Juan Kerr Posted April 23, 2006 Share Posted April 23, 2006 Countries have been doing "tax deals" with the wealthy for a long time ... it does make you wonder about the "scroungers" who cost the state so much as against the wealthy with access to advice that allows them to avoid taxes, apparently costing huge millions each year! The new Manx cap on tax is actually because of this sort of thing. No need to do deals, no accusations of under the counter treatment, nothing underhand - if you fit the bill give us a hundred grand and thats it. What could be fairer? Link to comment Share on other sites More sharing options...
manxchatterbox Posted April 23, 2006 Author Share Posted April 23, 2006 Don't the new IOM personal Income Tax rules mean that if you are IOM tax resident and have an income from assets of say a few hundred million then the maximum you will pay is £100,000??? So, if you have an income of a few hundred million (say at least £100) then you should be expecting a gross income return on capital of say at least 8% (argueable point) = £8m per 100m. So, if you have an income of £8m then at an IOM income tax rate of 18% your tax bill would be say £1,440m per £100m. So..if you could would you try to "cut a deal" to reduce the amount you currently owe before the introduction of the new capped rules by making a "large" donation by say firstly approaching the Treasury Minister to see where the land lies and where a high profile donation would be gratefully received?? Link to comment Share on other sites More sharing options...
Politician Posted April 23, 2006 Share Posted April 23, 2006 Juan - I agree with every word. Manxchatterbox - with the latter part of your last post, I'd say you're getting VERY close to libel. Entirely your call how you take this thread forward. But in your shoes, I'd choose my words very carefully. Link to comment Share on other sites More sharing options...
manxchatterbox Posted April 23, 2006 Author Share Posted April 23, 2006 Politician - don't you worry my friend - I'm only putting forward a few conjectures without thinking of anone in particular since I don't know the names of any really really rich people and will leave that to others in case they do... Link to comment Share on other sites More sharing options...
manxchatterbox Posted April 23, 2006 Author Share Posted April 23, 2006 Chinahand:-"The only example I know about in any detail is the US tax system where the top 5% still pay something like 40% of the net tax reciepts and that is after all the avoidance schemes the accountants cook up!" Isn't the UK Govt moving towards the US IR tax system.... where if you are a US National and Passport holder you are liable to US tax (until you renounce citizenship and return your passport) no matter where in the world you live for whatever amount of time.... here we just seem to be saying your only liable to IOM tax on income receivable in the IOM...surely we should be saying its on your world-wide income and that you must be truly IOM resident and an |OM passport holder having passed the new IOM Citizenship "test".. not for people who just buy property here and have use of it it and make out they are IOM resident (as can be seen from all the apartments/properties that have been purchased or are held as as "investmenst" and which remain empty ... Link to comment Share on other sites More sharing options...
Gladys Posted April 23, 2006 Share Posted April 23, 2006 Countries have been doing "tax deals" with the wealthy for a long time ... it does make you wonder about the "scroungers" who cost the state so much as against the wealthy with access to advice that allows them to avoid taxes, apparently costing huge millions each year! The new Manx cap on tax is actually because of this sort of thing. No need to do deals, no accusations of under the counter treatment, nothing underhand - if you fit the bill give us a hundred grand and thats it. What could be fairer? I don't have a problem with the Manx personal tax cap, tax deals or even tax planning (the more robust term for avoidance). To a certain extent taxation can be viewed as a kind of game where the loopholes are expected to be exploited (I think there is case law to support this, it may be outdated now, but that nevertheless, was the view). In a way, its all fine and dandy between sophisticated economies. But as for the emerging and developing economies, I'm really not too sure. Creators of wealth, understandably, want to protect that wealth but the effect is to suck assets out of the country, whose usual response is a somewhat sledgehammer and knee-jerk approach, resulting in more assets (well, I really mean money) being moved out so the natural resources and assets of the country do not benefit its citizens. Then add to that, corruption, and you have a right bugger's muddle. Link to comment Share on other sites More sharing options...
manxchatterbox Posted April 23, 2006 Author Share Posted April 23, 2006 what are the arguements for and against introducing the £100k tax-cap on IOM receiveable income as opposed to world-wide income??? Link to comment Share on other sites More sharing options...
haX0red_Account Posted April 24, 2006 Share Posted April 24, 2006 surely cost-effectiveness comes into it; doubt IoM tax could enforce a worldwide one. Probably benefits the Island as encourages the type of investment that generates returns here as opposed to elsewhere. Would be a stampede if it were done on a worldwide basis tho! Link to comment Share on other sites More sharing options...
manxchatterbox Posted August 16, 2006 Author Share Posted August 16, 2006 so how about making a donation and then applying for planning permission to remove a facility in order to get another........... Link to comment Share on other sites More sharing options...
manxman8180 Posted August 16, 2006 Share Posted August 16, 2006 So MCB, by adding this last post you have now made a direct connection between a named person, and the veiled, somewhat libellous, accusations in your series of original posts. You'll go far. Link to comment Share on other sites More sharing options...
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