Tory candidate denies avoiding tax (From Richmond and Twickenham Times)
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Zac Goldmsith denies avoiding tax
5:41pm Monday 30th November 2009 in News By Chris Wickham
Under fire: Zac Goldmsith has denied avoiding tax
Zac Goldsmith today hit back at reports he had dodged taxes - and insisted he would not give up the chance to be Richmond’s next MP.
It had been reported Mr Goldsmith, Conservative candidate for Richmond Park, was avoiding large tax bills on his fortune, estimated to be about £200m, because he claimed non-domicile tax status.
Lord Oakeshott, Liberal Democrat treasury spokesman, said Mr Goldsmith was not fit to sit in Parliament because he had “claimed non-dom status all his life to keep his offshore hundreds of millions free of income, capital gains or inheritance tax”.
But the potential MP has described the reports as “misleading” and said any suggestion he owes large sums of tax were “defamatory”.
Non-domicile status is usually reserved for foreign nationals or people with roots overseas and allows them to avoid tax on money earned outside the UK unless they bring the money back into the country.
Mr Goldsmith explained his father, Anglo-French billionaire financier Sir James Goldsmith, created an international trust for all his children and his family has use of two homes that are owned by that trust. He said his non-domicile status was a reflection of his father’s international status but he had chosen to be tax resident in the UK.
He added: “Virtually everything I do is in the UK, and therefore the vast majority of my income comes to the UK, where I pay the full rate of tax on it.
“I do not derive any benefits as far as either capital gains tax or inheritance is concerned since I am registered for the latter in the UK.”
Mr Goldsmith, who hopes to win the parliamentary seat currently held by Liberal Democrat Susan Kramer at the next election, confirmed he had instructed his advisors to end his non-domicile status in April.
He added: “Because of choices I make, the status offers very few benefits.
“If there have been any savings at all, they are massively exceeded by the fact that a very large proportion of my post-tax income goes towards supporting environmental and charitable causes that I believe in.
“I do not believe family wealth accords any entitlement whatsoever in democratic politics.
“But nor do I believe it should be a barrier to my continuing to work for the things we all believe in.”
Comments(13)
Nick C1
says...
9:47am Tue 1 Dec 09
If Richmond is Zac Godsmiths 'home seat" why has he claimed non-dom status for so many years.
Why has a man who wishes to represent us in parliament, chosen to avoid paying some tax in this country for such a long time?
How convenient that Mr Goldsmith is choosing to renounce his non-dom status in the year of a General Election.
Before any one forgets, this is not the first time that Mr Goldsmith's wealth has caused him trouble as he tries to buy his way in to parliament. He has already been censured, and forced to pay back monies he gave unlawfully to the local Tory party, by the Electoral Commission last year.
Susan Kramer has been scrupiously honest in her expenses claims as an MP, and has received praise in the press for doing so. I would rather prefer to read of our local MP being praiswed than have to read the more than severe criticism that Mr Goldsmith is now under from the same media.
gcrozier
says...
12:13pm Tue 1 Dec 09
Scott Naylor
says...
6:24pm Tue 1 Dec 09
I find the amount of Labour and near-marxist Lib Dem pseudo-speak about wealth very worrying, as most of the Lib Dems I have come across in this borough can actually afford to pay higher taxes, live in their own high-value houses, however they impose unfair taxes on a large numner less fortunate, those who can least afford to make true 'economic' choice for instance by buying a new 'hybrid' car, for zero rating, for a premium price, a car by the way which is rewarded for it's 'environmental'crede
ntials by having a high unaffordbale price-tag and a very poor carbon footprint due to the large numner of un-recyclable batteries that have to be employed and extra weight an motors causing more road-wear.
The Lib Dem Richmond Council's loony CO2 tax/parking tarriffs in a suburban area takes no account of socio-geographic environment, and transport and proximity, sizes of family to transport, and is just that, a tax, a stick to beat people with.
Keep up the good work Zac, you are appreciated by a large number of switched-on intgelligent people in this Borough, I am sure in antagonist's eyes you are damned if you do, and damned if you don't the way some people like to portray an argument; heads I win, tails you lose, I just wonder what they would be doing in your shoes?
You just have to ignore them and get on with the really good work!
MacGregor
says...
