Re: Frankie Dettori
No, most people dont do it.
1- Tax mitigation-ISAs, pensions. Things written in law to give a tax benefit to incentivise savings and investments.
2- Tax avoidance- contrived arrangements to exploit loopholes in the law in order to reduce your or your companies' tax liability
3- Tax evasion- deliberately not declaring income you knowingly received.
There's an argument that 2 should be punished just as severely as 3, but there's a world of difference between 1 and 2.
1- Tax mitigation-ISAs, pensions. Things written in law to give a tax benefit to incentivise savings and investments.
2- Tax avoidance- contrived arrangements to exploit loopholes in the law in order to reduce your or your companies' tax liability
3- Tax evasion- deliberately not declaring income you knowingly received.
There's an argument that 2 should be punished just as severely as 3, but there's a world of difference between 1 and 2.