Income tax- Burnam

[Niftywigglesheep899]

Does anyone know if Andy Burnam is planning to raise income tax , so we have less money coming in each month?

Im quite concerned - stretched as it is and can’t cope with anymore.

And why should a wealth tax be voluntary?

If he was making them, why would he say he wanted to pay more tax? Gary Linker's IR35 Tax Dispute makes interesting reading. If he was happy to pay more tax, why did he not insist in being paid via PAYE? Also interesting that in 2017, he bought a property in Barbados through an offshore company, allowing him and his then wife to avoid local taxes when they sold up. It seems perhaps he may not be as fond of paying taxes as he is of virtue signalling.

That money has already been taxed. CGT already bites.

Im self employed so hes not getting any more of my money.

Yes a funny way to show you want to pay more tax. Fighting against HMRC / more tax in the courts.

Why would he want to pay more tax in Barbados? The tax dispute was because HMRC wanted him to pay double. They were found to be in error. Wanting to pay more tax and wanting the department responsible for collecting it to work efficiently aren’t incompatible. Strange that HMRC was so convinced it was correct it said it was going to appeal - and then didn’t.

https://www.bbc.co.uk/news/entertainment-arts-65103265?app-referrer=deep-link

Their proposal is a 2 per cent tax on wealth over £10m alongside reforms to capital gains tax, including equalising it with income tax.

Why should it be voluntary?

Firstly why should he evade tax at all regardless of the country? You have a very odd attitude to tax evasion. Secondly, why would he not insist on being PAYE if he wanted to pay more tax?

So we have to say no to a wealth tax because of Lineker's case with the HMRC?

Where did you get that idea? My point was that Gary Lineker has always had the option to pay more tax and chose not to. Whether there should be a wealth tax is a completely separate discussion.

We have no idea if he pays more voluntarily or how much he donates to charity.

The proposal is a popular one with the general public. Why should millionaires get an opt out?

Austria, Denmark, Finland, France, Germany, Iceland, Ireland, Luxembourg, the Netherlands, and Sweden are the primary European countries that have repealed their broad net wealth taxes over the last few decades. 1]
While 12 OECD nations levied a general wealth tax in 1990, only a small handful maintain them today. Most governments abandoned the policy due to high administrative costs, complex enforcement, and severe capital flight. 1, 2]

Given this has been the outcome the best way for Gary Lineker to help would be to get those who signed the letter to pay a large amount extra in tax each year. Then you’d not get the same outcomes as the 12 countries listed but there’d be extra money for HMRC.

Norway, Spain and Switzerland have a wealth tax according to the embedded IFA link.

They do with some issues for start ups for Norway and Spain:

Norway’s strict wealth tax is creating an existential threat to its local startup ecosystem

And Spain - driving wealthy investors to move to tax-friendlier hubs like Italy or Portugal

Gary should set up and promote an extra tax society, those keen can pay and we keep start ups for jobs.

Where are you quoting from?

Just looking up info. You can do the same and see if you get something else.

If you can find that Norway and Spain don’t have start up issues maybe you can find it.

From reading on the topic Switzerland is seem to be the most successful with wealth taxes, but we’d have to entirely restructure the tax system and organise into cantons to get similar.

Yes it's all very well wealthy virtue signallers saying ' Oh I'm happy paying more tax', because a few % on their income tax will still leave them with a huge amount. Many have large assets, investments etc that in the long term mean they and their children will still be extremely comfortable. But the super wealthy are a tiny group of people who pay a proportionately large amount of tax. If the go, the other super wealthy won't be the ones paying, or not enough to make a difference to them
It will be the middle earners, who don't have a holiday home or two in Barbados to sell and trust funds to hand to their children to buy a house. In countries like Norway, the wealthy pay lots of tax, but so does everyone else.

You copied it from a source, I am interested which one?

It’s just a summary in Google. You can do the same. If you get something else on start ups put it up.

I shall google it.

Sorry to ask, it wasn't meant as a trick question

We know he has chosen to avoid tax in the past - why would he do that if he's so keen to pay tax? Is he now trying to make amends for his past behaviour?

Maybe he is, would that be so bad?

He is not the only one who has signed the proposal.

It would be a step in the right direction along with admitting past avoidance and the reasons he had for doing so.

He is hoping to devolve power to the Local Authority. So I am expecting my Council tax bill or whatever new name they will call it to rocket.
But of course, it will have nothing to do with him. Your LA will be responsible for setting the rates.

I am hoping he taxes the multi millionaires who have signed a petition to say they are very happy to do so. There is a facility to pay a voluntary contribution so there must be a reason why they want it to be via an actual tax charge.

I hope too he helps HMRC chase all those who are tax defaulters. The amounts are staggering. Chase every penny.

As to comparing other countries. Very hard to do. Countries are all different. From land, manufacturing, economic history, the population, health, social behaviours. What works in one place cannot just be transported to another.

But why focus on Lineker and not the other 100 who signed alongside him?

Otherwise it comes across as a 'but Lineker' excuse.