to think 51% tax is ridiculous, and already to be planning to move to Asia

[hedgiemum]

Namechanged. Married to someone who earns well in excess of £150,000 a year, though neither does he earn 7 figures.
He is still quite young in his career - a recent promotion to a senior position, but has not been earning this kind of money of long, so we still have a mortgage and haven't saved large amounts (what we have saved is through his pension which is no longer going to be particularly worth doing.)

He phoned me a minute after end of budget to say he'd watched it with his boss whose reaction was that he would move the company (not a bank, but in finance) to Asia. Probably Hong Kong - 12% tax rather than the 51% we'd be paying here.

Seems like a kneejerk reaction, and clearly we can afford to pay more, but boss doesn't feel he'll get good productivity from staff if they are getting to take home less than half their income. Plus it decreases ever-present risk of them being headhunted by companies in lower-tax economies.

AIBU to be PLEASED (I used to hate tax exiles.) Partly because it just does not seem fair. Partly because this country has been run so badly by New Labour of whom we had such high expectations, and the medical care we have received has been shite, the local schools are shite, the roads are insanely busy and yet is costs so much to live here.

Just realised we're not even talking 'as low as' (pfff!) £150k in the case of the OP, are we? She said her DH earns "well in excess" of this amount.

tiredlady you clearly arsed around as a junior doctor. Spent your days painting your nails and watching ER, didya?

The company also pay all flights; when we did a stint abroad before (at a bank then) we had a housing allowance as well, and people with DC had private school fees paid. There are a lot of financial benefits to working abroad, but we WANTED to raise our children in our home country. I don't think DH's company will be the only one planning this now.

Going to get kids from school and take them to ballet - not running away from the flaming (which I probably kind of deserve) - promise!

do you need any help packing?...no?..

bye then.

tiredlady - that's why I said 'by and large' they don't work as hard. doctors would be the exception. council workers, civil servants etc would not!

it isnt when set against high cost of living in the uk (hidden tax,aka v.a.t ect, the cost of property ect).

You're not helping your cause, hedgie. Flights paid. Housing paid. Private education paid. I think you should scarper before you're hung, drawn and quartered.

Not only do I think YABU I think the 51% band should have been LOWER (and I say that as someone who is a higher rate taxpayer - or will be for the next 6 weeks). You groan about big mortgages, 2 cars, medical attention and schools. Well you should have bought a cheaper house, you don't need 2 cars, at least you got medical care without being asked for an insurance no and as much as the schools are bad with enough encouragement at home your children will still do well.

Gah as much as I hate the fact our benefit system is taken advantage of I love the fact we have one, I love the fact the UK TRIES to take care of those less fortunate and help those who need it but to do that some of us who have had the luck to get a good job need to be a little less sulky about being taxed.

Well I'm sorry if your DH is being forced to move abroad by his company if he doesn't want to go. And that you are being uprooted from your home.

However that his employer's choice first and foremost. And then his if he chooses employer over country. It is possible to earn a good salary (paying less tax) in a pleasant, less expensive part of the UK and have a good quality of life. But again, that is his choice.

I have to say I'm actually quite glad they reformed working hours for junior doctors. The thought of being treated by someone who, however dedicated, could fall asleep standing up after their 120 hour week was a little worrying when my friends recounted their training back in the early 90s.

You are making it incredibly difficult for me to feel sorry for you I'm afraid. Yes 50% tax is a lot, and a little excessive I feel.

However you're still going to be left with far more money than many people could ever dream of earning.

OP - you say your husband works in finance.

If the government hadnt poured billions (of all our money)into the banks to prop them up after years of greed, enormous bonuses and catastrophic errors, are you sure he would still have a job at all?

Actually living in Hong Kong isn't that bad if you're well off, but I'd go for Singapore first. You'll enjoy a much higher standard of living than in the UK.

Bon voyage!

Megbusset - will you feel comfortable in your Daily HateMail heart when you find that you've married an economic migrant?

Thanks merry - I thought I was losing the plot there! It makes perfect sense now...

I can't be arsed to get into all this again... But... Having worked in the city and canary wharf with people who earn squillions I can honestly and hand on heart say that the vast majority of them were selfish arrogant berks.

To say that they work harder than anyone else to justify all the cash is silly. Lots of people work very very hard.

Lots of people however don't have what it takes to work in that kind of high earning environment. What it takes is the ability not to twat them every time they open their mouths.

Some are nice and kind and reasonable, and understand that they are privileged, and are concerned for their fellow man blah blah. The majority are not like that, they are not very likeable.

Which is why i couldn't stick it. And why it gets on my tits when people with super duper earning power seem to honestly believe that they are harder working, more intelligent, somehow more deserving etc. It's having a combo of luck, persistence and a certain personality which means you get on well in those circles, nothing more than that.

Bugger - that was to Hedgiemum

"Having worked in the city and canary wharf with people who earn squillions I can honestly and hand on heart say that the vast majority of them were selfish arrogant berks"

That is so very true!

who are all the people who look like bankers/financiers on my train home to richmond every night at 6pm. Ovbviously they can;t be in the city becasue they are all working ridicuously long hours and would still be in work.

IS there a glut of besuited 40-60 year old men working in Tie Rack at Waterloo these days?

BigBella (glad to be of service): "a certain personality which means you get on well in those circles" - isn't that 'certain personality' linked to psychopathy? Or narcissism? Or both and more?

Apparently there are more psychopaths at the top of business than in any other area of life (except prison).

Kew!

Hmm, perhaps a bit of perspective is needed OP?
Have just placed an ad for an admin assistant role paying £12-14k in Northwest.
I have had to take it off our jobsite after less than 1 day as we have been inundated with applications, most of whom had no job (redundancy) and some were 30+ yr old men, with degrees.
This is a role which is slightly more involved than an office junior. There are people in real financial hardship atm.

I don't think you will get or deserve much sympathy just because you'll pay a bit more tax on your already very high income tbh

Wot Pagwatch said.

Wouldn't have minded paying more tax over the last few years / in future to go towards teachers' salaries and all the good stuff - but hate the fact that we will do so now to fill a big black hole caused by greed, incompetence and over-promotion.

Why should higher earners pay more tax (in absolute pounds) than anyone else though? Somebody paying five times as much tax as me doesn't get 5x better schools or hospitals or roads or anything.

I accept that higher tax bands are probably the most pragmatic solution. But that doesn't mean that they're fair. To quote Sam Seaborn "I paid my fair share. And the fair share of 26 other people."

(I'm not a higher rate tax payer, btw.)