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

[woolley]

1 hour ago, Roger Mexico said:

Except of course the one thing that has been consistent from the start is that the number of those using the tax cap has remained pretty constant.  So all that the tax cap has done is to deprive the Island of the tax that the HNWIs were quite happy to pay before Bell had his brilliant idea.

This is true, and I made the same point many years ago. However, I was posting here in the context of someone saying we don't want any more of these people, which is ludicrous. Money for nothing from people who cost us nothing.

[woolley]

1 hour ago, WTF said:

do you really think it was actually bells idea ?  

It's fair bet that it was hatched somewhere in London.

[woolley]

1 hour ago, Non-Believer said:

Services are going to hell because the funding and revenue that used to support them is being diverted to the liabilities and debts that Govt has run up and kicked down the road for years previously. Roosting pigeons are expensive things.

So are overblown bureaucracies.

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

50 minutes ago, woolley said:

So find something else before junking what we have. It needs to be something that will bring in hundreds of millions a year. Good luck.

Usual defeatest nonsense. To find something else we at least need to be trying to find something else - and it doesn't have to be just one thing.

The island lends itself to many industries, all we need is a bit of moral courage and political leadership to develop them.

As far as I can see the current government is blinkered on throwing money at people ( future liabilities) to come and live here.

We're not without hope, but first we need to wake up.

[woolley]

35 minutes ago, Non-Believer said:

You're not cynical enough Woolster. They said that about the first tax cap arrangement too until they found out that it was being circumvented by some HNWs who were even trying to avoid £125k.

Yes. People were rolling up income for years in zero tax companies, then taking in all out in one hit to pay one year's tax cap on many millions with no income in the years before and after. Clever wheeze, but that's why they introduced election for 5 years to stop the practice. It's been running for enough years now to shake out those anomalies.

You can avoid it all, of course, if your rich and motivated enough. Establish your company in a Crown Dependency with no corporate tax, and live in Monaco (or other place without personal income tax). Remit your untaxed Manx/Jersey company dividends to your untaxed Monaco resident self. Not many are in that league.

Thanks for the compliment about my lack of cynicism though!!

[woolley]

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

Usual defeatest nonsense. To find something else we at least need to be trying to find something else - and it doesn't have to be just one thing.

The island lends itself to many industries, all we need is a bit of moral courage and political leadership to develop them.

As far as I can see the current government is blinkered on throwing money at people ( future liabilities) to come and live here.

We're not without hope, but first we need to wake up.

I won't argue with it. I wait to see it happening, but it does need to happen before we jump off the existing horse.

[Utah 01]

1 hour ago, Ringy Rose said:

Cannan is just another in a long line of low wattage light bulbs who think they’re something because they went to King Bill’s and because Athol Street blows some smoke up their arse

Right or wrong, I sense prima facie evidence of your deep-seated socialist 'politics of envy' coming to the fore.

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

2 hours ago, woolley said:

I won't argue with it. I wait to see it happening, but it does need to happen before we jump off the existing horse.

Sadly I don't think we have the moral courage or leadership in government to make it happen. The horse will be dead before they start considering alternatives and even then it'll just be more variations on the same theme.

[Ringy Rose]

2 hours ago, Utah 01 said:

Right or wrong, I sense prima facie evidence of your deep-seated socialist 'politics of envy' coming to the fore.

You’ve got me there. I’d love to be paid huge sums of money by Alf Cannan to do something I was going to do anyway. Wouldn’t we all?

[code99]

6 hours ago, Ringy Rose said:

I think the cap should have been upped to £250k when they put 2% on income tax for us plebs. Sometimes it’s about the optics.

And the MLP said ‘  Dr Allinson, it’s just not cricket…’ and Dr Allinson waffled that  "removal of or increase in the cap would not necessarily generate significant additional revenue" but it would "reduce our attractiveness to some individuals considering relocating to the Isle of Man"…Go figure!

https://www.bbc.co.uk/news/articles/c517r72l882o

[Two-lane]

As an example of the benefits such people bring to the IoM he said "examples include(d) the transformation of the Regent Street Post Office in Douglas into a bar ".

Pretty impressive.

Also, he said ""a large proportion of people with significant wealth" contributed to the Manx economy by creating businesses and redeveloping property."

Do these people also get a gov. grant for redeveloping property?

[Harry Lamb]

23 hours ago, Utah 01 said:

Right or wrong, I sense prima facie evidence of your deep-seated socialist 'politics of envy' coming to the fore.

He only got a few O levels and was packed off to the army as thickies were in those days.

[mad_manx]

On 7/26/2024 at 12:10 AM, 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.

You mean like all those retired folk who are moving to the isle of man 

Since the IOM has the advantage of combined taxation,  a couple only pay around 3% tax on the first 42k of combined income!! ( 29k combined personal allowance and 13k at standard rate of taxation at 10%) .

For someone who owns their property without a mortgage 42k is still a very decent amount of money. 

 

[mad_manx]

Double post...deleted.

Edited July 27 by mad_manx

[mad_manx]

Double post..deleted

Edited July 27 by mad_manx