11:01pm Tue 1 Dec 09
Zac Goldsmith has published a statement on his website to clarify the situation. To pick out some salient points – he stopped being a ‘non-dom’ in April 2009 – and he said: “the vast majority of my income comes to the UK, where I pay the full rate of tax on it. I do not derive any benefits as far as either capital gains tax or inheritance is concerned since I am registered for the latter in the UK.” And: “If there have been any savings at all, they are massively exceeded by the fact that a very large proportion of my post-tax income goes towards supporting environmental and charitable causes that I believe in.”
And I agree with Scott Naylor, the Robber Barons of Richmond borough are more akin to Socialists, but this no surprise as Illiberal Undemocrat council leader Serge Lourie was Labour member for Hornchurch, Essex on the GLC in the 1970s – and – also in the 1970s – Vincent Cable was a Labour councillor in Glasgow when he contributed to Gordon Brown’s ‘Little Red Book’ that advocated nationalising Scottish banks.
ChrisSquire
says...
10:50am Wed 2 Dec 09
What are his longterm intentions? I think the electors of Richmond Park should be told whether or not he is merely an opportunist carpetbagger as his opponents claim; they already know that his main UK residence is a farm in Cornwall,where he enjoys farming subsidies paid for out of our taxes, but he has never told us where his main permanent residence is. We know it is not the house he currently rents in Richmond: is it the farm, or his house in Chelsea or somewhere abroad?
Gerrard Raven
says...
1:41pm Wed 2 Dec 09
Tanya Williams
says...
8:01pm Wed 2 Dec 09
MacGregor
says...
11:06pm Wed 2 Dec 09
Zac Goldsmith’s website states: “I’ve lived in Richmond my whole life. Indeed political commentators were shocked when I turned down the ultra safe Conservative seat of East Hampshire in favour of Richmond Park. I have made it clear that this is the only place I will ever seek to represent in Parliament.” Turning down an “ultra safe Conservative seat” elsewhere is hardly the action of an “opportunist carpetbagger”.
Indeed, for a political party that questions Zac Goldsmith’s links with Richmond, it is a surprise to read on Susan Kramer’s website that she “grew up in Holborn and Baron’s Court”, and lived in the USA for nearly 20 years. Moreover, Twickenham’s current MP Vincent Cable was born in York where he was an unsuccessful parliamentary candidate twice, and he’s also been a Labour councillor in Glasgow – and lived in Kenya.
And – to repeat from my earlier post – Zac Goldsmith gave up non dom status in April 2009.
I am also astonished that some of Zac Goldsmith’s critics haven’t bothered to read what he actually said about “benefits”. He said: “I do not derive any benefits as far as either capital gains tax or inheritance is concerned since I am registered for the latter in the UK. My family has use of two homes that are owned by that trust. Despite what has been said, we do not live in them for free. I am subject to Capital Gains tax on the benefits I enjoy from using these properties.”
Katie Gent
says...
4:07am Thu 3 Dec 09
"A little money" or "a lot", it depends on how much money you have in the first place.
gertrude grendal
says...
11:40pm Sat 5 Dec 09
Amelia B
says...
1:14pm Sat 12 Dec 09
MacGregor
says...
12:07am Mon 14 Dec 09
Moreover – to quote from Zac Goldsmith’s website – he says: “I have always chosen to be tax resident in the UK.”
That’s plain, and simple except for Illiberal Undemocrat supporters who appear to be following their codified book of ‘dirty tricks’ entitled “Effective Opposition” with its mantra of: "be wicked, act shamelessly, stir endlessly".
CharlesArthur says...
11:11pm Mon 30 Nov 09
This man is a committed environmentalist, as well as a localist, who chose to fight Richmond Park as it was his home seat. I know that he made it into the final primary for the East Hampshire seat, one of the safest Tory seats in the country.
Furthermore, he is a resident for tax purposes in the UK so any suggestions that he has 'dodged' any tax are wrong and lies.
How many MPs have actually dodged tax and are facing trial.
Goldsmith actually chooses to contribute to the nations fast declining coffers even though he is not required to. I will still vote for him, Kramer has been in for 5 years and has done NOTHING for her constituents. Another example of dirty liberal politics. Wish she would put her energy into useful means.