He will have paid tax on dividends received through the fund

As a UK resident tax payer. No way out of that and most of the media are not picking up on this.

However the problem is not David Cameron. What he has done is perfectly legal. It is an inherent problem the world over. There are ways to minimise the amount of tax you pay. The cost of admin to fix the loopholes would be astronomical but imho needs doing if we are to have a more equitable society.

Rich people can afford clever accountants to minimise the tax they pay whereas poor people can't. Again an issue. Although rich would argue they pay more than the poor anyway as it's something crazy like the top 1% pay 40-50% of the tax in the UK. Remember John Terry's tax return being leaked? What was it ? Something like he paid 4% tax on his earnings, I can't remember exactly, but again an issue of rich people using clever accountants. It's inherent in society and needs changing for a more equitable solution.

What also needs sorting is corporate tax evasion by the likes of Starbucks, Vodafone etc. The amount of tax owed here is far in excess of a families overseas fund.

Posted By: Tony Martin, Apr 8, 09:15:54