Red Ken is Hypocrite, Shocker!

[hornetrider]

DonkeyApple said:

RYH64E said:

A bit more information in the Telegraph and from Guido, it looks like Ken has been confusing company and personal expenditure by employing consultants for his mayoral campaign through his company, naughty.

http://blogs.telegraph.co.uk/news/andrewgilligan/1...

http://order-order.com/2012/03/11/breaking-ken-tel...

I like his angle: Millionaire's election campaign funded by Iranian state.

Love that angle, the slimy bd.

[Tiggsy]

mrmr96 said:

Inkyfingers said:

johnfm said:

Do you understand the basis of hypocrisy?

Yes I do, thanks. I can't stand the hypocritical little toad, my point is that we all do our best to avoid tax and there is a very fuzzy line between what is legally and morally acceptable.

That article was also not strictly accurate as it makes out that he has avoided income tax buy leaving cash in his business when in fact he has just put off paying the tax till a later date.

Because of the way income tax and corporation tax work the % rates have a lower % for the first £x per year and then increase the % over a certain £x value. So by deferring the drawings into future years he is avoiding tax.

E.g. take £0.5m out now and you'll pay 0% on the first £10k, 20% on the next £30k, 40% on the next £20k and 50% on the rest. Whereas if you take £0.5m out at a rate of £10k per year for 50years then you'll pay no tax at all. (My figures are done in the round, but that's the principal.)

And on top of the £10k another 40ish in divs so staying under HRT and no emper' NI cont....for him and wife. - unless he can live on £10k!