To be scared of Labours Land tax

[Dragongirl10]

Just read about this, Labour are proposing a Land Value Tax on any land owned, could cost thousands a year for anyone even with a small house, not just the rich....they have not publicised this at all.

People with modest homes could be forced to sell or go into debt, or be repossessed...

3.5k more tax under labour rather than tory

I think

Still not voting UKIP or tory

Thats seems like a lot

I am not the worlds best with a calculator

Ohhhh 'bonus' and 'overtime' I work in the public sector and have no idea what these are. Are they like a pay rise?

Ohh is that a unicorn ?

Dunno mousse

I work in a shop and we dont get those either

HornyTortoise

Yeah i think UKIPs manifesto is promising the earth, regardless, they are extremely unlikely to win.

Taking into account the private health insurance tax (unless DHs company would pay that, it depends how it works) our total additional tax would be about 8K, which is 4 months rent or 3 months childcare for us so really significant. It's not "just a little bit extra". :(

Oliversmumsarmy
Moussemousse there is a whole world out there where you are taxed the same or less but the weather is better

And I have specifically where? The Bahamas - good plan but quiet small only get a few in there. Hong Kong brilliant if you like living in a communist state. The Gulf states fine if you have no moral compass at all.

Where exactly are all these thousands of high earners going? Not just a few but enough to impact on the economy?

Not just a few but enough to impact on the economy?

The top 3000 taxpayers pay the same as the bottom 9 million. This is something like £20BN of tax receipts. Doesn't take many.

The top 1% pay 27.7% of income tax.

So where are this 1% who pay all their tax off to?

If we remove non dom tax benefits and they can't come back to visit will they be happy in Dubai?

For all those saying not everyone will leave, no, they won't. But quite a few will and some companies will as well. Bombardier25966 put up a post a few pages ago with a money tree on it, showing where Labour intend to get the money from for their plans. for every person that goes those numbers get smaller, not one but several of them (income tax, VAT in school fees, VAT generally). So with smaller numbers (which according to the IFS are already too small) how will Labour manage their spending plans, will they stop spending or tax more - surely no one is kidding themselves that the answer to that is that they will stop spending??

So where are this 1% who pay all their tax off to?

Okay forget the 1% for a minute, and consider the 3000.

There are lots of places you can go, Channel Islands, USA, Singapore, Hong Kong, Switzerland, Europe, Bermuda, Bahamas.

As we've been discussing its also about people working less. Taking early retirement etc. People leaving isnt the only impact of a high tax burden. When France introduced their stupidly high top rate of tax (which they canned pretty quickly) most rich french people moved to Belgium.

www.theguardian.com/world/2014/dec/31/france-drops-75percent-supertax

our total additional tax would be about 8K, which is 4 months rent

Your rent is the same as our take home pay I think. I feel rather poor lol

Wages must be astronomical to be paying an extra 8k tax though? Unless I am using the calculator wrong.

I still don't know why we're worrying, it's not as if labour will win. In fact if they do win I'll show my arse in Harrod's window.

No, your rent is the same as our before tax pay

HornyTortoise

We have a 2 bedroom flat near good state schools in zone 3 of London. This is just a london, non london thing. London is ££££

I am getting confused

Which is not suprising

Are we talking about the top 1%, top 5% or anyone on over 80k

Are the 3000 the top 1%, how many are in the tope 5%

glitter

Promises promises

Olivers

You claim that in your "first job" on a "tiny salary" you were taxed at "30%"

I would be very interested to know what year this was, because those three factors do not fit the facts in the UK for any year I know of.

Rufus I am not sure it matters, I think a lot of people over 80K will reassess, whether thats to put more into pensions, work less (if self employed) or move overseas (if job/career allows). Either way, the amount of money raised by these tax changes will be less than the numbers being described by Labour - the really scary thing for me is how they will then raise the money needed - even more tax on people over 80K, lowering that band to 60k (still high compared with most?), this Land Tax - you cannot magic money out of thin air and these proposals cost.

They won't all go. Hell, according to some of these threads, apparently half of MN are high earners who are all keen to pay more tax!

But if enough do, and enough businesses pull out or don't invest, there will be a real problem with the maths.

Basic rate of tax was 30% in 1979

RufusTheRenegadeReindeer

The top 5% will see increases. To be in the top 5% you need to be earning 80k. The top 1% are above 150k and will see rises as they are part of the top 5%.

The most damaging people to leave are the highest earners (and I happen to have stats on the 3000) because they pay so much.

Thank you doing

It probably doesn't matter

But i have no idea what's going on

rhaydar

So the 3000 are the top 1%

So do you know how many are in the top 5%

As doing says it doesn't matter

I am just being nosy

There are plenty of businesses who operate here, and don't pay any corporation tax, and their bosses don't pay any income tax.

Perhaps we could learn to live without such sponging parasites.

On the other hand, if they came here because they need an educated, skilled and dependable workforce, tolerable infrastructure, good schools and hospitals, and they keep their families happy with the restaurants and cultural heritage, perhaps they will stay here rather than move to Uzbekistan or Somalia.