
Barry Ferguson
Gordon Durie
Michael O'Neill
Tosh McKinlay
There are actually 40 companies with a similar name. If i fall out with the family over Christmas, I'll dig out any other newsworthy names :)
This is what kicked things off:-
http://www.theguardian.com/football/...x-demands-hmrc
Just had a wedge of letters through the door about this as well. Thankfully no one we act for will be going to the wall because of it.
Is ooh-ah-Jacksona the only player to have played for all 3 Edinburgh clubs?
Did one of the willie irvines maybe do so too?Quote:
Originally Posted by SausageSurprise
Don't think so. Ralph Callachan did though.Quote:
Originally Posted by Mr White
Thomson Allan did as wellQuote:
Originally Posted by SausageSurprise
Didn't play for all three but I remember watching big Vic Kasule and thinking he was some Brazilian legend propelled into the east end of Edinburgh !Quote:
Originally Posted by Tom Hart RIP
I went to a few Meadowbank games, quite a weird atmosphere at times - especially when all I wanted was a slush puppy from their cafe !
https://en.wikipedia.org/wiki/List_o...c_strips#A_-_EQuote:
Originally Posted by Sauzee 4
See 'Darren Dice'.
The Evening News headline had him as ex-Hibs and Celtic!! Mind you, they probably didn't mentioned his time at Hearts to save him more embarrassment.Quote:
Originally Posted by SausageSurprise
So Jackie wasn't giving him a cut of his bonuses for all the players United sold to Celtic :rolleyes:
Now there was a character- Vic Kasule. Usually 4 or 5 pints before each game he played in. He had plenty of ability too, could have been a top player too.Quote:
Originally Posted by truehibernian
Sad to here this. Both that hes been avoiding tax and that its went wrong for him. Helped me out a lot when i was a youth player and was always a good guy
After leaving Dubdee United he has been a regular at Easter Road with his son
My favourite player at hibs when i was young...lost all respect for him when he signed for hearts
Noticed from the article in the news that it claims Jackson has no assets to repay his debts. If this is the case it is very sad for Jackson and his family.
However, is it the case like the choreographed administrations at the cheating ****bos and Sevco things like houses and other assets can be hived off and rise phoenix like in other peoples names or other companies names?
Does nobody take pride in paying their way these days or is life just about getting as much as you can for nothing? Are those of us with the attitude only spend what you can afford whilst paying their debts when requested really just old fashioned mugs?
Sad to see this happen. Darren did a tremendous amount of charity work for the Craig Gowans Foundation in recent years, and was always very humble about it.
He tried to avoid paying Tax and it caught up with him
Some get away with it (Hearts), others don't (Rangers RIP)
Very sad but can't have sympathy for someone who earns enough to need an accountant/agent. They then pay said accountant money to avoid tax liability and moan when caught out. They'd be better off paying the tax in the first place.
Or maybe next time they could go for a remake of Springtime for Hitler.
You don't need to be loaded to need an accountant. I'm sure a great number of self-employed people and small business owners would be choking on their coffee reading that.:greengrinQuote:
Originally Posted by Geo_1875
Yes, some self-employed people may hire an accountant to navigate the minefield of HMRC regulations. However, footballers (and any other employee) can opt to join PAYE and have their affairs handled directly by their employer.Quote:
Originally Posted by s.a.m
High earners are hit hard by the tax man - I'm not against that, but neither am I against them exploring and using ways to reduce their liability. It would seem that hundreds of footballers invested in these film-funding schemes in good faith and are now paying the price.Quote:
Originally Posted by Geo_1875
http://www.theguardian.com/football/...x-demands-hmrc
It looks to be a combination of unclear advice and HMRC shifting the goalposts which has led to the situation.
Sorry I am going to have to take issue with you on that.Quote:
Originally Posted by Peevemor
They did not invest in good faith
They were led to believe there was a tax loophole which they could exploit which would enable them to avoid paying tax lesser mortals would.
There is absolutely nothing good faith about that.
I am absolutely over the moon about the closure of all of these tax loopholes which favoured the rich, who could afford such advice at the expense of the poor who could not.
No-one likes taxes but they are a necessary evil, they become an unnecessary evil when the system is abused.
