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Thread: Pandora Papers

  1. #26
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    Top earners increase their share of tax payments


    The figures reveal changes in the distribution of tax revenue over the last decade, with a growing share now coming from higher earners.

    The pie chart shows the proportion of 2018/19 tax expected to be paid by taxpayers in various bands of income. For example, the smallest wedge shows that the bottom 50% of income tax payers (those with annual income of up to £25,500) will provide 9.5% of all income tax receipts.

    At the opposite end of the scale, the largest wedge is the top 1% (with incomes of at least £177,000) who will supply 27.9% of the £185billion of income tax the Treasury hopes to receive for the current tax year. In other words, over a quarter of income tax comes from ‘the 1%’.

    The Exchequer’s dependence on a small group of wealthy taxpayers is nothing new. However, the concentration has grown since the start of the decade. For example, in 2010/11 – when additional rate tax first appeared at the 50% rate – the contribution from the top 1% was 25%. For the top 10% of taxpayers (with income of at least £57,500 in 2018/19), the tax share has risen from 53.5% in 2010/11 to 59.7% this tax year. Over the same period the bottom 50% have seen their share drop from 11.3% to 9.5%.

    There are many reasons for the squeeze on high income groups. For example, the political imperative of above-inflation rises in the personal allowance has kept taxpayer numbers flat, which means more revenue must be extracted from a static taxpaying population suffering low earnings growth. Keeping a tight rein on the higher rate threshold and freezing the additional rate threshold at £150,000 have both added to the concentration on higher earners.

    Insights into the income tax paying population

    the so called rich are squeezed enough in the uk, and i am not talking about royalty, shady eastern european presidents or football managers mentioned in this expose. they exist at another level of privilege/entitlement entirely.

  2. #27
    Thailand Expat harrybarracuda's Avatar
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    Quote Originally Posted by taxexile View Post
    the so called rich are squeezed enough in the uk
    The whole point of this is that they're not.

    They are only taxed on what the tax man can see.

    However, as this demonstrates, set up a couple of shady companies in the Caymans and the Virgin Islands and you can move millions around as you wish without paying any tax on it.

    Meanwhile if Sid the plumber wants to send a couple of hundred quid to his Thai missus, he'd better make sure he can prove where it came from or the government can just steal it.

  3. #28
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    Quote Originally Posted by harrybarracuda View Post
    They are only taxed on what the tax man can see.
    And what's left after their accountants have deployed every trick under the sun to "legally" avoid paying tax, much of which joe public don't have hope of utilising.

  4. #29
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    Meanwhile if Sid the plumber
    if sid the plumber is self employed and competent with his skills and customer service then he should be earning somewhere between £40 and £80 an hour.

    you seem to regard sid as poor, underpaid, downtrodden and a victim of some socialist inspired inequality, just a poor " working class" sap ripe for an avaricious government to render him hungry, helpless and homeless thanks to an unfair taxation system.

    these days for self employed tradesmen nothing is further from the truth.

  5. #30
    Thailand Expat harrybarracuda's Avatar
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    Quote Originally Posted by taxexile View Post
    if sid the plumber is self employed and competent with his skills and customer service then he should be earning somewhere between £40 and £80 an hour.

    you seem to regard sid as poor, underpaid, downtrodden and a victim of some socialist inspired inequality, just a poor " working class" sap ripe for an avaricious government to render him hungry, helpless and homeless thanks to an unfair taxation system.

    these days for self employed tradesmen nothing is further from the truth.
    Oh FFS talk about missing the point, you fucking tosser.


  6. #31
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    Quote Originally Posted by malmomike77 View Post
    And what's left after their accountants have deployed every trick under the sun to "legally" avoid paying tax, much of which joe public don't have hope of utilising.
    If it’s legal then it’s legal. End of story. Don’t hate the player hate the game.

  7. #32
    Thailand Expat harrybarracuda's Avatar
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    Quote Originally Posted by dirk diggler View Post
    If it’s legal then it’s legal. End of story. Don’t hate the player hate the game.
    Yeah I think you're missing the point as well.

    The players of this particular game are the ones setting the rules.

  8. #33
    Thailand Expat harrybarracuda's Avatar
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    Pandora Papers-suojckv83nr71-png

  9. #34
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    Quote Originally Posted by harrybarracuda View Post
    The players of this particular game are the ones setting the rules.
    Bingo we have a winner, its amazing some need it spelling out.

