Super-rich being advised how to avoid Labour tax clampdown, undercover investigation suggests

[Amadeus]

Labour taking aim at the IoM in 3.2.1…

https://www.theguardian.com/business/article/2024/jul/25/super-rich-being-advised-how-to-avoid-labour-tax-clampdown-undercover-investigation-suggests

 

 

[Idleweiss]

What a video

”You know putting your UK assets inside a QNUPs to avoid IHT is just like making love to a beautiful woman”

[The Phantom]

23 minutes ago, Amadeus said:

Labour taking aim at the IoM in 3.2.1…

https://www.theguardian.com/business/article/2024/jul/25/super-rich-being-advised-how-to-avoid-labour-tax-clampdown-undercover-investigation-suggests

 

 

The QNUPS legislation has been on the books for decades and it’s NOT a bloody loophole. The exemption from IHT is deliberate as it mirrors the exemption for registered pensions. It might look great at first but remember that all lump sums from a QNUPS are taxed at income tax rates, as are any pension payments. So, yes, you might save IHT at 40% but you pay income tax of up to 45% instead ! Great tax planning…

The example given in the article is an extreme case of misselling and probably would not work anyway, as overfunding a QNUPS would trigger an IHT entry charge and would probably not get any IHT exemptions or other tax benefits.

More sensationalist bullshit and Labour looking for that magical money tree that will have to fund everything before they just accept the fact they are going to have to crank up taxes massively to fund everything. 

Like VAT on private school fees, will drive more people to state schools that will cost more per state pupil than the VAT raised per private pupil.

Or ending the non-dom regime.  I've already spoken to or heard of several people who have or are leaving the UK to move to other countries that are in the process of bringing in their own Non-Dom regime to attract the wealthy (Italy and Greece).  One of those leaving London employed nearly 20 people at his property - gardeners, cleaners etc. 

Edited July 25 by The Phantom

[NoTail]

Not many london properties require a gardener, leg alone a few. I suppose Buckingham Palace would want a few gardeners. 

[The Phantom]

2 minutes ago, NoTail said:

Not many london properties require a gardener, leg alone a few. I suppose Buckingham Palace would want a few gardeners. 

We're talking about very wealthy non doms, with large houses and gardens. Of which there are many in central London. 

 

[Moghrey Mie]

1 hour ago, Amadeus said:

Labour taking aim at the IoM in 3.2.1…

https://www.theguardian.com/business/article/2024/jul/25/super-rich-being-advised-how-to-avoid-labour-tax-clampdown-undercover-investigation-suggests

 

 

I'm always wary of things that are sold as financial 'solutions' and 'products'.

[Ringy Rose]

5 hours ago, The Phantom said:

Or ending the non-dom regime.  I've already spoken to or heard of several people who have or are leaving the UK to move to other countries that are in the process of bringing in their own Non-Dom regime to attract the wealthy (Italy and Greece

They want all the benefits of living in the UK but don’t want to pay for the benefits of living in the UK. Lovely people. I’m sure they’ll adore Dubai along with all the Russian gangsters.

I’m sure whoever buys their houses will also need gardeners and cleaners.

[cissolt]

5 hours ago, The Phantom said:

The QNUPS legislation has been on the books for decades and it’s NOT a bloody loophole. The exemption from IHT is deliberate as it mirrors the exemption for registered pensions. It might look great at first but remember that all lump sums from a QNUPS are taxed at income tax rates, as are any pension payments. So, yes, you might save IHT at 40% but you pay income tax of up to 45% instead ! Great tax planning…

The example given in the article is an extreme case of misselling and probably would not work anyway, as overfunding a QNUPS would trigger an IHT entry charge and would probably not get any IHT exemptions or other tax benefits.

More sensationalist bullshit and Labour looking for that magical money tree that will have to fund everything before they just accept the fact they are going to have to crank up taxes massively to fund everything. 

Like VAT on private school fees, will drive more people to state schools that will cost more per state pupil than the VAT raised per private pupil.

Or ending the non-dom regime.  I've already spoken to or heard of several people who have or are leaving the UK to move to other countries that are in the process of bringing in their own Non-Dom regime to attract the wealthy (Italy and Greece).  One of those leaving London employed nearly 20 people at his property - gardeners, cleaners etc. 

