And we don't have to pay any tax... dad.

[Onelife]

sorry to say this onelife but I do agree with mervn that I will also not be reading anymore of your misguide none sense again as it is very boreing
and total rubbish in my opinion

That’s fine poole boy...the beauty of this forum is that I still have that choice to post and you along with anyone else has the choice to ignore.

My advise would be to stop pressing the view button every time you see me post

[david63]

This country needs to wake up to the disparities in wealth and look at ways of narrowing this gap for the benefit of the country as a whole. The suggestion that a wealth tax should be introduced has long been vaunted as a way of doing this, and to my mind it is the only way this country could raise the amount of money (billions) that is needed to get this country back on its feet. How they go about this is perhaps the most difficult question but getting past the first hurdle of wanting to do it would be a step in the right direction imo.

Whilst that may be a utopian aspiration it is never going to happen because as we all know any such ideology will only result in the country being poorer as that money would be moved out of the country along with many jobs.

It is something of a conundrum in that governments encourage entrepreneurs to invest in the country to boost the economy and then when thay have done so and gained wealth from it the government try to take that wealth away from them.

This is how the world works and every country is the same.

[Onelife]

The trickle-down effect has turned into a drip over this past few decades, so the choices are that we carry on how it is, or take evasive action. I thought this article gave one option about wealth tax that could be considered…

https://www.lse.ac.uk/International-Ine ... ortold.pdf

As for the old chestnut of how there will be a mass exodus of entrepreneurs…I remain to be convinced.

[towny44]

I don't think Onelife is programmed to understand that logic David. TBH I am confused about his true beliefs, he comes over as the most right wing socialist I have come across.

[Onelife]

I don't think Onelife is programmed to understand that logic David. TBH I am confused about his true beliefs, he comes over as the most right wing socialist I have come across.

It’s all about balance, if you let it swing too much to the right those on the left fall off…get the balance right and we all enjoy the swing.

[barney]

I don't think Onelife is programmed to understand that logic David. TBH I am confused about his true beliefs, he comes over as the most right wing socialist I have come across.

Right wing socialist

I’m certainly to the left of politics and even I understand that a wealth/asset tax is impossible to enforce.
I’ll give you a prime and personal example.
My brother has a small Edwardian terraced house in Greenwich.
They have lived there since the seventies and I think they paid about £20k for it.
They are both now in their seventies and live on about £17k a year, which doesn’t really go that far in London, so they live pretty modestly.
They do have a little bit of savings.
Now, here’s the rub.
The house value is in the region of £800k
So on paper and in assets, they would be considered quite well off, which of course they are not.
I’m not sure how Onelife would manage to tax them?

[Onelife]

As far as wealth goes, I wouldn’t think £800K (made up mostly of property assets) would fall into the upper wealth bracket?

[barney]

As far as wealth goes, I wouldn’t think £800K (made up mostly of property assets) would fall into the upper wealth bracket?

Brilliant
So who determines how rich is rich.
What wealth assets would you tax and at what level.
A two up two down could be worth millions in certain parts of London.
How about people who have started a business from scratch?
What about high income city traders who already pay a fortune in income tax?
Your theory is just that.
A theory.
It’s impossible to follow through

[Onelife]

As far as wealth goes, I wouldn’t think £800K (made up mostly of property assets) would fall into the upper wealth bracket?

Brilliant
So who determines how rich is rich.
What wealth assets would you tax and at what level.
A two up two down could be worth millions in certain parts of London.
How about people who have started a business from scratch?
What about high income city traders who already pay a fortune in income tax?
Your theory is just that.
A theory.
It’s impossible to follow through

Many economic analysts suggest wealth tax should start at about 4 million…perhaps a little more for the London bubble.

My theory might just be a theory but it is a theory shared by several eminent economists.

[oldbluefox]

I wouldn't call Betfred and Paddy Power eminent economists

[Onelife]

I wouldn't call Betfred and Paddy Power eminent economists

[Portsmouth]

I don't agree with having a much higher harsh tax on wealthy individuals as this could mean they move to a more sympathetic country and we get none of their money in taxes then. What I do think is that we should close down the loopholes on these huge corporations who seen to pay little or no taxes at all ( Amazon, Adobe, Alphabet [ Google ] Meta [ Facebook ] ) seem to be a few of these. Why can't we simply pass a law that says if a company makes over £5 million in profit in the UK regardless of any loss elsewhere they must pay a minimum of ??% in taxes if that profit was made in the UK. Maybe this seems a bit naive / simplistic but we should really do something.

[Stephen]

I wouldn't call Betfred and Paddy Power eminent economists

Not forgetting the ‘Nag’ weekly

[Onelife]

I don't agree with having a much higher harsh tax on wealthy individuals as this could mean they move to a more sympathetic country and we get none of their money in taxes then. What I do think is that we should close down the loopholes on these huge corporations who seen to pay little or no taxes at all ( Amazon, Adobe, Alphabet [ Google ] Meta [ Facebook ] ) seem to be a few of these. Why can't we simply pass a law that says if a company makes over £5 million in profit in the UK regardless of any loss elsewhere they must pay a minimum of ??% in taxes if that profit was made in the UK. Maybe this seems a bit naive / simplistic but we should really do something.

Hi Portsmouth, I don’t think you will find much evidence that supports the theory that individuals/businesses will up sticks and move out of the country. Whilst this is the perception, in reality this rarely happens due to the massive upheaval it would require in doing so, especially from a family perspective.

