To ask what you'll be doing to avoid the Labour tax hikes

[OptimismvsRealism]

Pension contributions
Gift aid
Selling my shares now while CGT is relatively low

What really worries me is that all the professionals we actually need to want to be here will just fuck off elsewhere, though.

It's not like we're knee deep in hospital doctors.

@inoticed. Yes I am saying that. If people make money from assets owned in this country then they should pay tax in it.

Do you think that they shouldn't? No? They should just own everything from the land your hospital sits on, the companies you use, the car you drive, the nursing home your nan is in.... But they shouldn't have to pay tax? Are they more special than the rest of us just because they're rich enough to live on the Cayman islands?

My very sensible high earning partner is actually starting to say some random stuff that’s unlike him so somethings afoot. It seems like there’s the potential to move to Austria through work and he’s starting to consider it. Just how bad is it going to get under Labour? I’ve honestly never heard him talk about leaving the country before.

I was on a site recently when the title said ( do you regret voting for labour) and I said how Labour had lied about putting up taxes, well so many people said that's not what they going to do and got told to get my facts right, looks like I did .

Just to be clear, those with extreme wealth don't need to live here to be taxed. Watch the video. They own assets in this country. That's how they make their passive income and that's what need to be taxed.

Rishi sunak makes approximately £30m passive income a week through property ownership, company ownership etc. He doesn't do anything for that except own them.

How can you plan for anything until we know what the budget looks like??

Quite easily, @Errors, considering it's been known for well over a year that a Labour government was pretty well inevitable and that the record clearly shows their attitude to private wealth

Which is why, while much of mine is given away or otherwise earmarked, what remains is now well out of their reach
Obviously I'll go on paying VAT etc like everyone else, but if the money runs out and it comes to actual seizure of capital they'll be barking up the wrong tree

We'll all have to pay more and nothing will improve, taxes go up every time a new government come in they just blame it all on the last one. Predictable as anything, I have zero faith in any of them.

The relative amount that the highest rate is charged on has gone down, though. The rates you quoted in the 50s/60s would only apply to people on £250k - £300k in current terms.

Nothing. We are both professionals myself in an old profession my husband in a newer one. We will stay put and pay a bit more tax. It will be small compared to what Liz Truss did to my mortgage payments!

Well, no.

Taking someone with as much money as, say, Jeff Bezos las a random example, will (unless they look for these immoral loopholes) would raise more than tens of thousands of other people.

Is that really ‘fair’ though??

Hubby and me are going to stop being the ‘bank of mum and dad’. Retirement not looking great. Might bugger off to Thailand.

Doctors do a great job but what a bunch of greedy fuckers they are. Especially the junior doctors. They get paid enough. What about all the incentives they get paid on top of their wages when they complete all their training and qualify. Not many of them will be sitting at home in winter suffering with pneumonia and chillblains because they are freezing fucking cold and skint.

Leave asap and take everything offshore. Had enough of the piss taking.

He sounds deeply unattractive.

Deeply unattractive for wanting to move abroad?

I'd have zero issue with a 90% tax rate being introduced to those earning £250k but you'd still have the same people complaining about it and claiming it will drive away all the millionaires.

Leaving the UK. It was happening anyway, but it's making it easier.

What?

From when I started work, £1k covered my annual tax bill, then monthly, then weekly, now it's even quicker.
Given the chance to earn an extra pound but more of it going to the taxman than me, how would you react?
I believe in society, I pay tax and additionally subsidise children, siblings and parents but if I choose to knock it all on the head, the state gets nothing.
GPs, doctors, accountants, lawyers and a host of others are working less than a full week to avoid the £100k cliff-edge. They may live longer as a result but the tax take is a lot less than if they were allowed to keep their personal allowance.

The UK inc needs them. They need people earning millions who are paying 45% plus tax, with private healthcare and educating their children privately, who basically pay in and take virtually nothing out. There are more of them than you think (yes, that pay full tax on earnings), but in the last year I’ve seen many move and more start to think about moving as other countries are very keen to have them. If a hedge fund manager or one of their senior team earns £1m, that is £450,000 lost to HMRC, plus their spending (vat) and employment. You may not like them personally and feel that it is all a bit unfair, but £450k is difficult to raise from middle income earners.

Exactly that’s why people are more content to pay the tax.

Personally I think inheritance tax should take a hit. Many older individuals are sitting on hundreds of thousands of unearned wealth in property equity. Right now, me and my husband would stand to inherit around £600k if his parents passed. How is that fair? Controversially, I'd rather see this reduced than my taxes increased each month.

I earn circa 60k and still pay nursery fees so although I earn well I don't have a huge amount of disposable income.

Despite this I'm sure I'll be one of those in the middle that will see my taxes increase.

I remain unconvinced that our public services are being run efficiently. I don't believe our tax money is spent well now, so taxing us more is more money out of our pockets and down the drain.

Well that settles it then everyone. EvangelicalAboutButteredToast's very sensible, and possibly clairvoyant, partner has spoken.

Nothing. I'll happily pay it since I voted for paying more tax to improve public services

I don't really understand the mentality of expecting things to be better but not want to contribute to it.

You find no advantage in the police, fire brigade, education, health service, MoD, running properly? Ok then…