April 2015 - Emile Woolf writes

Correspondence with Pat Barron on tax avoidance

Dear Pat This issue goes to the heart of the malaise that afflicts contemporary thinking on the subject of taxation. Until recently the distinction was quite clear – avoidance was not only legitimate, but almost a duty, certainly at the corporate level. “Evasion”, by contrast, is criminal and involves deceit. For example, the sale of […]

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Emile’s comments on “Hard Talk” Podcast: Steven Sacker and John Caudwell – Taxation

Hi Dad, Just heard this fascinating interview with John Caudwell. I’d be interested to hear what you make of it, especially his views on taxation: http://www.bbc.co.uk/programmes/p02mvyh3 Matt Dear Matt I have just listened to it – very interesting indeed. He is instinctively a good man, with a homespun philosophy on wealth, politics, economics and business […]

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Query from Cyril Solomons, retired manufacturer, on the meaning of “mark-to-market”

Query: “Please explain the meaning of ‘mark-to-market’” Emile’s reply: “If an investing company owns 10 shares of a listed stock purchased for $4 per share, that investment would be shown in the investing company’s balance sheet at cost, i.e. $40, assuming traditional rules that prevailed when I learnt accountancy (“lower of cost and market value”). […]

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