The top rate of effective Income Tax is being reduced. Depending on how you count it (as there are other taxes based purely on income which are income taxes by another name) it is being reduced from 45% to 40% or 47% to 42%. This will be of enormous benefit. To all those people earning in excess of £150,000 per annum.
Our top rate of tax was already considerably lower than comparable countries in Europe. France, Germany, Italy, Benelux, Portugal, Scandinavia, Ireland. Which is, of course, why Russian oligarchs come to live in Moscow-on-Thames. Even before you remember all those nice rules which allow people to claim they are Non-Doms while living here.
The people who really need help are not people earning over £150,000 a year-the top 5% of earners are getting more than 50% of the total money.
It is not people who want to buy their first house without paying Stamp Duty. Because the vast majority of those first-time buyers to benefit will live in London, Surrey and other property hotspots. First-time buyers in normal places were not paying Stamp Duty before.
Where is the evidence that if you give rich people more money everything works to everyone's benefit? It has never, ever worked. Anywhere. Rich people can afford to save. Can afford to move money offshore. The proportion of extra money that is actually spent is lower than every other income bracket.
Help for those not paying tax? £0. Help for those living in HMOs or paying rent? £0. To paraphrase Robin Hood as lampooned by the Two Ronnies:-
"She taxed from the poor To give to the rich. Silly B1 tch"
Super-rich UK non-doms avoiding £3.2bn in tax each year, report finds
Like so many things, the principle of non-dom status is, of itself, fine. Before it gets abused.
It has been around for more than 200 years. And there are various occasions when it is entirely justified.
As an example, let's take the former Governor of the Bank of England, Mark Carney. He is Canadian, and has substantial assets in Canada, upon which he pays Canadian Tax. We wanted him to come here as an Ex-pat to do a specific job for us. So-he pays UK tax on his UK earnings, and the rest is none of our business. That is only right and proper-it is the way expats have always operated, both here and abroad.
But, like so many things, what is fine in principle gets abused by selfish, greedy gets who tell lies to avoid paying tax. The World has changed-where money is "earned" is far more difficult to pinpoint these days.
If this was all genuine, then there would be lots of ordinary people claiming non-dom status. There is not.
Of people earning less than £100,000 per annum in this country, less than 3 in 1,000 people claim non-dom status.
Whereas, according to HMRC and Government figures, for people earning more than £5 million per annum, that figure rises to 3 in 10.
Which is why London is now known as Moscow on Thames. Properties costing more than £10 million in London are routinely bought by foreigners who live here. But are not "domiciled" here. Because then they would have to pay tax like the rest of us.
I am an inclusive sort of guy. I don't care what nationality someone is. Provided they pay their fair share of tax.
So despite the fact that most,if not every financial institution have expressed concerns/warnings over the Truss & Kwarteng policies they seem happy to plough on through with their original choices/decisions. Carry On Regardless springs to mind and what a 'Carry On' is gonna evolve over the next few months.
“Amongst lots of friends of mine who are Remainers, they just decided that they hate this Government. Obviously Kwasi they hate now as well, and they think Liz Truss is useless. They can't stand poor Jacob Rees-Mogg.”
“Amongst lots of friends of mine who are Remainers, they just decided that they hate this Government. Obviously Kwasi they hate now as well, and they think Liz Truss is useless. They can't stand poor Jacob Rees-Mogg.”
Perhaps his friends have more sense than him?
The sheer gall of idiots like "Crispin" (his parents must have hated him) beggar belief.
There is a simple reason why the £ is tanking in the short-term. And it is not Remainers.
It is hedge fund managers looking to make a quick killing. Which this chinless wonder has already admitted to doing.
And yet still looks to blame others for his actions. Spineless, gutless t0sser.
“Amongst lots of friends of mine who are Remainers, they just decided that they hate this Government. Obviously Kwasi they hate now as well, and they think Liz Truss is useless. They can't stand poor Jacob Rees-Mogg.”
Perhaps his friends have more sense than him?
The sheer gall of idiots like "Crispin" (his parents must have hated him) beggar belief.
There is a simple reason why the £ is tanking in the short-term. And it is not Remainers.
It is hedge fund managers looking to make a quick killing. Which this chinless wonder has already admitted to doing.
And yet still looks to blame others for his actions. Spineless, gutless t0sser.
A young first-time buyer has challenged a government minister after her initial mortgage offer of 4.5% interest was withdrawn and replaced with a 10.4% deal following last week's mini-budget.
Rabia told BBC One's Question Time panel in Manchester that she would be unable to afford the new rate.
"I was given four different offers of interest rates and none of them are now available," she says.
A young first-time buyer has challenged a government minister after her initial mortgage offer of 4.5% interest was withdrawn and replaced with a 10.4% deal following last week's mini-budget.
