… To be considering leaving the UK?

[globalnomad25]

We have been considering leaving, even if only for a few years. Many of our clients have already gone or are planning it, and some of our friends too.

I’m not sure where we’d go: UAE, Portugal, Jersey, Ireland, Canada, Australia? We don’t currently want to move to the US, even though that would probably make the most sense from a business/client point of view.

For those out there who have already left, how has it gone? Was it a horrible mistake or are you glad you did it?

For those also thinking about it, where would you go?

Kids are school-aged and smart and used to international travel as our work already takes us all over, although they’d miss their friends (as would we). We aren’t English so our family is already based all over the place, although we visit them frequently.

Which is why i said we have bigger fish to fry!

Yes we need more skilled young people but as we have no FOM with Europe, we are no longer on their list!

The biggest tax on our young people is tuition fees, almost all European countries either charge nothing or very little.

IHT isn't a consideration for a skilled 20/30 something wanting to move here.

I don’t see why tax on worldwide assets is seen as worse than tax on worldwide income.

I am sure both are covered by double tax arrangements (and many simply won’t declare.)

I wonder whether we will start charging all British citizens tax like the US, worldwide. And how many people will hand their passport straight back as a result.

Yep, people who are tired of working hard but watching the govt take half and squander it. Now they want to increase taxes even more, increase energy bills while the energy companies give their shareholders millions, increase water costs while not addressing any infrastructure issues, increase costs of train tickets, bus tickets, etc etc. What is the point in such high taxes when the country is in shambles and nothing works? We have to be happy subsidizing lazy fuckers who just want to take from the system without ever paying in and be happy to do it? Fuck that. I am so glad we pulled out of our house purchase here, it feels like we are no longer tethering ourselves to a sinking ship and can finally breathe again.

No, but the deceased already paid taxes on the money used to purchase the house, why should it be taxed twice? At the very least, increase the threshold. My inheritance in the US isn't taxed till the estate is worth 14 million for a single person and 27 million for a married couple, and even then it's not remotely as high of a percentage as it is here. While rich people hoarding money certainly doesn't do much to help the situation, UK is also one of the only countries that severely punishes the lower and middle class earners as well. I can certainly see why some people say, why bother, you certainly aren't rewarded for doing well or working hard here.

I always find it expensive when I travel to the UK compared to here in Canada. However, yes, sales tax varies by province and is not included in the sticker price. Also, not everything is taxed.

As for tips, it’s expected to tip in sit down restaurants, but it’s not the same as in the US as servers in Canada generally have the same minimum wage as non tipped workers. Tipping for counter service, such as ice cream, will often be prompted by the payment machine as it’s an option in the software and people are greedy and think that because the Americans do it, we should too. But it’s completely acceptable and common to select “no tip” for anything other than a sit down restaurant.

Where did you go if you don't mind me asking?

Not really, unless a house was bought shortly before death and cost 500k to 1m to buy, hardly likely.
In most cases, property would have been bought for a fraction of its current value, plus probate values are usually lower than market.

People can get 500k to 1m tax free, none of which cost them a penny, thats very generous really.

Its care costs that fuck up many inheritances, for most it can be a nr 100% tax - people should get a little more wound up about that.

I'm pretty sure that the IHT is just calculated on the value of the property at the time of death and does not take into account when it was purchased but I could be wrong. Either way, it's theft.

I think the pp is suggesting that since house prices increase, you and your children don't deserve to keep any difference between what you bought the house for and what it's worth now. It's 'unearned income', you see - so it isn't theft for the state to just take it instead. Unlike negative equity, of course - which is entirely your own problem.

Even though the price tag didn't make any difference as you lived in it... and that very same house price increase means your children likewise need to pay the higher price for the house they'll live in (so really, you're just leaving them the value of a house - exactly the same as someone whose family live in a cheaper area and don't pay inheritance tax)... and you and your children already pay higher stamp duty when you move because of that inflated price tag...

Right, so the person who worked and saved to buy the house or their children don't deserve the fruits of their labour but the state who squanders it away does? No thanks. Luckily we don't have iht to deal with, all of our assets will go to animal charities when we die, but I'm very thankful my actual inheritance is based in the US and someone other than the state will benefit from the money my parents worked so hard to save.

Its unearned income, dress i up how you like but thats the reality..... or you can pay CGT on the sale.....as per most of Europe.... take your poison?

Anyway, i'll be dead & past caring, my DD will still be very well off.

Singapore.

Ah nice, we lived in Singapore for a while. After the UK I imagine singapore feels like stepping into the future!

But to be fair these issues have been left to run by previous Govs fora decade +

The current government have over-reached, and made it really obvious that they're not running the UK for our benefit. The slowly-boiled frogs have started looking around and saying 'haang on a minute!'

Remind me again when a Govt last cared about the population? other than the 6months leading into an election.

This Govt is just another self serving example.

Tories had 14 years to sort out IHT, energy, housing and did SFA.