Can I have a 10% Tax rate as well please?

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https://www.theguardian.com/busines...st-people-exploiting-loophole-to-cut-tax-rate

HMRC data shows 9,000 people paid just £5.1bn in tax on £33.7bn of capital gains income in the latest financial year available. That works out at an average tax rate of 14.8%, lower than than the basic rate income tax of 20% that people pay on salaries of between £12,501 and £50,000.

https://www.theguardian.com/politic...ed-by-britains-richest-urges-former-hmrc-head

The former head of HM Revenue and Customs has called on the government to scrap a controversial tax break designed to help entrepreneurs, which he said was costing the country £2bn a year in lost tax yet provided “no incentive for real entrepreneurship”.

“It gives £2bn CGT savings every year to those who have already made their gains and provides no incentive for real entrepreneurship.”

I don't see the usual lot on here talk about this giveaway?


No one likes to pay more Tax than they should but I am a higher rate tax payer, fair enough I earn more so I pay more. I would like those earning millions to pay the same or similar proportion that I do.

Now who disagrees with that?
 
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As a top rate (additional rate) tax payer, it leaves a lump when I chat to friends who run their own firms and pay a fraction of the tax I pay for similar income. However, you have to recognise the very high failure rates of start ups and encourage individuals to as best you can, particularly those who can HQ in many alternative tax attractive locations.

Its probably worth reading up on the scheme they are referring to.
https://www.gov.uk/government/publi...ent-helpsheet/hs275-entrepreneurs-relief-2019
 
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As a top rate (additional rate) tax payer, it leaves a lump when I chat to friends who run their own firms and pay a fraction of the tax I pay for similar income.
Through lack of opportunity to start up your own company, or on moral grounds?
 
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what does that mean?

Surely there are things in life that you find personally unfair, but recognise the need for them for greater good?
 
https://www.theguardian.com/busines...st-people-exploiting-loophole-to-cut-tax-rate

HMRC data shows 9,000 people paid just £5.1bn in tax on £33.7bn of capital gains income in the latest financial year available. That works out at an average tax rate of 14.8%, lower than than the basic rate income tax of 20% that people pay on salaries of between £12,501 and £50,000.

https://www.theguardian.com/politic...ed-by-britains-richest-urges-former-hmrc-head

The former head of HM Revenue and Customs has called on the government to scrap a controversial tax break designed to help entrepreneurs, which he said was costing the country £2bn a year in lost tax yet provided “no incentive for real entrepreneurship”.

“It gives £2bn CGT savings every year to those who have already made their gains and provides no incentive for real entrepreneurship.”

I don't see the usual lot on here talk about this giveaway?


No one likes to pay more Tax than they should but I am a higher rate tax payer, fair enough I earn more so I pay more. I would like those earning millions to pay the same or similar proportion that I do.

Now who disagrees with that?

Mixed feelings on this one i have to say.

This falls into the realms of tax efficiency which of course HMRC call avoidance or worse evasion and it's made on par with the Jimmy Savilles of this world. Now i have to say i don't blame people using efficiency, as HMRC are beyond corrupt and ruthless in how they claim and treat individuals over large corps, they always bully the lowest hanging fruit, the large profiteering corps which invariably get away with far more, thats because fun games go on, for example v large accountancy firms and uk tax collectors like to swap jobs and loopholes. What's wrong with having a 2nd home or two which enables you to retire comfortably without claiming off the state or like ive seen others having to spend all their savings on care whilst incapaciated till it's all gone anyway, so they've paid CGT on their 2nd home and all their care anyway,Isn't that double penetration?. Oh and then they're taxed when they die? WTAF, that's beyond fcked up.

However the entrepreneurial benefit i believe is used/abused for the wrong reasons and in that instance stopped.

I really dont like the mentality of 'they're rich they need to give me some money because i am poorer' (Is this a Labour mentality thing) Behind the scenes there are alot of people who give lose risk alot to be there, and they don't deserve to be penalised for that. But there does come a point when i agree it becomes too much money.
 
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Ray Dalio agrees - Capitalism currently is broken and trickle down does not work.

https://www.linkedin.com/pulse/world-has-gone-mad-system-broken-ray-dalio/

Btw if you don't know who Ray Dalio is, then perhaps you need to learn a bit more about finance.

I don't have any issues with Bill Gates, Buffet or Bezos billions. The issue is whether they pay a similar percentage of their income in tax as the middle class.

Festy seems like a libertarian or a temporarily embarassed millionaire.
 
I've just had a brief think about all the £money I've ever earned as a businessman & you know what . . . if I'd had to pay what everyone else thinks is my fair share of income tax, then I probably would never have bothered.
 
Of course, opinions differ.

I've always thought that earning plenty of money, and paying tax on it, is preferable to earning very little money, and paying very little tax.

dork doesn't.
 
How many people does a company the size of Amazon employ?
600,000 directly - complaints of minimum wage and no toilet breaks, presumably not all of them.

Please don't just count those that clock on & off when entering the building, also count those that are employed by the manufacturers of the products it sells.
Why not? Do you think people would not buy things elsewhere?

Anyway, what has that to do with paying no tax?
 
Of course, opinions differ.

I've always thought that earning plenty of money, and paying tax on it, is preferable to earning very little money, and paying very little tax.

dork doesn't.

Instead of just earning money & moaning about having to pay tax on it, how about actually MAKING money & using that money to make more money instead of throwing it into the black hole of taxation.

Dork actually pays income tax & has enjoyed the attentions of HMRC several times.
 
600,000 directly - complaints of minimum wage and no toilet breaks, presumably not all of them.


Why not? Do you think people would not buy things elsewhere?

Anyway, what has that to do with paying no tax?

Jeff Bezos is held up as a pariah of tax avoidance. Do you think the world would be a better place if Jeff just gave up when handed his first tax bill?
 
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