Do you have something you want to share as to why you are against taxing the wealthy?
Autumn Budget 2022
- Thread starter Hagar
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Soldato
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Pathetic.
As I said the millions you speak of are already in there just your too ignorant to understand that. The more wealthy will already be within the system as a whole, as such they already understand the issues with false reporting and very very few ever end up in prision.
Most people arent dumb enough to deliberatly put themselves into that position.
Thats rubbish and you know it - most people are on PAYE and dont give the tax man a second thought. You want to add all of them into some sort of manual assessment system and there wont be a cost just lol..
Your idea is poorly thought through and you know it.
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They wouldn’t have a clue how to do a self assessment. It’s one of the reasons of many why I think the CGT changes will fail. You start to pick up people that have never done an SA in the their life so are only going to ignore it.
Soldato
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Well they should as many are likely going to exceed their allowances for interest income
Your still supposed to take account of your tax even if on simple PAYE.
Its literally your responsibility.
I expect more will get the letters about we have spotted something you may need to declare etc. Like they did for crypto with CB for example.
You can do a hell of a lot via the normal tax portal though even without needing to SA
What's your idea?
Tax income / tax purchases - dont create some bizarre hybrid where you tax ongoing basic ownership.
This is basically 'Sorry pleb you're too poor to have a nice car or own your own home..'
I’d happily engage with most people on this forum sharing different viewpoints. You however have spent the majority of the last two years lingering around playing the pantomime villain. Beyond mocking the irony of your posts when you’ve decided you want a grown up discussion you’re not worth any more of my time.
Lol
meh cowardly deflection - liked the the pantomime villain bit though LOL
Define income?
Money received for work or investments.
We have taken a 10 year holiday from home ownership, not having seen a property that we would want to own. We stayed in one rental property whose rent never increased over that time. We obviously have money in building societies as we sold our last house and banked the cash.
Now we are buying a house (I am retired) and much reducing our bank balances in the process.
I am wondering how this wealth tax system would have affected us? We have declared all interest, poor that it was and paid any taxes due. We will now pay stamp duty and continue to pay property taxes to the local authority.
Would the intention be to increase tax take on accounts held in a building society or bank by making them some sort of personal allowance scheme similar to income?
And now we own a property, what kind of proportion of equity do you forsee going to government annually? Is this in addition to the local precept or instead of?
For such a major change in the countries taxation, it would need more than a simple manifesto commitment and a vote through parliament. It would take many years of work on a cross party platform so what is suggested is unlikely before 2040 ish at the earliest in my opinion. Thankfully that let's me out, I'll be too old, but it definitely will be a long process.
Now we are buying a house (I am retired) and much reducing our bank balances in the process.
I am wondering how this wealth tax system would have affected us? We have declared all interest, poor that it was and paid any taxes due. We will now pay stamp duty and continue to pay property taxes to the local authority.
Would the intention be to increase tax take on accounts held in a building society or bank by making them some sort of personal allowance scheme similar to income?
And now we own a property, what kind of proportion of equity do you forsee going to government annually? Is this in addition to the local precept or instead of?
For such a major change in the countries taxation, it would need more than a simple manifesto commitment and a vote through parliament. It would take many years of work on a cross party platform so what is suggested is unlikely before 2040 ish at the earliest in my opinion. Thankfully that let's me out, I'll be too old, but it definitely will be a long process.
Soldato
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For me a significant change as such would take a couple of generations (circa 40 years). It would need to, people need to be able to plan, and frankly it would be unfair on the early middle age group if it was significantly faster.
Bearing in mind for me you would be talking of roughly halving income tax over that period, maybe every couple of years 1p could be taken off the upper bands and every 4th year 1p off the standard band.
All rises to be applied to wealth taxes in this period pretty much.
There would need to be quite a lot of work into sensible tax %s on the other categories. But as they would start very low it wouldn't be too crucial to get them spot on to start with.
I would like to see local care costs removed and put into central funds as I have mentioned before. With local council type taxes amended to a much lower level for local services that all can use.
Mortgage industry is heavily regulated. They can only pass on to the customers the charges we allow them to pass on.
If you tax them into a loss on mortgages why would they lend?
Their margins are high enough, they can absorb it. It can be slightly less profitable for the banks, I wouldn't lose any sleep over it and neither should you.
Soldato
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I suspect a Wealth Tax would work better in principal then it would do in practice, similar to inheritance tax. The moment a wealth tax gets announced the fabulously wealthy are going to hide their assets abroad or given to people or entities that are out of scope.
I didn't lose any sleep but it does seem like a hole in your plan. Say a £270,000 mortgage on a £300,000 property, how much profit does a lender make compared to your 1-2% tax which would cost them £2,700-£5,400?