| Topic: | Re:Re:Re:Re:Re:Mansion Tax and Bedroom Tax | |
| Posted by: | Joe Conneely | |
| Date/Time: | 20/04/15 15:28:00 |
| I think that the truth is Sam that once people start earning big money they eventually get around to thinking about the tax they are paying and can they do anything about it. A not unnatural human reaction I accept. Envy - not really for me, more simply the crass manipulation of politicians and media to create waves. Endless stories over recent years on the extent of certain tax planning (Jimmy Carr et al) evidence this. The distinction between legal mitigation and illegal avoidance has largely been blown away in the huffing and puffing on the subject by MPs, a group that has shown itself pretty adept at looking after its own personal financial interests when needed. Sadly many of the types you mention do not get many years high earnings under their belt outside a lucky few. One of the current problems looming is those of this group who went into tax schemes over the last decade that finally have not worked and with the good years gone, are now under new tax rules facing tax demands and interest on tax plus potential bankruptcy. Until some long overdue changes needed to the non-domicile rules are made, there will be an imbalance between "honest" taxpayers (whether high or low earners) and those who can afford to plan to mitigate their taxes. Both Labour and Conservatives have mucked around in this area with minimal impact. As with the much mooted but non-existent exodus of City bankers due to new EU bonus rules finally recently coming into force, the current media hype over the damage of changing the domiciliary rules from a press that is largely run by non domiciled owners is self serving. |