Good post, Bobby. Care needs to be taken with high net worth individuals. They pay a huge amount of tax already, and if we get it wrong, they disappear to another jurisdiction and we get nothing. There's a balance to be struck here.
Depends what you mean by failed. Has it failed society? Certainly. Whilst i agree with univseral credit, im not blind to the implementation being an absolute farce and that its incorrectly penalising people. The common person is struggling more and services have gone down. I actually think culturally it has all got worse, tribalism on social media is bringing out the worst in us Debt wise it could be better but its definitely heading in the right direction as you say so it is working to a certain extent. Im under no illusion that some of these conservatives (actually senior mps in general) are coining it in there positions which they have no right to be and the likes of rees mogg and boris have vested interests rather than working for the people imo. That doesnt mean i think labour and there plans are right for me though.
Maybe, but i think to a certain extent a lot of then already do that with things like non dom status. I would do away with that, investments and assets in uk shouldnt be tax free (not sure if this applies, i might be wrong) just because you are not a uk tax resident. Money made in the uk should stay in the uk personally.
Marcher@MarcherLord1 10h10 hours ago More 1) Go to an ex-Poly 2) Study a useless, arty BA 3) Gain £30k of debt 4) Graduate with no skills whatsoever 5) Become a professional victim 6) Blame some random 'Boomers ' 7) Vote Labour Britain 2019. please log in to view this image
You get into double taxation treaties here. Very complicated. If you gain dividends on US Nadaq stock, should you pay tax in the US and UK if you're a UK resident. Surely the US has to accept once only, in the UK, and vica versa
I believe the u.s. do double taxation don't they (their maybe a threshold on income)? Uk would be less punitive as it isn't on what is earnt overseas, just on wealth earnt in the uk. Also i would do away with trusts. I don't understand them well enough but maybe i could be educated on their uses other than to dodge tax. Likewise private schools imo are fine except for their charity status. Chuck that in the bin
The other problem is multinationals that pay next to bugger all tax here because they use highly dubious transfer pricing methods to move profits generated here to other tax jurisdictions. I don't see we can't levy a transaction tax on these companies.
If you are domiciled in the UK for tax purposes, you pay UK tax on all your earnings whether made in the UK or overseas. I believe the same is true of the US, Private schools should have to earn their charitable status imo, perhaps by sharing facilities with local state schools
You made me do it. I just googled but u.s. citizens still have to pay tax even if they pay tax even a foreign country. I was pretty sure that was the case
Are you sure taxpayers can't reclaim some tax paid? I'm not familiar with US tax law, but do you think that's the right principle? To pay tax twice if you invest overseas?
Nope. But i do think it's fair if they invested in the u.s, decided to leave the u.s. and was making money in the u.s. then they should pay taxes on whatever they make in the u.s.? (Substitute for u.k.). Do you not think that is reasonable?
Boris was born in the USA, therefore he should be paying dual tax. I remember that being in the news when he was Mayor. Perhaps he's not a dual passport holder...
Apparently you can and it’s a big one. We could have saved so much if we’d just given everyone a blue passport cover.