BTW for the record I am an IFA, with not inconsiderable knowledge of these schemes and a 40% tax payer so this isn't sour grapes about others with more wealth cheating me, they cheat everyone, particularly those that can least afford to be cheated.
My advice to my clients has always been if something looks to good to be true it probably is.
Like many tax advantaged schemes, in an attempt to save tax you can often lose not just the tax saved but the original investment.
Pay your dues and get on with it, sleep well and don't ever be afraid of the phone or doorbell ringing or the postman delivering a nasty surprise.
I put money into an ISA last year. Many would not have been able to afford to do that. Am I cheating them? :dunno:Quote:
Originally Posted by BSEJVT
How do you know?Quote:
Originally Posted by BSEJVT
For years pop stars were planting trees in ugly rectangular blocks all over the countryside to take advantage of the tax benefits. It wasn't a loophole, it was a government scheme.
Was the tax relief on film investment not a government initiative to boost the industry?
I doubt any of the footballers involved were looking to defraud HMRC, the were simply sold a scheme that wasn't as clear cut as they believed.
I take it you don't take advantage of the various tax deuctions available?
Same, he was my hero when I was at primary school. I remember being gutted seeing him play for celtc and I hated him when he played for Hearts. Can't say i'm overly upset at this news :greengrinQuote:
Originally Posted by CRAZYHIBBY
if you think that those 2 sets of circumstances are remotely similar, I have more to do than waste my time on you.Quote:
Originally Posted by lapsedhibee
I'm not sure what their game plan was with that....why did they not mention he was more recently a jambo than he was a hibbie ?Quote:
Originally Posted by Colr
Anyway...if I recall correctly Jackson starred for the hearts and was a (if not the) key player in keeping them up.
Bloody good player for all 3 Edinburgh clubs, and very surprised he got himself into such a predicament. (although fully deserved if he was trying to avoid paying his taxes)
The problem with all these schemes is that they are designed for the common good by well intentioned civil servants.Quote:
Originally Posted by Peevemor
They are then *******ized by wide boys who can see loopholes the well intentioned civil servants cannot and are exploited.
Can you honestly say that some of the names on that list would have invested into such schemes without the massive tax advantages they were sold as carrying?
To answer your other query, yes I have ISA's and pensions, so do most other people with the means to afford them to a greater or lesser level.
It is my fervent hope that the next budget will introduce a universal rate of tax relief of around 30p and will restrict annual contributions further.
Far too much pension tax relief is obtained by far too few people.
I don't propose to get into the why's and wherefors of who can afford and who cannot these things as its a multi faceted argument, some of which but by no means all is determined by people's life choices.
My argument would be if you can afford a pint, holiday or any non essential expenditure unlike food, clothing heat and light and a roof over your head and any others I may have omitted accidently, you can afford a pension or ISA but choose not to.
There are some poor soul's in the world who cannot. If we can remove / reduce aggressive tax evasion then that money must be used to help them
My favourite Hibs player of all time.
He did f-all at Celtic and at Hearts so I don't really let the fact that he played for those clubs tarnish my memories of him.
We got his best years, fantastic player for us and I like the thought of him attending ER regularly with his son.
This news gives me no joy whatsoever. Companies and individuals the length and breadth of the country try to pay less tax. In an ideal world we'd be like the Scandinavians where they are proud to pay their tax and enjoy all the benefits that go with that. But unfortunately we now live with the legacy of Thatcher's "me, me, me" culture and anyone who proudly pays their tax (like many in Scotland do, and also like those who have no choice but to do) get the piss ripped out of them by the many elsewhere who do not.
Sad, but true.
If you get involved in these schemes you do so knowing that it is at your own risk and if it goes belly-up then you only have yourself to blame.
**** him. I've no sympathy for anybody who partakes in tax avoidance schemes. He was earning more than enough through his career to pay his dues like everybody else has to, so folk like him don't deserve any sympathy.
Jackson is a victim of the endemic greed prevalent in this sad epoch of the failure of late capitalism. Lots of more shallow individuals than him have been caught up in the 'last days of the empire' mentality. Sadly, most of them are in politics and banking, which only exacerbates the problem.
