High earners - how do you spend your salary?

*earning nmw

For those that think people only got rich because the poor are exploited , well it is a free world , you can try to be in the 'rich' category and see for yourself if any hard work and top mind is involved. I am not rich myself I dont disagree a cashier earning now nor I disagree tesco's top ceo earning millions, the responsibility are different

Barely literate.

Literally I don’t get this attitude towards rich. I think my Grandfather arrived here with less than £10 in his pocket in the 50s. My parents both barely illiterate. They built up a business. Worked in factories and foundries! Instilled a strong work ethic and valued education above everything else!

we all worked hard, there has been addiction, ill health - hours and hours of work. Night and day.

Technically we are well off now about a £120k net household income. But we work so hard for it and know how hard our parents worked too!

@Citygirly

What venom?

I haven't shown any venom.

The fact remains that wealthy people are only wealthy because others are poor.

If you're ok with being vastly over paid while others are vastly under paid and thinking that tax is stolen from you while people freeze and starve then thats between you and your conscience I suppose.

Rich people are very rarely rich from their own efforts so I'm not sure where the smug we subsidise all you plebs is coming from.

The reality is its us who subsidise you

You wouldn't be able to make money without the hard work of others

Most (as shown by the PE discussions) start off wealthy and use their parents money.

Sign the house over to the kids and retain right of residence? Or become joint tenants with them?

Then nobody is homeless.

Drama averted.

Yes we can see how well the "heavily redistributive tax and benefits system" is currently working when so many are currently struggling to feed their families, many more being pushed into poverty as we speak....

Exactly. Hence my original comment about someone on this thread who couldn't even afford a loaf of bread. Why are people in such an unbelievably shit situation if our benefits system is so amazing? 🤔

@SlightlyGeordieJohn

If higher earners weren't so greedy and stopped exploiting others to make money then maybe those youre subsidising could earn more?

@dillydally24

High earners in the UK pay a disproportionate share of tax (30% of income tax is paid by the top 1% of earners).

How is it 'disproportionate' ? Given the amount that 1 % earn? Seems quite low to me.

wouldn't they still have 500k plus 60% of anything over that?

If you own a property and are single as I am you can pass on £500k. that means my children are homeless if I die because I moved to London

Why would they be homeless? are they very young?

Yes we can see how well the "heavily redistributive tax and benefits system" is currently working when so many are currently struggling to feed their families, many more being pushed into poverty as we speak....

😂😂

90% of the thread has been about how to maximise tax avoidance and yet its unbelievable that IRL anyone would discuss tax avoidance… er ok

The OP stated in the opening post that they give 10% of their wage to charity, and we have a heavily redistributive tax and benefits system.

"For a start there is circa a million you can pass on to kids with no inheritance tax at all." that is incorrect. If you are single as I am and if you do not have a property you can only receive £325,000 free of IHT. If you own a property and are single as I am you can pass on £500k. that means my children are homeless if I die because I moved to London for work from NE England and house prices are higher in London whereas had I stayed in the NE in a similar house they would not be homeless if I die. Also for people with higher valued homes in the SE most of their life's savings and earnings much of which is already taxed at 40% (every penny of equity in my house unusually has been taxed at 40% plus already) with only that £325k or £500k IHT free.

But that's how staying rich works. The poor help the poor, the rich keep the money in their pocket.

Not to mention it’s not “stolen” but taken legally obvs and it’s not taken from “you”, you’re dead, it’s taken from your heirs who didn’t earn it.

Xenia this is nonsense. “40% is stolen when you die” There are so many loopholes in the inheritance tax system is might as be a pair of fishnet stockings!!

For a start there is circa a million you can pass on to kids with no inheritance tax at all. And if you use your noggin and set up a trust/company or transfer assets to children in life before you are geriatric then you aren’t hit at all!!

This is why many families have joint interests - pass the buck…

Agree other taxes high but seriously IHT is not an issue if you plan for it and have descendants…

I wonder if the unpleasant posters on here go on posts about exercise saying “don’t you know some people are disabled!”

The vitriol displayed at people who have a good wage because they have done what it takes to have a good career is so unpleasant.

The two worst posters on here make me think of the crabs trying to drag back into the bucket any other one that started to climb out.

This post is not insensitive. Just because you are skint doesn't mean a rich person can't discuss high earnings and spare cash. Scroll on. There are plenty of topics I don't want to read about and so I avoid them.

I am not sure the thread was supposed to be about tax really. Someone said capital was not taxed.... I wish! It is taxed to the hit and 40% is stolen from when you die for starters via IHT and most gains taxed at 28% ( property) and 20% other again, not even these days allowing for inflation.

So for higher earners yes vast amounts of their money go on income tax, national insurance contributions, student loan "tax", VAT, insurance premium tax and all the other taxes

Of course they did.