[oldbluefox]

Just to put some meat on the bone....
"As many as 9,500 people with at least $1 million in liquid, investable assets, will leave the country, more than double the number that left in 2023, according to provisional estimates contained in a report Tuesday by migration advisers Henley & Partners."

CNN

[Onelife]

Just to put some meat on the bone....
"As many as 9,500 people with at least $1 million in liquid, investable assets, will leave the country, more than double the number that left in 2023, according to provisional estimates contained in a report Tuesday by migration advisers Henley & Partners."

CNN

Why did you do that Foxy, you being my best mate on the forum, you could have easily remained silent.

I wouldn’t expect anything less from a Global company that specialises in facilitating the relocation of business around the world…it happens all the time.

Perhaps if you had included the words… Perhaps, Might, Could, then I might have given it more credence.

A bigger argument for why some Businesses wish to leave is “Brexit, and its impact” (hopefully not long term} so if businesses are leaving, both you and me have played our part in it.

[oldbluefox]

You know me, always happy to help a friend out

[david63]

this rarely happens due to the massive upheaval it would require in doing so, especially from a family perspective.

No upheaval, massive or otherwise, as these people have homes and offices all over the world and it is simply get on a private jet to wherever they will make their next base.

Most, if not all, of these millionaires already have plans in place for such eventualities.

[barney]

One thing money gives you is choice and the main thing loads of money gives people is unlimited choice.
Most of the rich that some are obsessed with can up and leave at a moment’s notice.
Rather than concentrate on the assets of wealthy individuals, I’d rather the government concentrated on the international corporations who openly evade taxes.
I don’t want them to pay excessive taxes, just what is due.
Apple have conned the Uk out of billions.

[Onelife]

One thing money gives you is choice and the main thing loads of money gives people is unlimited choice.
Most of the rich that some are obsessed with can up and leave at a moment’s notice.
Rather than concentrate on the assets of wealthy individuals, I’d rather the government concentrated on the international corporations who openly evade taxes.
I don’t want them to pay excessive taxes, just what is due.
Apple have conned the Uk out of billions.

One thing money gives you is choice and the main thing loads of money gives people is unlimited choice.

Very true, it enables these companies to hire the best tax advisers and accountants who in turn know every tax avoiding measure in the book.
Whilst I'm not against people/companies lessening their tax burden I do think the scope of that which large corporation use tax avoidance takes it to a whole new level of understanding.

[Onelife]

One thing money gives you is choice and the main thing loads of money gives people is unlimited choice.
Most of the rich that some are obsessed with can up and leave at a moment’s notice.
Rather than concentrate on the assets of wealthy individuals, I’d rather the government concentrated on the international corporations who openly evade taxes.
I don’t want them to pay excessive taxes, just what is due.
Apple have conned the Uk out of billions.

One thing money gives you is choice and the main thing loads of money gives people is unlimited choice.

Very true, it enables these companies to hire the best tax advisers and accountants who in turn know every tax avoiding measure in the book.
Whilst I'm not against people/companies lessening their tax burden I do think the scope of that which large corporation use tax avoidance takes it to a whole new level of understanding.

To add, I do think the HRMC will always be chasing their tails because every time they try and close a loophole these companies create a new one…. the whole tax system needs to be simplified to a point where the thousands of tax rules are condensed into a fraction of what they are now.imo

[towny44]

One thing money gives you is choice and the main thing loads of money gives people is unlimited choice.
Most of the rich that some are obsessed with can up and leave at a moment’s notice.
Rather than concentrate on the assets of wealthy individuals, I’d rather the government concentrated on the international corporations who openly evade taxes.
I don’t want them to pay excessive taxes, just what is due.
Apple have conned the Uk out of billions.

One thing money gives you is choice and the main thing loads of money gives people is unlimited choice.

Very true, it enables these companies to hire the best tax advisers and accountants who in turn know every tax avoiding measure in the book.
Whilst I'm not against people/companies lessening their tax burden I do think the scope of that which large corporation use tax avoidance takes it to a whole new level of understanding.

The fault can always be attributable to the Treasury, in the way they word their tax legislation, aided and abetted by low tax countries like Luxembourg, Ireland, Gibraltar, Malta etc, who are only too happy to welcome large corporations as guest residents.
.

[Ray B]

I'm sure putting aside his problem with wealth and privilege, Onelife would like to join me in wishing Charles the Third, by the Grace of God of the United Kingdom of Great Britain and Northern Ireland and of His other Realms and Territories, King, Head of the Commonwealth, Defender of the Faith. a very happy birthday

[Onelife]

I'm sure putting aside his problem with wealth and privilege, Onelife would like to join me in wishing Charles the Third, by the Grace of God of the United Kingdom of Great Britain and Northern Ireland and of His other Realms and Territories, King, Head of the Commonwealth, Defender of the Faith. a very happy birthday

You won’t mind if I pass on that one Ray as I’m busy ordering some more “Not my King” Banners.

[Onelife]

Just wondering if Charles the Third, by the Grace of God of the United Kingdom of Great Britain and Northern Ireland and of His other Realms and Territories, King, Head of the Commonwealth, Defender of the Faith…. will be setting an example to all the Farmers that if inheritance tax its good enough for them, then it must be good enough for him… and his son Willie.