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Lord Ashcroft and his tax affairs

Yet again much of the media is focusing upon Tory peer Lord Ashcroft and his tax arrangements both in the UK and outside of the UK. The BBC is alleging that £17 million was transferred to a trust fund the day before new tax laws came in for sitting peers forcing them to pay tax on their worldwide income. It is believed that the funds transferred into a trust for his children could potentially save up to £3.4 million in inheritance tax charges in what is yet another blow to David Cameron and his campaign to distance himself from the wealthy and famous of UK society.

Lord Ashcroft has been in the news on a number of occasions in relation to his tax affairs and his worldwide assets although ultimately he has never been charged with any wrongdoing with the media instead choosing to become part of a whispering campaign against the Tory party peer. The truth is that the £17 million which was transferred to a trust fund, only hours before the new regulations came into play, is in line with regulations and in all honesty, in the same situation who would have acted any differently?

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