Rabia told BBC One's Question Time panel in Manchester that she would be unable to afford the new rate.
"I was given four different offers of interest rates and none of them are now available," she says.
Was an interesting Question Time last night. Must have been the first QT in about 2 years where the Tories didn't pretend they had "beaten Covid". Just as well-as I have Covid. Again.
The Tory did as good a job as anyone could in attempting to defend the indefensible. Fair play to him for being brave enough to try. The idiot on this occasion was the Cobra Beer founder. The surprise was how erudite Richard Bacon was.
What was remarkable was just how many former Conservative voters wanted absolutely nothing to do with the Party. I know it is a distance til the next election. And things will change. But, right now, there looks to be a close 3-way fight between The Tories, Lib Dems, and the SNP as to who the official Opposition will be.
In the biggest Labour win in history. Not because they are necessarily resonating with the British public. But because they are not economically illiterate and self-serving. When the Tories fall behind Labour on the Economy they are doomed.
PS-next week's QT should be fun. Piers Morgan will be on the panel...
Comments
https://www.msn.com/en-gb/money/other/super-rich-uk-non-doms-avoiding-3-2bn-in-tax-each-year-report-finds/ar-AA12h6gW?ocid=msedgntp&cvid=3dfbd3764c454f3f934ff058facd7794
It has been around for more than 200 years. And there are various occasions when it is entirely justified.
As an example, let's take the former Governor of the Bank of England, Mark Carney. He is Canadian, and has substantial assets in Canada, upon which he pays Canadian Tax. We wanted him to come here as an Ex-pat to do a specific job for us. So-he pays UK tax on his UK earnings, and the rest is none of our business. That is only right and proper-it is the way expats have always operated, both here and abroad.
But, like so many things, what is fine in principle gets abused by selfish, greedy gets who tell lies to avoid paying tax. The World has changed-where money is "earned" is far more difficult to pinpoint these days.
If this was all genuine, then there would be lots of ordinary people claiming non-dom status. There is not.
Of people earning less than £100,000 per annum in this country, less than 3 in 1,000 people claim non-dom status.
Whereas, according to HMRC and Government figures, for people earning more than £5 million per annum, that figure rises to 3 in 10.
Which is why London is now known as Moscow on Thames. Properties costing more than £10 million in London are routinely bought by foreigners who live here. But are not "domiciled" here. Because then they would have to pay tax like the rest of us.
I am an inclusive sort of guy. I don't care what nationality someone is. Provided they pay their fair share of tax.
https://uk.yahoo.com/news/simon-hoare-tory-mp-breaks-ranks-and-publicly-slams-truss-and-kwartengs-economic-plans-125813354.html
https://uk.yahoo.com/news/liz-truss-told-come-hiding-122049981.html
https://uk.yahoo.com/news/liz-truss-popularity-as-uk-faces-cost-of-living-crisis-and-falling-pound-114559104.html
https://uk.yahoo.com/news/tory-mps-tell-chancellor-kwarteng-193742534.html
https://uk.yahoo.com/news/fears-labour-government-caused-market-091956082.html
https://uk.yahoo.com/finance/news/remainers-blame-run-pound-claims-141823205.html
“Amongst lots of friends of mine who are Remainers, they just decided that they hate this Government. Obviously Kwasi they hate now as well, and they think Liz Truss is useless. They can't stand poor Jacob Rees-Mogg.”
Perhaps his friends have more sense than him?
There is a simple reason why the £ is tanking in the short-term. And it is not Remainers.
It is hedge fund managers looking to make a quick killing. Which this chinless wonder has already admitted to doing.
And yet still looks to blame others for his actions. Spineless, gutless t0sser.
A young first-time buyer has challenged a government minister after her initial mortgage offer of 4.5% interest was withdrawn and replaced with a 10.4% deal following last week's mini-budget.
Rabia told BBC One's Question Time panel in Manchester that she would be unable to afford the new rate.
"I was given four different offers of interest rates and none of them are now available," she says.
https://www.bbc.co.uk/news/av/uk-politics-63084380
The Tory did as good a job as anyone could in attempting to defend the indefensible. Fair play to him for being brave enough to try. The idiot on this occasion was the Cobra Beer founder. The surprise was how erudite Richard Bacon was.
What was remarkable was just how many former Conservative voters wanted absolutely nothing to do with the Party. I know it is a distance til the next election. And things will change. But, right now, there looks to be a close 3-way fight between The Tories, Lib Dems, and the SNP as to who the official Opposition will be.
In the biggest Labour win in history. Not because they are necessarily resonating with the British public. But because they are not economically illiterate and self-serving. When the Tories fall behind Labour on the Economy they are doomed.
PS-next week's QT should be fun. Piers Morgan will be on the panel...