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Quote from: SydneyRover on January 30, 2023, 08:37:36 pmQuote from: big fat yorkshire pudding on January 30, 2023, 03:29:28 pmQuote from: SydneyRover on January 30, 2023, 12:10:45 pmQuote from: big fat yorkshire pudding on January 30, 2023, 12:05:33 pmYou are aware tax avoidance is a legal right in this country and has been for years?What tax exactly are you increasing? We don't have wealth taxes in this country, perhaps you're confused with CGT?CGT is what I was talking about above. It's a wealth tax if if taxes those with assets above and over what the average citizen has.What about the bit where enablers are penalised also?Very different things. CGT applies regardless of how wealthy you are. Make a decent investment and sell it and you'll pay the tax but you could have a 300k mortgage. You're not wealthy but still taxed. It needs an overhaul and possibly should be bulked in with earnings, but that makes PAYE very difficult to administer and becomes extremely costly (let's be frank HMRC are very poor at running it as it is).A proper wealth tax to me makes some sense, not many countries have it and I'd be inclined to offer breaks for investment in UK businesses too.Really pud? then would you have a little (or big) bet with me that CGT that more of those above the average wage pay it than those below?It's a similar situation with trusts how many in the lower socio economic bracket would have a trust?That much is obvious but it's also the case that in the near future someone with £0 income could make a say £6k gain and pay the same tax on a £6k gain as someone who earnt much more. That's pretty daft in my view.
Quote from: big fat yorkshire pudding on January 30, 2023, 03:29:28 pmQuote from: SydneyRover on January 30, 2023, 12:10:45 pmQuote from: big fat yorkshire pudding on January 30, 2023, 12:05:33 pmYou are aware tax avoidance is a legal right in this country and has been for years?What tax exactly are you increasing? We don't have wealth taxes in this country, perhaps you're confused with CGT?CGT is what I was talking about above. It's a wealth tax if if taxes those with assets above and over what the average citizen has.What about the bit where enablers are penalised also?Very different things. CGT applies regardless of how wealthy you are. Make a decent investment and sell it and you'll pay the tax but you could have a 300k mortgage. You're not wealthy but still taxed. It needs an overhaul and possibly should be bulked in with earnings, but that makes PAYE very difficult to administer and becomes extremely costly (let's be frank HMRC are very poor at running it as it is).A proper wealth tax to me makes some sense, not many countries have it and I'd be inclined to offer breaks for investment in UK businesses too.Really pud? then would you have a little (or big) bet with me that CGT that more of those above the average wage pay it than those below?It's a similar situation with trusts how many in the lower socio economic bracket would have a trust?
Quote from: SydneyRover on January 30, 2023, 12:10:45 pmQuote from: big fat yorkshire pudding on January 30, 2023, 12:05:33 pmYou are aware tax avoidance is a legal right in this country and has been for years?What tax exactly are you increasing? We don't have wealth taxes in this country, perhaps you're confused with CGT?CGT is what I was talking about above. It's a wealth tax if if taxes those with assets above and over what the average citizen has.What about the bit where enablers are penalised also?Very different things. CGT applies regardless of how wealthy you are. Make a decent investment and sell it and you'll pay the tax but you could have a 300k mortgage. You're not wealthy but still taxed. It needs an overhaul and possibly should be bulked in with earnings, but that makes PAYE very difficult to administer and becomes extremely costly (let's be frank HMRC are very poor at running it as it is).A proper wealth tax to me makes some sense, not many countries have it and I'd be inclined to offer breaks for investment in UK businesses too.
Quote from: big fat yorkshire pudding on January 30, 2023, 12:05:33 pmYou are aware tax avoidance is a legal right in this country and has been for years?What tax exactly are you increasing? We don't have wealth taxes in this country, perhaps you're confused with CGT?CGT is what I was talking about above. It's a wealth tax if if taxes those with assets above and over what the average citizen has.What about the bit where enablers are penalised also?
You are aware tax avoidance is a legal right in this country and has been for years?What tax exactly are you increasing? We don't have wealth taxes in this country, perhaps you're confused with CGT?
Quote from: big fat yorkshire pudding on January 30, 2023, 10:44:23 pmQuote from: SydneyRover on January 30, 2023, 08:37:36 pmQuote from: big fat yorkshire pudding on January 30, 2023, 03:29:28 pmQuote from: SydneyRover on January 30, 2023, 12:10:45 pmQuote from: big fat yorkshire pudding on January 30, 2023, 12:05:33 pmYou are aware tax avoidance is a legal right in this country and has been for years?What tax exactly are you increasing? We don't have wealth taxes in this country, perhaps you're confused with CGT?CGT is what I was talking about above. It's a wealth tax if if taxes those with assets above and over what the average citizen has.What about the bit where enablers are penalised also?Very different things. CGT applies regardless of how wealthy you are. Make a decent investment and sell it and you'll pay the tax but you could have a 300k mortgage. You're not wealthy but still taxed. It needs an overhaul and possibly should be bulked in with earnings, but that makes PAYE very difficult to administer and becomes extremely costly (let's be frank HMRC are very poor at running it as it is).A proper wealth tax to me makes some sense, not many countries have it and I'd be inclined to offer breaks for investment in UK businesses too.Really pud? then would you have a little (or big) bet with me that CGT that more of those above the average wage pay it than those below?It's a similar situation with trusts how many in the lower socio economic bracket would have a trust?That much is obvious but it's also the case that in the near future someone with £0 income could make a say £6k gain and pay the same tax on a £6k gain as someone who earnt much more. That's pretty daft in my view.I think that's incorrect. There's an annual £12300 allowance before you pay CGT.Look at it another way. Someone working 35 hours a weeks and earning £20,000 in a year would pay far more Income Tax and NI than someone not working but getting £20,000 from selling an investment.