good, fuck off you parasites
This!
agree, but a reminder that the top 1% pay 30% of the taxes the treasury receives.
Do the top 1% have more or less than 30% of the total wealth?
Far less. In the UK half of all wealth is owned by the top 10% but there is very little concentration in the top 1% compared with the USA and other nations like Italy, Russia and China. Also, the degree of wealth inequality has mostly remained consistent for the last 10-15 years.
Another factor to consider is that for the top 10% (which in the UK you are in if you earn more than £52,000) hold around 50% of their wealth in pensions (which are taxed) and around 32% in properties on average.
Have a look at ONS data to back up what I’ve said. https://www.ons.gov.uk/visualisations/dvc1727/Fig2/datadownload.xlsx
I still do believe that there is a better balance to be found with tax and wealth, but I’m less convinced that the answer is solely based on going after a 0.1% of wealthy.
But we’ll just take the next 1% and make them pay 31% of the taxes. Problem solved! /s
If they have numb non dom then they don’t pay tax. Which is surely the point.
Good,let them go. They have all their wealth offshore and barely pay tax. They are the real scroungers and parasites.
If the wealthy refuse to pay taxes to support the UK.
Why the hell would we need them. Move to the nations you choose to pay tax in. And enjoy the infer structure etc they provide with that taxation.
Also, no they are nit.
They have assets in the UK, they aren’t going to leave them, so we would see them transfering assets out of the UK if they were leaving, and guess what? We’re not seeing that.
Also, where would they go? Europe?
He’s obviously talking his own book, but there does seem to be genuine concern that the government’s analysis of the non-dom crackdown suggests that, yes, it will lead to a reduction in tax revenue. Because many of these people can in fact just move…
Actually the article you posted indicates it will fail to raise extra. Not lead to a reduction.
As these folks are using the status to avoid paying tax now. Them leaving just means they have to find a new nation to not help fund.
It is not likely to raise extra money. But is likely to remove those profitting from the investmment others make in our inferstructure.
Thos could be argued to open up the field for investers who actually want to fund our nation.
If 99% of them leave and 1% of them remain and pay their taxes then that will constitute an increase in funding.
Except as I already said 99% of them won’t leave. They’ll threaten to leave and they may go and sulk in another country, but for a lot of them their assets are properties that they rent out they can’t sell them, without finding a buyer. If someone buys the property then they will pay the tax, either way we get the tax.
If those rich people are willing to move to shitholes like Dubai to save a few quid in tax, they were probably going to do it anyway.
Removed by mod
As is their right to do so, you don’t pay taxes you have somewhere to live that isn’t the UK. Unlike refuges…
OK, byeeee 👋
Oh dear. How sad. Never mind.
Just twigged, it’s that David Sullivan. Good, he can sod right off.
This non-dom crackdown is so fucking stupid because it will achieve the square root of nothing.
I wouldn’t say it’s a crank down it’s more a very simple change in the law that doesn’t really require much effort or expense from the government.
If it achieves nothing at all then there’s no reason whatsoever for you to care about it.
The evidence suggests it will just end up costing us more.
If the tax take is lowered, that affects us all, right?
What do you mean by lowered tax?
The percentage of tax that people are required to pay has not changed with this policy all it’s changed is rules to exemption.
Previously non-doms weren’t required to pay any tax because they didn’t live in the UK full time, this change simply requires that they do pay tax but the percentage they pay is the same percentage as they would pay if they like lived the UK full time.
For everyone else, including millionaires that do live in the UK, this law has literally no impact on them.
Non-doms pay foreign tax on their foreign income and UK taxes on their UK income. If they decided to leave the UK, the tax revenue the government receives would be lower, therefore the policy overall will end up costing us more and there’s no practical benefit.
I’ve got no time and sympathy for non-doms, but the policy won’t achieve anything.
No that’s incorrect.
If they are currently claiming non-dom status then they don’t pay tax on UK income, that’s the point. They have interests in the UK but because they technically don’t live here they don’t pay anything.
What is being proposed is to move it over to the system you have just described.
I have a cousin who is non-dom except he doesn’t have any UK interests so there’s no missing tax in his case but it does mean they actually understand how the law works because I was interested and asked him when all this started. In his case this won’t make any difference because he doesn’t have any earnings in the UK.
The company he works for is American and is operating in Western Africa.
No, they literally do pay UK taxes on their UK income. It would be illegal not to.
The proposed change means that they would have to pay UK taxes on their foreign income as well as paying the foreign taxes.
