Banks are not a charity - oh yes they are!

[DimPrawn]

http://www.guardian.co.uk/money/2007...s.northernrock

Revealed: how UK banks exploit charity tax laws£234bn of mortgages put in trusts supposedly for the benefit of good causes

Britain's high street banks have raised billions of pounds in funds through complex financial deals that use supposedly charitable trusts which are not donating a penny to good causes, the Guardian has learned.

A dozen of the country's best-known banks and financial institutions have raised funds on the back of £234bn-worth of home loans over the past seven years, using trusts which have charitable status but rarely give anything to charity.



Money grabbing, tax dodging barstewards!!!

anyone know how they do this and can my accountant set it up.

[rootsnall]

Eh ! The article is not from the BBC website !?

[DimPrawn]

Don't be cheeky.

Banks are putting £200bn in charitable trusts and have never paid a penny to the charity or any tax.

However you are a disguised employee and a tax dodging coont.

HTH

[miffy]

Have to say I'm shocked, but not surprised. They'll screw anyone to make money.

Down's Syndrome North East, a small charity run by volunteers from a semi-detached house on the outskirts of Newcastle, was told nothing about this and did not receive any money. During the period that Northern Rock was using its name to raise billions of pounds

Disgraceful. I think they should be forced to pay up.

[rootsnall]

Don't be cheeky.

Banks are putting £200bn in charitable trusts and have never paid a penny to the charity or any tax.

However you are a disguised employee and a tax dodging coont.

HTH

No no no, you've got the wrong man, I'm Spartacus.

[lilelvis2000]

Being friends with Labour really helps when you need that vital profit incrasing loophole.

[Mailman]

Its shocking isnt it?

THese same institutes issue warnings on profits being hit if they have to ditch their beloved little weez called account charges YET on the same hand they have no problems what so ever making vast amounts of money through charities that they never actually pay out from!

I say the Government should introduce a new tax!

Mailman

[hugebrain]

Its shocking isnt it?

YET on the same hand they have no problems what so ever making vast amounts of money through charities that they never actually pay out from!


Mailman

These charities do a lot of good:

Perhaps saving the life of an Iraqi child...

or saving someone from a life of despair, dependent on the state...

or saving someone from a dull career as a pen-pushing bureaucrat.


Tax avoidance just gives you that warm glow of selfless philanthropy.



It's isn't

[lilelvis2000]

With the kind of money going into these "charities" - are they not audited? So that HMRC can figure out if they are just being used to reduce corporation tax from the one - and only - donator.

Must admit my wife has a similar setup. She pays almost her entire profit into this "charity" which she owns, then takes her salary from that, which is most of money that is put it...mind you she does do a LOT of pro bono work.

[wendigo100]

Down's Syndrome North East...

Harsh but fair.