TORY TAX CREDITS FOR THE RICH THEY FORGOT TO MENTION #TAXCREDITS

Well-off Toff George Osborne loves trampling on the poor and rewarding his wealthy pals. Slashing tax credits for the working low-waged means a part-timer on 7 grand a year – swanky George’s annual breakfast bill – will see income plummet by £1300. But here’s the rub. Four years ago Osborne slipped in a little-known piece of legislation which has become a multi-million pounds tax free bonus for the rich.  The Seed Enterprise Investment Scheme (SEIS) scheme enables individuals with cash to spare to pour it into potentially money-spinning investments instead of the taxman’s coffers. So, for instance,  if you have 100 large ones weighing you down you can pile into shares in an up and coming company and immediately receive back a cheque for £50,000 from us, the taxpayers. At a single stroke you have amassed a 50% tax credit. Not only that, but your cash in the investment may well prove hugely beneficial too. But it doesn’t end there. George has also inserted a clever little rule for his pals so that if an investment fails you can also claim tax loss relief. In some cases this can mean your 100 large comes back to you at £103,000 if the company fails! An unbelivably legal way to offset tax bills with potentially bumper rewards. George’s arguments is that these investments will help grow the economy and encourage smaller firms.4221396001_4344151852001_CHILDTAX

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