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What would you do with a windfall ?

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Whilst I'm usually the first in the queue to assail the inequalities of wealth in our society; I have to say, that the latest purge into the tax affairs of the wealthy, including our PM appear rather overblown. First of all they appear not to have been illegal, although the posse may claim immoral. But anyone with half a brain who suddenly comes into a lot of cash, is going to consult a tax-lawyer or accountant and ensure that their newfound wealth is administered in a tax efficient manner. If anyone is to blame for the rich not paying their dues; it's our legislature for not having the loop- hole free laws in place to farm the tax; and the HMRC for not having the gonads to reel it in.

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It's exactly this. The Government has, over many years, made tax legislation so complex that it has become a growth industry finding loopholes. Unfortunately the situation has been reached where the people most vocal in their condemnation of the "sins" of those benefitting from tax avoidance (which is, for those who don't realise it, legal) are themselves guilty of those same "sins". In fact anybody who is saving for their retirement by investing in pension funds will find (if they bother to look) that the compnies they are entrusting their money in for a pension are actually using the same offshore vehicles to build up the pension funds for their clients. If you invest in ISAs you are engaging in "tax avoidance". If you pay a tradesman "cash in hand" you are engaging in "tax evasion" (as an accessory) which is illegal but there doesn't seem to be any great fuss made about that.

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Depends how the windfall came, really.

 

If it was something like a lottery win (which, unlikely as it is, is still the most likely), then I'd make sure my nearest and dearest were all sorted, and enjoy the rest.

 

If it was something like a massive wodge from a parent, I'd wait for seven years before I reluctantly agreed to pull the plug on their life support machine.

 

So long as it was all legal and stuff.

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I don't know how i would cope with a windfall. The fact that my kids have started paying some of their borrowed money back is making me tearful at times. Must go & lie down !

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