Lol. There are plenty ISAs around you can open with a pound. Ridiculous statement.Quote:
Originally Posted by lapsedhibee
That's true, but there is no point in putting one pound into an ISA just now because there is currently no difference in the net interest you'd receive by putting one pound in an ISA and putting one pound in any other account. There is no tax saving on one pound.Quote:
Originally Posted by tamig
I should have said that I put a much larger amount in an ISA specifically to avoid paying any tax on the interest. I am trying to understand why it is ok for me to do that, if it is.
He scored for Hearts against us at Easter Road and IIRC went mad after the goal and seemed to love getting it up us. He could GTF after that as far as I was concerned.Quote:
Originally Posted by Smartie
It was a great strike in fairness though :duck:
That's exactly what happened.Quote:
Originally Posted by Peevemor
Classic case of HMRC deciding that they didn't care for a Government - instigated scheme. Challenged it in Court, and won the day. Similar to the EBT story.
Will be interesting to see if DJ, and others, take action against their advisers.
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It was interesting to read David Rutherford, who is DJs trustee (similar to an administrator ) saying that he will investigate whether DJ has any assets.Quote:
Originally Posted by Spike Mandela
DJ says he has none, but it will be DR's job to find out if that is the case. First off, for example, he will need to check whether the film investment has any value. There's also the question of whether any assets were put into the names of others, and when. Also, whether there is a case for action against his advisers .
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As you say, cracking goal.Quote:
Originally Posted by Bring_Back_Franck
From memory it was a consolation goal in a defeat (one of many at that time) for his side. Whilst it was a good goal I don't remember him ever playing a significant part in a victory over us. There are even some tidy clips of him cowering on the bench during the 6-2 game.
I'd still say Rangers got off lightly.Quote:
Originally Posted by Hibayernian
Not sure if I agree with that exactly.Quote:
Originally Posted by CropleyWasGod
The problem with many of these schemes was that they were manipulated so that the principal activities were the tax saving and the film (in cases like this) itself was way down the line in the list of priorities and entirely spurious.
HMRC challenged many of these schemes on the basis that they were entirely fabricated.
There is the age old problem that the baddies pay more money to their advisers than the government do to theirs and that consequently they are better placed to find loopholes that the government advisers never considered.
I hope they do go after their advisers, although paradoxically that may well fall back to bite me personally if the FSCS rule they were covered and the advisers fold.
My favourite phrase of gratuitous alienation comes into play here :greengrinQuote:
Originally Posted by CropleyWasGod
For some reason I have always loved that phrase, the phrase not the act!
That, though, is the point of the incentives. People with cash, who would otherwise have no interest in the film industry, are encouraged to sink their cash. If it's done properly, everyone's a winnner.... the investor, the industry and the economy as a whole.Quote:
Originally Posted by BSEJVT
I don't know too much about this case, but I'm assuming that (again, like the RFC case) well-meaning schemes were stretched by people who should have known better.
I do have a certain amount of sympathy for the likes of DJ. Although, as has been said on this thread, they were guilty of greed, they did put their trust in people who they thought were entitled to that trust. That just reflects badly on the likes of you and me, and dissuades people from getting proper and decent advice.
An entirely fair summing up of things, as usual.Quote:
Originally Posted by CropleyWasGod
The Treasury's advisors are often on secondment from the companies that are arranging these tax dodging schemes. No wonder they rung rings around them.Quote:
Originally Posted by BSEJVT
Quote:
Originally Posted by Spike Mandela
I don't think anyone does - how many folk have granny and grandad paying for their kids Christmas? How many have overdrafts and huge credit card bills?
How many young folk want to be famous - not for having a talent just to be rich and famous.
Jung that's some fancy purdy words there slick.Quote:
Originally Posted by Dashing Bob S
But if you ISA goes tits up and you get back less than you put in, then that is the risk that you take? That is the risk that DJ has taken.Quote:
Originally Posted by lapsedhibee
I too put money into ISA's and more often or not I look to put whole amount that I am allowed too. No one makes me do this and I do it because I can afford to.
I am not the most accomplished person, when it comes to financial matters, and I have a balanced portfolio which is mix of steady to middle risk shares which will make few bob and one or two risky ones. I had this all carefully explained to me, as you would do, when it is your money. I am more than aware what I was signing up for.
I would say I was motivated by security over huge wealth.
And what I would also say is that if my financial advice was to invest in an obscure film company, that can't realistically turn a profit, I would know full well what that was, and chose not to take that risk.