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100% income tax?

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Comments

  • StevieJ
    StevieJ Posts: 20,174 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Why don't we just wait for the facts, not long now :confused:
    'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
  • The_White_Horse
    The_White_Horse Posts: 3,315 Forumite
    StevieJ wrote: »
    Why don't we just wait for the facts, not long now :confused:


    facts? don't be so stupid.
  • lostinrates
    lostinrates Posts: 55,283 Forumite
    I've been Money Tipped!
    StevieJ wrote: »
    Why don't we just wait for the facts, not long now :confused:

    Not as fun. :)
  • Zelie
    Zelie Posts: 773 Forumite
    Why did Darling give in to the blackmail in the first place? Why not just call their bluff and let them resign with no bonuses?
  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    Zelie wrote: »
    Why did Darling give in to the blackmail in the first place? Why not just call their bluff and let them resign with no bonuses?

    It depends what you're talking about:

    1. Nationalised banks. Ok, those guys shouldn't get bonuses beyond anything in their contracts.

    2. Banks. I remember reading in The Economist a few years back that there are more US banks in London than in New York. Why should the UK Government look to tax punitively non-UK domiciled banks that have had no money from the UK taxpayer?
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    lostinrates wrote: »
    DH pays tax on his bonus ....don't bankers?

    the better option is to take it in share options or put it in your pension - a much more tax efficient way ;)

    this bonus tax is a joke - it's getting the frothers all excited when it will have very little impact except that it makes politicians sounds good
  • Zelie
    Zelie Posts: 773 Forumite
    Generali wrote: »
    It depends what you're talking about:

    1. Nationalised banks. Ok, those guys shouldn't get bonuses beyond anything in their contracts.

    2. Banks. I remember reading in The Economist a few years back that there are more US banks in London than in New York. Why should the UK Government look to tax punitively non-UK domiciled banks that have had no money from the UK taxpayer?
    I'm hazy on details cos it all happened while I was on holiday but something happened with RBS directors saying they'd resign if the gummint didn't let them have/hand out big bonuses. I'm a bit unclear why the gummint didn't just say 'Fair enough then, if that's how you feel.' and let them do it. And then presumably put their own people in control of the company.
  • neas
    neas Posts: 3,801 Forumite
    If they are paying 40% and get a 50% before they receive bonmus...

    It would look like 50% +(40% *50% thats left) = 70%

    So they get taxed 70% if they normally taxed 40% and 75% is they normally taxed 50%.
  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    Zelie wrote: »
    I'm hazy on details cos it all happened while I was on holiday but something happened with RBS directors saying they'd resign if the gummint didn't let them have/hand out big bonuses. I'm a bit unclear why the gummint didn't just say 'Fair enough then, if that's how you feel.' and let them do it. And then presumably put their own people in control of the company.

    Ok, that answers point 1. Contracts should be ripped up if it's politically convenient.

    A subsidiary question is would you do business with the UK 'gummint'[sic] if you felt that your contract would be torn up? I would but only with a pretty substantial risk premium.

    What about point 2? Should foreign banks have their contracts torn up by the 'gummint'[sic].
  • lostinrates
    lostinrates Posts: 55,283 Forumite
    I've been Money Tipped!
    chucky wrote: »
    the better option is to take it in share options or put it in your pension - a much more tax efficient way ;)

    this bonus tax is a joke - it's getting the frothers all excited when it will have very little impact except that it makes politicians sounds good


    Do you know, never considered putting it in the pension. Hmm. Might be a good idea.
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