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Scrapping the 50% Tax Rate!
- Thread starter Hetairoi
- Start date
wizzard
Well-Known Forumite
I believe if you live in a foreign country and you still have a UK passport, then you have to pay taxes to the HMRC. As you're still domiciled over here, so it wouldn't matter where you worked, you would still pay taxes to the HMRC.
Kickstart
Well-Known Forumite
How about a transaction tax in its place. Move money from one investment to another and you get taxed. Low level of tax on each one, but the more transactions you make the more you pay
All the best
Keith
Goldilox
How do I edit this?
Not necessarily, governments try to reduce tax avoidance all the time by closing the loopholes that are used to legally wriggle out of paying your fair share. Alas there's always another loophole to find.
Not picking on you Wizzard, honest but I'm pretty sure that's not true at all. If you're permanently based abroad, then you pay tax in the country you live and earn in. I certainly didn't get a UK tax bill when I was living in Australia (& when you think about it why should you pay tax on the same income twice?). If you're living abroad and earning in the UK then you will still have to pay, or if you're living in the UK and earning abroad.
shoes
Well-Known Forumite
What a terrible idea! How could that possibly work?
Investment in new business would stop, the stock exchange would stop, everyone would cash in their chips and naff off out of the UK faster than a fast thing moving quickly.
tek-monkey
wanna see my snake?
If it affected share handling it wouldn't work surely? Everyone would just get a non-UK exchange to handle their transactions?
AA Silencers
Well-Known Forumite
Let's just assume I'm missing the point of thread and I'll stick my two penneth in, so long as it won't be taxed too heavily.
We need to pay tax, our country needs our taxes to run and however aggrieved we are by the system of allocation of taxes, someone else will be equally aggrieved by a different system. The problem I've seen several time is that people want to work but with the cost of fuel and other taxes they can barely make ends meet. They then sit down and work out what benefits they'd get if they stopped work and realise they'd better off! How can it be that people who want to work are forced to quit their jobs to make ends meet? While the system is so far out of balance it will never work. I'm not talking about stories I've read in the paper, I mean real people. Friends of mine or friends of family. Educated people who want to work but can't afford to. That's madness.
More employment is the answer to the tax problem, which could bring more people paying less tax to support less people out of work. If the Government could kickstart our manufacturing sector again it would generate jobs and fund their lovely taxes from every source.
We need to pay tax, our country needs our taxes to run and however aggrieved we are by the system of allocation of taxes, someone else will be equally aggrieved by a different system. The problem I've seen several time is that people want to work but with the cost of fuel and other taxes they can barely make ends meet. They then sit down and work out what benefits they'd get if they stopped work and realise they'd better off! How can it be that people who want to work are forced to quit their jobs to make ends meet? While the system is so far out of balance it will never work. I'm not talking about stories I've read in the paper, I mean real people. Friends of mine or friends of family. Educated people who want to work but can't afford to. That's madness.
More employment is the answer to the tax problem, which could bring more people paying less tax to support less people out of work. If the Government could kickstart our manufacturing sector again it would generate jobs and fund their lovely taxes from every source.
Jackel
Well-Known Forumite
Im not big tory fan ,cos I think the Rich get richer under their regime and the rank and file get poorer. Alright they've opted to cut the top rate income tax to 45%. But in order to achieve thisand mae no mistake about it the rank and file at the bottom will have to pay for it!!
tek-monkey
wanna see my snake?
How would you redistribute the wealth out of interest? Not sure how you could without the rich leaving the country, what about earned wealth versus inherited? You couldn't just take it off them, and higher taxation chases their money abroad. Don't get me wrong, I'd be loads happier being richer, I just don't see how the redistribution will work. In this catchphrase global economy many companies own things in many countries, just can't see how it would work.
Plus your pension will be decimated, as that is who invests in these companies in the first place.
Plus your pension will be decimated, as that is who invests in these companies in the first place.
Kickstart
Well-Known Forumite
I tend to agree but taxes are needed and it comes down to how much and how they are collected. But it comes down to what we are prepared to do without that the taxes provide. UK government spending in 2011 was ~£722B. With a population of around 63m the government is spending around £11500 for every single person in the country.
Unfortunately we have landed up with a high cost of living and have priced ourselves out of many businesses.
All the best
Keith
I think they should have increased the bandings on the Council Tax. I think it goes up to H (am on B myself). Well it could go higher and higher so that those in very expensive property will pay more Council Tax. However, this only goes to the local authority but it could mean that the Government gives less to the local authority. I just think the rich should pay more rather than less.
tek-monkey
wanna see my snake?
If you pay more council tax could you have more police and weekly bins in rich areas? That is what its spent on after all, and its not like you consume more services having a bigger house other than those you already pay more for.
Gramaisc
Forum O. G.
That sounds a bit like a Poll Tax - I'm sure that somebody may have tried that once...
tek-monkey
wanna see my snake?
The poll tax was technically fairer, but seriously disadvantaged poorer people and certainly would have heightened the housing problem.
So what can you do? You can't just **** people because they are poor but at the same time you can't remove all people aspire to.
So what can you do? You can't just **** people because they are poor but at the same time you can't remove all people aspire to.
There can't be any new tax that is popular, the poll tax was seriously flawed and unfair and should have based on the income coming into each household although this would be percieved as an extension of income tax.
As has been said the government brings in £700 billion in taxes and then has to borrow at least 100 billion to fund the shortfall in income to match expenditure.People are fed up with rising taxes and kneejerk call to 'soak the rich'is mot the answer. The socailists in France are campaigning on a ticket of 70% tax rate for the very rich,but how many of these would just move over the border to Switzeland or other lower tax countries. The same could happen here if the finnancail sector decides to move to places like Hong Kong and Singapore
If we don't raise taxes, then spending will have to be cut and thats easier said than done. The biggest single item of spending is pensions and it would be a very brave(or foolish) government to cut pensions. The same can be said of the NHS and alot of the services that the government funds. Thats not to say there isn't alot of fat in the agencys, quangos, departments etc that could not be cut.
Only by economic growth will extra taxes be generated and confidence needs to return for that to happen
As has been said the government brings in £700 billion in taxes and then has to borrow at least 100 billion to fund the shortfall in income to match expenditure.People are fed up with rising taxes and kneejerk call to 'soak the rich'is mot the answer. The socailists in France are campaigning on a ticket of 70% tax rate for the very rich,but how many of these would just move over the border to Switzeland or other lower tax countries. The same could happen here if the finnancail sector decides to move to places like Hong Kong and Singapore
If we don't raise taxes, then spending will have to be cut and thats easier said than done. The biggest single item of spending is pensions and it would be a very brave(or foolish) government to cut pensions. The same can be said of the NHS and alot of the services that the government funds. Thats not to say there isn't alot of fat in the agencys, quangos, departments etc that could not be cut.
Only by economic growth will extra taxes be generated and confidence needs to return for that to happen
Withnail
Well-Known Forumite
Twice - my calculations, based on the time difference between the first and second, anticipates the next attempt some time in the 2580's...