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Taxman targets 100,000 top earners to claw back millions
carolt
Posts: 8,531 Forumite
http://www.timesonline.co.uk/tol/money/tax/article7031349.ece
To make a change from focusing on all those on benefits who don't contribute to the state, here's a look at the other lot who expect the rest of us to pick up the tab - the very rich.
I found this bit pretty shocking:
"Figures published in 2007 showed that while about 400 people earned more than £10 million a year in Britain, only 65 of them paid income tax. :eek:"
To make a change from focusing on all those on benefits who don't contribute to the state, here's a look at the other lot who expect the rest of us to pick up the tab - the very rich.
I found this bit pretty shocking:
"Figures published in 2007 showed that while about 400 people earned more than £10 million a year in Britain, only 65 of them paid income tax. :eek:"
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Comments
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Great news - an entirely populist move before the election
Hopefully though, it will deflect attention from the rest of us for a while0 -
nollag2006 wrote: »Great news - an entirely populist move before the election
Hopefully though, it will deflect attention from the rest of us for a while
TBH, getting tax from that sort of person would win my approval, and I consider myself fairly right of centre on taxation. I'd be happy with a 10% tax rate of it, if applying to us too, and with pandering to their egos, making them feel valued for their ''contribution''.0 -
UK Tax law in the UK is a mess, it's full of loopholes the wealthy can sneak through and desperately needs to be simplified.
It costs £20 billion just to collect (I cba to post as a new article).
Tax collection costs UK firms £20bn a year
TAX collection costs the UK an astonishing £20bn a year, according to new research from the Institute of Economic Affairs.
It claims the UK is one of only three of the 43 most advanced economies where the cost of tax collection is not falling.
The IEA called for radical tax reforms it says could reduce costs by a third, including the abolition of special tax relief on company investment.
Mark Littlewood, director general of the IEA blames the UK's long tax code, which runs up to 8,300 pages of primary legislation, compared with 1,700 in Germany and 1,300 in France.
He said: "Often debate focuses on the overall level of taxation – but this report clearly shows that merely complying with tax laws is an enormous burden on British business.
"Not only do we need to slash tax, we need to simplify it to allow enterprise to thrive."0 -
welcome, Malcolm.0
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lostinrates wrote: »welcome, Malcolm.
Thank you lostinrates. I usually post on HPC.
I thought I'd see what it's like over here. :j0 -
the UK is one of the hardest places to avoid tax in EuropeUK Tax law in the UK is a mess, it's full of loopholes the wealthy can sneak through and desperately needs to be simplified.
most of the European economies have bigger black economies than the UK
that explains the inaccuracy of your post :eek:I usually post on HPC.0 -
The UK taxation system is the most complex in the Western World - thanks to you know who.......0
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I hereby submit exhibit (a) in evidence of overly complex and lax UK tax law.they're fine had one already - get insurance and make your sure your accountant is ready.
ask Graham how much CGT is for a Ltd Co and then for an individual... he won't like it :eek:
then ask him about how many expenses you can put through
then tell him your children can be directors so that when you sell the property they receive the income as a dividend and a small salary through the Ltd Co. much cheaper than paying tax through CGT or outside of the Ltd Co.
he'll change the subject once he know he's been found out (again) :T0 -
it's quite a straightforward way to run a business.I hereby submit exhibit (a) in evidence of overly complex and lax UK tax law.
it's how most businesses function
just because it's not HPC friendly doesn't mean it's illegal :eek:
sorry i'm not Russian. are you?That's why so many non doms and russian billionaires live here.0
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