The pay back

Thrugelmir

StevieJ wrote: »

The economy hit bottom in March and returned to growth in April and May, says the NIESR. The growth is minimal - 0.2 per cent in April and 0.1 per cent in May - but if the figures are accurate, it means Britain is coming out of recession months before Chancellor Alistair Darling predicted.

Unfortunately the average man on the street isn't going to see any improvement . :rolleyes:

mbga9pgf

Lets just see tyhe unemployment figures post election shall we!

IveSeenTheLight

Thrugelmir wrote: »

The trouble is that CGT doesn't register on the richter scale in terms of the tax revenue it would raise.

Totally agree here and the government would only get their slice when the assett is sold.

kennyboy66_2

Thrugelmir wrote: »

Unfortunately the average man on the street isn't going to see any improvement . :rolleyes:

Whilst this may be true, it probably tells us that at least things are not getting worse.

The risk is the fragility of the economy at the moment. We could easily see another quarter of contraction in GDP in the next 12 months (I would say strong possibility).

baileysbattlebus

Graham_Devon wrote: »

Jeez.

Get over the example bit. I just couldn't think of the word to describe what I was trying to say. "In theory" would be the best word I can think of.

Basically I don't know what the tax system is in spain, or greece, or germany. I doubt rochdale does either.

So to say that we are therefore lower taxed in the UK than other countries is not entirely correct. One ONE measure, we may be lower taxed. On ALL measures? Tax is tax.

If, in theory, our income tax was set at 5%, and an "un-named country" had theirs set at 30%, does that instantly mean we are better off tax wise? No.

If you cannot grasp what I am saying here, thats not really my problem, but it's also not a huge enough issue to create all this out of. Unless you are a bored banned poster, of course. Then, this sort of thing is a gift.

Well taxation in Europe varies quite a lot - vat for instance varies from 15% to 25% - we are at the lower end of vat taxes.

National insurance - again varies - from around 7% Spain, 18% Austria, 13% Belgium, 18 - 22% France, 11% Germany, Italy around 10%, Greece 18%.

Highest level of income tax - Spain 43%, Austria 50%, Belgium 50%, France 40%, Germany 45%, Italy 43%, Greece 40%.

They all have different ways of calculating property taxes (council tax) and a number of them have municipal taxes to pay too.

Some have a parking tax.

Some have a wealth tax

We have the highest after tax income in Europe - we have the 2nd highest petrol prices - the second highest cigarette prices (Ireland is more) - the 3rd highest electricity costs - the 3rd highest drink prices in bars - Ireland and Sweden are more). And probably some of the most expensive housing costs.

It's swings and roundabouts really.

RJP33

Still think the 50p rate is crazy and will backfire. Many of the most well off will surely move a lot of their taxable income to countries with more reasonable taxation giving the distinct possibility that receipts will actually go down long term rather than up.

Thrugelmir

RJP33 wrote: »

Many of the most well off will surely move a lot of their taxable income to countries with more reasonable taxation

Don't you mean high earners will relocate abroad? :rolleyes:

StevieJ

Thrugelmir wrote: »

Unfortunately the average man on the street isn't going to see any improvement . :rolleyes:

My point was how disparate the predictions were from the NIESR over such a short time, not the predictions themselves, you do provide some confusing replies :rolleyes:

purch

It's swings and roundabouts really

And I bet somewhere in the World they tax those too !!!!

RJP33

Either really, plenty will move I'm sure, others will just move their businesses/personal income streams.