Best of the Week
Most Popular
1. Next Financial Crisis Is Already Here! John Lewis 99% Profits CRASH - Retail Sector Collapse - Nadeem_Walayat
2.Why Is Apple Giving This Tiny Stock A $900 Million Opportunity? - James Burgess
3.Gold Price Trend Analysis - - Nadeem_Walayatt
4.The Beginning of the End of the Dollar - Richard_Mills
5.Stock Market Trend Forecast Update - - Nadeem_Walayat
6.Hindenburg Omen & Consumer Confidence: More Signs of Stock Market Trouble in 2019 - Troy_Bombardia
7.Precious Metals Sector: It’s 2013 All Over Again - P_Radomski_CFA
8.Central Banks Have Gone Rogue, Putting Us All at Risk - Ellen_Brown
9.Gold Stocks Forced Capitulation - Zeal_LLC
10.The Post Bubble Market Contraction Thesis Receives Validation - Plunger
Last 7 days
Silver's Time Is Coming - 17th Oct 18
Stock Market Volatility Breeds Contempt - 17th Oct 18
Gold 7-Year Bear Market Phase Is Over - 17th Oct 18
Gold - A Golden Escape - 17th Oct 18
Tec Stocks Sector Set For A Rebound? - 16th Oct 18
Real Estate Transactions are Becoming Seamless with Blockchain-Powered Data Sets - 16th Oct 18
Important Elements of a Viral Landing Page - 16th Oct 18
Stephen Leeb Predicts 3-Digit Silver and 5 Digit Gold?! - 16th Oct 18
BREXIT, Italy’s Deficit, The EU Summit And Fomcs Minutes In Focus - 16th Oct 18
Is this the Start of a Bear Market for Stocks? - 16th Oct 18
Chinese Economic Prospects Amid US Trade Wars - 16th Oct 18
2019’s Hottest Commodity Is About To Explode - 15th Oct 18
Keep A Proper Perspective About Stock Market Recent Move - 15th Oct 18
Is the Stocks Bull Dead? - 15th Oct 18
Stock Market Bottoms are a Process - 15th Oct 18
Fed is Doing More Than Just Raising Rates - 14th Oct 18
Stock Markets Last Cheap Sector - Gold - 14th Oct 18
Next Points for Crude Oil Bears - 13th Oct 18
Stock Market Crash: Time to Buy Stocks? - 12th Oct 18
Sheffield Best Secondary School Clusters for 2018-19 Place Applications - 12th Oct 18
Trump’s Tariffs Echo US Trade Policy That Led to the Great Depression - 12th Oct 18
US Dollar Engulfing Bearish Pattern Warns Of Dollar Weakness - 12th Oct 18
Stock Market Storm Crash, Dow Plunges to Trend Forecast! - 12th Oct 18
SP500 Stock Market Sell Off Well Forecast by President Trump - 11th Oct 18
USD and US Tr. Yields Retreat, GBP Gains on Brexit-deal Report - 11th Oct 18
Loss Of Yield Curve "Shock Absorber" Could Mean A Rough Ride Ahead For Markets & Housing - 11th Oct 18
Just How Bearish is the Stock Market’s Breadth? - 11th Oct 18
Here’s Why Gold Stocks, Gold, and Silver Are Great Buys Now - 10th Oct 18
Russian Ruble Technical Chart Analysis and Forecast - 10th Oct 18
Society Trends To Keep in Mind in the USA - 10th Oct 18
[eBook] How to Identify Turning Points in the Market - 10th Oct 18

Market Oracle FREE Newsletter

Trading Any Market

House of Frauds, Tory Lords of the Manor Expense Claims

Politics / US Politics May 12, 2009 - 05:22 PM GMT

By: Nadeem_Walayat

Politics

Best Financial Markets Analysis ArticleThe Telegraph continued with its leaking of outrageous expense claims at tax payers expense, where the reaction from the Speaker of the Commons was to deride the media for publishing the content rather than on seeking to hold MP's to account, which is not so surprising given his own past track record of going on spending binges to the tunes of several hundreds of thousands at tax payers expense beyond his salary.