Is comment about 'employed 20 people...gardeners etc a joke'? Or were you talking to Bassim personally? Or did you read this guardian article? 

https://www.theguardian.com/news/2024/may/02/i-am-moving-tycoon-bassim-haidar-non-dom-tax-status-super-rich-exodus

I assume so. The loss of 20 jobs, or even 200 is probably worth the sacrifice £3.2 billion that could be raised.

 

https://www.lse.ac.uk/News/Latest-news-from-LSE/2022/i-September-22/Abolishing-the-non-dom-regime-would-raise-more-than-3.2-billion-each-year-finds-new-report

[Idleweiss]

5 hours ago, Moghrey Mie said:

I'm always wary of things that are sold as financial 'solutions' and 'products'.

Mr Clifford was visible of note many years ago now for wearing a sheepskin coat on his commute to work. He is the true Arthur Daley of international finance. 

[lfc84]

6 hours ago, Amadeus said:

Labour taking aim at the IoM in 3.2.1…

https://www.theguardian.com/business/article/2024/jul/25/super-rich-being-advised-how-to-avoid-labour-tax-clampdown-undercover-investigation-suggests

 

 

 

I would rather you focus on shitty recycling tubs that we have 

Edited July 25 by lfc84

[Roger Mexico]

1 hour ago, cissolt said:

Is comment about 'employed 20 people...gardeners etc a joke'? Or were you talking to Bassim personally? Or did you read this guardian article? 

https://www.theguardian.com/news/2024/may/02/i-am-moving-tycoon-bassim-haidar-non-dom-tax-status-super-rich-exodus

I assume so. The loss of 20 jobs, or even 200 is probably worth the sacrifice £3.2 billion that could be raised.

One of the oldest British traditions is, in the run up to a UK General Election, the rich/celebrities/rich celebrities giving interviews to the press stating that they will be leaving the country if Labour get in.  Either Labour does and they don't leave or Labour doesn't get in and they leave anyway.  This nonsensical ritual has been going on since the 1920s and no one except the press takes it seriously.

The same people also like to give the impression that they're employing enough people to make Downton Abbey look like a bedsit and that whole sectors of the economy rely on them.  In practice, if they do have 20 people working for them, most will be low-paid part-timers working possibly through agencies and almost certainly for other people/companies as well.  If there are a few high-paid specialists, they will likely be as mobile as their employers and just as unlikely to be paying tax.

Edited July 25 by Roger Mexico
Typo

[Utah 01]

Is the Island doing anything to attract HNWs or does Alf just think he need do nothing 'and they will come'? Shirley we should be.

Edited July 25 by Utah 01

[A fool and his money.....]

7 hours ago, The Phantom said:

The QNUPS legislation has been on the books for decades and it’s NOT a bloody loophole. The exemption from IHT is deliberate as it mirrors the exemption for registered pensions. It might look great at first but remember that all lump sums from a QNUPS are taxed at income tax rates, as are any pension payments. So, yes, you might save IHT at 40% but you pay income tax of up to 45% instead ! Great tax planning…

The example given in the article is an extreme case of misselling and probably would not work anyway, as overfunding a QNUPS would trigger an IHT entry charge and would probably not get any IHT exemptions or other tax benefits.

More sensationalist bullshit and Labour looking for that magical money tree that will have to fund everything before they just accept the fact they are going to have to crank up taxes massively to fund everything. 

Like VAT on private school fees, will drive more people to state schools that will cost more per state pupil than the VAT raised per private pupil.

Or ending the non-dom regime.  I've already spoken to or heard of several people who have or are leaving the UK to move to other countries that are in the process of bringing in their own Non-Dom regime to attract the wealthy (Italy and Greece).  One of those leaving London employed nearly 20 people at his property - gardeners, cleaners etc. 

Thanks Maggie, for your unbiased account of the situation.

[A fool and his money.....]

25 minutes ago, Utah 01 said:

Is the Island doing anything to attract HNWs or does Alf just think he need do nothing 'and they will come'? Shirley we should be.

Why would you want to? The tax cap means they often pay less tax in percentage terms than you or I. The last thing the island needs is more freeloading whenis.

[woolley]

4 minutes ago, A fool and his money..... said:

Why would you want to? The tax cap means they often pay less tax in percentage terms than you or I. The last thing the island needs is more freeloading whenis.

Why does this matter? In 5 or 10 years, depending on the election period, a single tax capper moving here will contribute between a million and two million in hard cash to Treasury that we wouldn't otherwise have had. Or a jointly assessed couple between two and four million. This is aside from other taxes and charges they will pay. If this is freeloading, we need a lot more freeloaders.