Posted by:
UK-Sinner
(
)
Date: July 28, 2012 04:57PM
Mormoney Wrote:
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> OK, I don't remember where I've read this, but has
> anyone heard of GA's getting forgiveable loans?
> So it's not "income" for them, because it remains
> a liability until death. And after the GA dies
> the loans are forgiven. However, the loan can be
> called for repayment at any time and for any
> reason. As long as they stay loyal, and BS all
> the way up to their eye balls in defense of TSCC,
> the loans will never be called for repayment.
> This seems like a very convenient way to get
> around paying high salaries, and even having to
> pay taxes on that money. Not to mention it would
> be one sure fire way to keep them loyal. I'm no
> accountant, so I'm not even sure if this is legal
> or possible, but I read that somewhere, although
> it might be conjecture.
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Sounds very similar to a tax avoidance scheme that has been in the news in the UK recently. A well known Brit commedian (Jimmy Carr) was involved in a tax scheme, based on his salary/earnings being paid directly to a company who then 'loaned' him back his own money. As a result he was able to pay as little as 1% of his £3,000,000 annual earnings in tax.
http://www.telegraph.co.uk/news/celebritynews/9341797/Jimmy-Carr-tax-avoidance-scheme-investigated-by-HMRC.html