  10. #35
    Thailand Expat harrybarracuda's Avatar
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    Quote Originally Posted by malmomike77 View Post
    Bingo we have a winner, its amazing some need it spelling out.
    I'm willing to bet there will still be some that don't get it even when it's that obvious.

  11. #36
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    I fInd myself AMAZINGLY in total agreement with Harry and Mike

    It Is as the old cliche says

    "Like marking your own homework".

    Some of course will defend legal tax avoidance esp those who are ultra rich , theIr lackeys and an army of accountatnts , ASSET MANAGERS,tax fiddlers who get a dribble of the loot etc.
    In the UK they are very often hired from the retired/poached tax officers and lawyers who are expert on these rules.

    At any given level of take required by governements be it an actual PSBR figure or even expressed as % of GNP the less the waelthy most able to bear pay the more the burden falls on the least able.Some of the lowest paid have teh highes marginal rates.
    No one likes taxes but we all want an adequate Ambulance Fire or Police service, in humane societies including all wealthy democracies bar one this includes free health care at the point of need without payment or means testing.

    For those unfamilair with the UK there is a special class of person called non Doms , not ordinary workers with salary one home etc , it costs to set up, these are wealthy folks.
    Basically they can pretend not to be resident , its a great finacial ruse for some so they can freeride on the backs of ordinary employees on PAYE (pay as you earn auto deducted from salary at source) whose savings and pensions are also taxed.

    I see no prospect of change soon as the beneficiares are rich, influential and lawyered up, or as Elliot Ness might say

    "THE UNTOUCHABLES"

    While dull tediious and technical here are some of the eveident benefits of non dom status and why a 60k fee might deter some an EPL top flight ballkicker makes that in the first 45m

    That is why TV and rockstars , footballers and other wealthy set up shell firms often in UK colonies BVI,Caymans popular, must be nice to visit your loot in the Virgin Islands!
    With a bit of smoke and mirrors skilled accountants can make it very hard and expensive time consuming to track jurisdiction, beneficial ownership etc.


    If you are UK resident but not domiciled in the UK – often referred to as ‘non-doms’ – there are special rules that might apply to your foreign income and gains. You can choose, on an annual basis, whether to use the arising basis of taxation or the remittance basis of taxation on your UK self-assessment tax form.
    The remittance basis of taxation is when you choose to be taxed only on your UK income and gains and only on foreign income and gains of £2,000 or more per year that you bring back to the UK.
    For the first six years of UK residency, it is free to claim for the remittance basis but, from the seventh year of UK residency, if you want to enjoy this favourable treatment there will be an annual charge known as remittance basis charge.
    The remittance basis charge is £30,000 if you have been UK resident but non-domiciled for seven out of the last nine years, rising to £60,000 if you have been resident for 12 out of the last 14 years.

    The font empahsis is mine, reveals how handy it is for some.A grand a weeek for it all to go away.
    Last edited by david44; 06-10-2021 at 09:36 AM.
    Quote Originally Posted by Latindancer View Post
    I just want the chance to use a bigger porridge bowl.

  12. #37
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    Quote Originally Posted by harrybarracuda View Post
    Yeah I think you're missing the point as well.
    Quote Originally Posted by malmomike77 View Post
    its amazing some need it spelling out.
    Quote Originally Posted by harrybarracuda View Post
    there will still be some that don't get it
    Of course I get it, what's not to get?

    And I know I'm not a part of any mega rich elite club, all I'm saying that I'm willing to use any loophole or strategy to pay as little tax as possible or none at all.

    Quote Originally Posted by david44 View Post
    so they can freeride on the backs of ordinary employees on PAYE
    The day of the freelancer/consultant/contractor/day rater in the uk is practically over. They have introduced IR35, which basically means that the end client must deduct your tax before paying you. So basically you are treated like PAYE staff but with no monthly salary, no holidays, health cover, pension or benefits, you still have to pay tax for your limited company and pay for all your own training, certification, licenses and insurances. So what's the point? As a contractor before this with your own limited company, you payed around 20% tax.

    I've never used a limited company for UK consultant work, I used an umbrella company in the Isle of Man. For £48 per invoice, they would process my payroll direct to my Thai bank (This just saves confusion because I was not eligible for UK tax) and they also cover my public liability insurance.
    Lang may yer lum reek...

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