Super-rich prepare to leave UK 'within minutes' if Labour wins election

[editor]

The worst sort of scum imaginable. Only interested in their own personal wealth and will do anything to not pay their fair share of tax to contribute to wellbeing of their community.

Super-rich prepare to leave UK 'within minutes' if Labour wins election

 

[Steel Icarus]

Yep. As posted on the vile billionaires thread

 

[Griff]

So a working class person in the South East inherits a house, obviously worth more than £125k, it'll have to be sold to pay the inheritance tax?

In fact make that more or less nationwide.

 

[DotCommunist]

they must be rich if they don't have to wait an hour to get on the plane like everyone else has to when flying anywhere

 

[Pickman's model]

Let them leave lemming-like from beachy head

 

[Chilli.s]

Their wealth leaving the uk not them personally. Tax dodging, the richer you are the easier it seems to be..

 

[maomao]

they must be rich if they don't have to wait an hour to get on the plane like everyone else has to when flying anywhere

They have their own airports. I used to have a billionaire customer who when landing at Stansted (private terminal) would have two mercs on standby at the airport and two more at Battersea in case he decided to come into town by helicopter. These people are ridiculous.

 

[Idaho]

The super wealthy don't really benefit the UK particularly unless you are an upscale estate agent or run some very high end retail or service business. They don't pay anything much in the way of tax - so I can't see how it would affect much.

 

[Proper Tidy]

So a working class person in the South East inherits a house, obviously worth more than £125k, it'll have to be sold to pay the inheritance tax?

In fact make that more or less nationwide.

Seems reasonable although bar set too high at 125k. I think somewhere around 30k would be fair, perhaps a lower rate of 50% up to maybe 80k or something before the 100% rate kicks in.

This way we can have a slightly less hill-like playing field, so that everybody who works hard can achieve their goals and everybody gets a chance and all that stuff that tories and business types say

 

[mauvais]

So a working class person in the South East inherits a house, obviously worth more than £125k, it'll have to be sold to pay the inheritance tax?

In fact make that more or less nationwide.

Or they can just mortgage it like everyone else.

 

[brogdale]

Let them leave lemming-like from beachy head

Don't we already have a range of destinations for these former people?

 

[alex_]

The super wealthy don't really benefit the UK particularly unless you are an upscale estate agent or run some very high end retail or service business. They don't pay anything much in the way of tax - so I can't see how it would affect much.

They spend a lot of money in places which employ a lot of people ( shops, hotels, restaurants which all pay VAT ) and directly employ a lot of people - who all pay tax, so the statement above is false.

Taxing corporation tax and dividends closer to income tax is fairer though.

Alex

 

[JimW]

What with Trump too, been a great week for labour in negative endorsements

 

[alex_]

Or they can just mortgage it like everyone else.

Which assumes you can afford it

 

[Proper Tidy]

To put it in perspective, current inheritance tax nil rate is 325k and 150k on top for main residence. No IHT between spouses (no tax liability when spouse one dies and spouse two gets the allowance rolled over) so that is 950k before IHT kicks in at 40%. Add in gifts and PETs and widespread use of trusts by the wealthy and basically we don't fucking tax wealth at all, it's a shit show, get rid

Edit also increasing use of limited companies for buy to let/investment properties which has tax advantages when alive and means can bypass inheritance tax entirely on death by appointing/resigning directors (children)

Plus up to just over a million in pensions which sit outside of estate. It's a fucking joke.

 

[Poot]

Their wealth leaving the uk not them personally. Tax dodging, the richer you are the easier it seems to be..

Yeah, a scheme that involves hiding a grand for tax avoidance purposes is fraud but a scheme that involves hiding a million pounds is likely to be looked upon as a savvy bit of investment by your personal accountant. And we'll still have to put up with their actual faces. And voices.

 

[mauvais]

Which assumes you can afford it

The average age of giving birth in the UK is 30. The average life expectancy is 81, so the average person is 51 when their parent dies. The retirement age is let's say 65 for now. That's 14 years of work.

You inherit a house that's let's go fairly high and say is worth £500k, the tax bill (assuming IHT remains as-is) would be 40% of £375k, that's £150k. In that timeframe you have to pay it off at an approximate rate of £11k a year which is just over £900 a month. Add a bit on for interest but hey, it's a 30% LTV mortgage, it's not that much.

This is far less than you would feasibly pay in rent and you just inherited an asset worth half a million quid that if necessary you can draw down or sell, so at that point I think anyone taking massive issue with that can probably get fucked.

 

[Pickman's model]

Don't we already have a range of destinations for these former people?

Not for these ones. They would undermine the social harmony of the saiz labour force with their constant harping on about foie gras and so on. Their demise before leaving blighty, and we're only talking about several hundred wastrels, will serve to encourage the others.

 

[brogdale]

Not for these ones. They would undermine the social harmony of the saiz labour force with their constant harping on about foie gras and so on. Their demise before leaving blighty, and we're only talking about several hundred wastrels, will serve to encourage the others.

What we've come to expect from you; a planned strategy.

 

[maomao]

They spend a lot of money in places which employ a lot of people ( shops, hotels, restaurants which all pay VAT ) and directly employ a lot of people - who all pay tax, so the statement above is false

I'm pretty sure their contribution to the economy is overstated. A billionaire can only eat in so many restaurants in a year. And most of the super wealthy I've ever worked for have been tight gits. Used to send cars to a Russian oligarch and his family who would send emails arguing the toss over fifteen minutes waiting time. A well known US private equity billionaire would send drivers to buy him coffee and not bother paying them back. Scumbags the lot of them. Get rid.

 

[Proper Tidy]

The average age of giving birth in the UK is 30. The average life expectancy is 81, so the average person is 51 when their parent dies. The retirement age is let's say 65 for now. That's 14 years of work.

You inherit a house that's let's go fairly high and say is worth £500k, the tax bill (assuming IHT remains as-is) would be 40% of £375k, that's £150k, you have to pay it off at an approximate rate of £11k a year which in that timeframe is just over £900 a month. Add a bit on for interest but hey, it's a 30% LTV mortgage, it's not that much.

This is far less than you would feasibly pay in rent and you just inherited an asset worth half a million quid that if necessary you can draw down or sell, so at that point I think anyone taking massive issue with that can probably get fucked.

Agree with thrust of this but they have residence nil rate now of 150k (300k for married couples/civil partners) plus the 325/650k normal inheritance tax nil rate so a half mil house with no other assets wouldn't even get taxed

 

[Artaxerxes]

Land Tax please.

Also offshore ownership of land can fucking do one. Especially if the owners actually live here.

 

[AnnaKarpik]

They spend a lot of money in places which employ a lot of people ( shops, hotels, restaurants which all pay VAT ) and directly employ a lot of people - who all pay tax, so the statement above is false.

Taxing corporation tax and dividends closer to income tax is fairer though.

Alex

First off, businesses do not pay VAT, they collect VAT on behalf of the tax system. Second, businesses do not spend more than they make in profit, or not for long. And particularly in the sectors you mention, businesses take steps to minimise the pay and conditions of their employees, avoid employment taxes and taxes on their profit. The wealthy in the UK prefer to put their money into property apparently and turn a profit from rent and asset inflation.

 

[mx wcfc]

leave your passports at the door.

 

[Proper Tidy]

There is absolutely no rhyme or reason for having equivelent tax bands for dividend & income with lower tax rates for dividend beyond it being a tax cut for them and theirs so alex bang on with that tbf

 

[tim]

They have their own airports. I used to have a billionaire customer who when landing at Stansted (private terminal) would have two mercs on standby at the airport and two more at Battersea in case he decided to come into town by helicopter. These people are ridiculous.

But Comrade Corbyn will have the fighter planes of the Revolutionary Air Force (RAF) at his disposal to take the plutocrats out. Never in the field of class struggle will so much be owed by so many by so few, again

 

[Jennastan]

The average age of giving birth in the UK is 30. The average life expectancy is 81, so the average person is 51 when their parent dies. The retirement age is let's say 65 for now. That's 14 years of work.

You inherit a house that's let's go fairly high and say is worth £500k, the tax bill (assuming IHT remains as-is) would be 40% of £375k, that's £150k. In that timeframe you have to pay it off at an approximate rate of £11k a year which is just over £900 a month. Add a bit on for interest but hey, it's a 30% LTV mortgage, it's not that much.

This is far less than you would feasibly pay in rent and you just inherited an asset worth half a million quid that if necessary you can draw down or sell, so at that point I think anyone taking massive issue with that can probably get fucked.

if i inherit a house in the next decade or so I'll be selling it and buying another in a less expensive area (the North) thereby avoiding all that crap.

 

[chilango]

Just expropriate anything we can get our hands on of theirs and ban them from entering the country ever again.

Fuck 'em.

 

[Idaho]

They spend a lot of money in places which employ a lot of people

It's a very small group and as such, while there is a large impact on a small corner of the economy, it's probably not that significant overall. Not worth cow-towing to this elite just to keep the UK Fabergé egg market buoyant.

 

[brogdale]

It's a very small group and as such, while there is a large impact on a small corner of the economy, it's probably not that significant overall. Not worth cow-towing to this elite just to keep the UK Fabergé egg market buoyant.