If Labour win... are your DCs coming out of Private Education?

[MrsJamesMathews]

Sitting here doing some maths.

It's not looking great.

With increased corporation tax and VAT on school fees, I think we'll be having some very awkward conversations with our DCs schools on Friday.

Anyone else worried?

I am working to cover the fees. We would try to continue. Whether we could manage or not would depend. If we had less income because of income tax rises as well, we might have to give up. If the school absorbed some of the VAT increase we might manage...

We would have to move house. Our local school is unacceptable. But, without school fees to pay we would be in a good position to to do that. Our pensions would look better and we would have nicer holidays.

Just been talking about this with my friend who has three DC. That's £45k in fees. They just don't have an extra £9k in their budget. She's said that they just couldn't continue.

For us, the increase in school fees (2 children) plus the increased income tax and possible land tax mean that we would look to move abroad. We wouldn't be able to afford to live here as we do now. Husband is v high earner in a stressful, City job. At his desk every day at 6.30am in London. Long hours, evenings with clients, conference calls at weekends, long business trips abroad. We re-mortgaged our house recently and in the process worked out that he has paid £11m in tax since he started working. He has happily paid his full contribution. When we moved house a few years ago, lawyers offered us an SDLT avoidance scheme and we declined (paid a £90k SDLT bill). BUT there is a tipping point in all this and it will be exceeded. Taxation under Corbyn will become punitive and thus we will leave.

I think I'll be more likely to put ds into private school if Conservatives win. The school he's in atm is already struggling hugely and I just can't see how it could continue to function if subjected to cuts.

I had planned to move him to prep school in yr3 (currently in reception) but would certainly be looking in to moving him in September instead.

My dcs would not cope in s class of 30 - although they strangely don't qualify for extra help/statement 😖. We have just moved to reduce the journey for them - the local schools here are terrible - do we move again? How much strain can I put them/us under? I have no faith after 6 yrs in the state sector battling that my dcs needs would be met. So you can shove your tiny violin.

But Pelvic where would you go? Genuine question. Most countries pay higher taxes than we do in the UK don't they? I'm not being obtuse- moving abroad is a thought that's also occurred to me should Labour triumph next week!

Probably Monaco or somewhere in the US. It will be the cumulative effect of all the various tax increases that pushes the tax burden above what people pay in other countries. I would rather we didn't but my husband's job is global/ mobile so we can and will. I know a lot of people will think good riddance.

Yes, the same for us - we already have a home in the USA so the move wouldn't be too difficult. But we never ever wanted to raise or educate our DCs there. Alternatively we could move (tax free) to the Middle East - we have friends there but again, it's not where we want to be. The UK taxes only hurt because they aren't even being spent on meaningful things - just more and more funnelling of wealth to the super rich.

Pelvic what is SDLT?

If that happens we'll move abroad to work - Hong Kong or Dubai. At 17% or 0% income tax rates, they are already a much more attractive proposition than the U.K.

It seems an own goal for any Labour government, as they'll lose the c. £100,000 per year we currently pay in tax. But finances have never been Labour's strong point.

Empress: Stamp Duty Land Tax

Pelvic, my heart bleeds for you

If Labour win then DH and I will seriously consider moving abroad, again. We made the decision 6 months ago for DH to work more locally for a much reduced salary as we frankly the stress of commuting and the extra tax wasn't worth it.

If we did stay we would keep DD in private until she finished her GCSEs but would move DS out. We pay enough without VAT on top.

Oh dear the elite rich people are having a wobble .

Read the Spirit Level www.amazon.co.uk/Spirit-Level-Equality-Better-Everyone/dp/0241954290?tag=mumsnetforum-21

"I would rather we didn't but my husband's job is global/ mobile so we can and will. I know a lot of people will think good riddance."

Yes, bye!

I thought all the stamp duty avoidance loopholes had been closed. Shows how simple my husband and I are!

I think it is worth remembering that as a percentage of income, The poorest pay more tax than the wealthy.

"The public generally believe that households with the highest incomes pay more in tax than those with the lowest. However, when taken as a percentage of that household's income, that isn't the case at all.

The poorest households hand over a whopping 43% of their incomes in various taxes, a massive eight percentage points more than the richest households, according to research from the Equality Trust."

What's the biscuit for Almondbrew?

Why would you presume that just because we are wealthy, we need an education in equality, Almondbrew?

"Why would you presume that just because we are wealthy, we need an education in equality,

Just a hunch.

Bunsbump arguably the poorest households are unemployed, so not earning any money to pay tax on, just a circular flow.

They pay VAT which, when unemployed would be a pretty big % of income.

That was to carol

Your hunch is wrong in our case, almond

I am also very worried about this. Between the coorporation tax and the school fees (I have 3 kids) I am rather worried!
I just feel Ike I'm saving the state money!!! I should be claiming back yet I don't!