My last article briefly covered the Labour Elites expense claims, the release of the Tory claims clearly show that the Conservative members of Parliament operate as Lords of the Manor exempt from normal taxation such as Capital Gains Tax, and living off of the back of the mass of tax paying serfdom.

The list is near endless, but here are a select few items of Tory Claims, for in depth coverage go to the Telegraph site:

  • Former shadow defence secretary Mr Ancram, claimed £98.58 for the repair of a swimming pool boiler, and reimbursement of £1,117.43 for a gardening bill.
  • Sir Alan Haselhurst, Deputy Speaker of the Commons, claimed £142,000 on his country house, and £12,000 for gardening bills.
  • Mr Arbuthnot, chairman of the Defence Select Committee claimed £1,471 for garden and swimming pool costs, and £2,433 for an housekeeper.
  • Communities spokesman Mr Jackson claimed £304 for refurbishing his swimming pool.
  • David Heathcoat-Amory, claimed more than £380 for horse shit.
  • Douglas Hogg, former Agriculture Secretary, claimed more than £2,000 for clearing the moat on his Lincolnshire estate.
  • Sir Michael Spicer, chairman of Tory 1922 Committee, claimed £5,650 for having his garden maintained.
  • David Davis claimed more than £10,000 for home renovations and furnishings, including a new £5,700 portico.

Lib-Dems are Not off the Hook

  • Nick Clegg, party leader claimed £23,000 maximum annual allowance for mortgage and renovation costs.
  • Andrew George claims mortgage expenses for a £300k flat used by his daughter
  • Menzies Campbell charges to tax payers £10,000 for flat renovations.

Key Problems -

The Property Shuffle - Claiming for second homes for furnishings and mortgage payments, council tax bills and maintenance, and then nominating the same properties on their tax returns as their main homes for capital gains avoidance purposes. Therefore the property shuffle results in a double fiddle - a. Where the tax payer pays for the total running costs multiple properties as MP's shuffle between properties during a year, and b. the tax man does not get the resulting capital gains tax payable on second homes despite the fact that many MP's had claimed expenses on the properties AS their second homes. This in effect allows MP's become property developers with the tax payer paying the renovation costs and then without incurring any capital gains tax liability. All legal off course, after all the MP's masterfully drafted the legislation in the first place to allow them to get away with robbing the tax payers - LEGALLY!

Abuse of Expenses - Voters are outraged by the behaviour of MP's after seeing evidence of the abuse that seems to know NO limits, from claims for chandeliers, porno films, expensive hotels, lawn mowers, moats, swimming pools and the list goes on... Basically everything that ordinary people have to pay for out of their salaries the MP's have been claiming as EXTRA expenses.

Despite whatever Michael Martin the Speaker of the Commons says, the The Telegraph has done a great service to the British public for had the MP's had their way then much of the claims would have been blacked out and released after the June 4th European Elections, furthermore MP's had actively sought to exclude themselves from the data information act so as to prevent the voters from knowing the truth of how they are being taken for a ride. At least now the MP's have a real incentive to do something to make themselves more accountable.

The Voters of Britain need to send a clear message to the MP's of ALL THREE mainstream parties at future elections that this is totally unacceptable behaviour by voting for the fringe parties such as the Greens and UKIP and other independents, only under the threat of losing their seats will the MP's take the action to make themselves fully accountable and stop the abuse of tax payer funds.

I also note that the comedian Stephen Fry attempted to excuse the MP's from fiddling of their expenses to the tune of tens of thousands per year, even going so far as to admit that he also fiddles his own expenses, well £30,000 of expense fiddling a year may not amount to much to a rich multimillionaire comedian, but to the ordinary average voter, £30,000 a year is more than their take home pay! Perhaps the Inland Revenue need to take a closer look at Stephen Fry's tax returns given his public admission.

By Nadeem Walayat
http://www.marketoracle.co.uk

Copyright © 2005-09 Marketoracle.co.uk (Market Oracle Ltd). All rights reserved.

Nadeem Walayat has over 20 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis specialises on the housing market and interest rates. Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication. We present in-depth analysis from over 250 experienced analysts on a range of views of the probable direction of the financial markets. Thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

Nadeem Walayat Archive

© 2005-2018 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules