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Miliband adviser: PM should now look at his own party on tax

Stewart Wood, a shadow cabinet minister and adviser to Labour leader Ed Miliband, has tweeted that David Cameron should now look at those in his party that use tax avoidance schemes:

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Jimmy Carr's apology for tax avoidance scheme in tweets

Carr's apology for tax avoidance scheme in tweets

Jimmy Carr: 'I now realise I've made a terrible error of judgement'

In a statement released on his Twitter page comedian Jimmy Carr wrote:

I appreciate as a comedian, people will expect me to ‘make light’ of this situation, but I’m not going to in this statement as this is obviously a serious matter.

I met with a financial advisor and he said to me “Do you want to pay less tax? It’s totally legal.” I said “Yes.”

I now realise I've made a terrible error of judgement.

Although I’ve been advised the K2 Tax scheme is entirely legal, and has been fully disclosed to HMRC (Her Majesty’s Revenue and Customs), I’m no longer involved in it and will in future conduct my financial affairs much more responsibly.

Apologies to everyone.

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The global cost of unpaid tax

HMRC says it loses £4.5 billion a year through individuals not paying their full amount of income tax.

The global cost of tax avoidance, (morally wrong according to the Prime Minister, but perfectly legal in many places in the world) combined with tax evasion (illegal) is thought to reach $3.1 trillion each year, according to campaigners.

  • The United States loses more than an estimated $337billion
  • Brazil loses more than an estimated $280 billion
  • Italy loses more than an estimated $238 billion
  • The UK loses more than an estimated $109 billion
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