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Post by Totheleft on Feb 18, 2024 23:50:19 GMT
Someone hasn't checked sunak's slush funds ........
On a separate issue, maybe we SHOULD tax people on net worth. I'm all for it.
Trouble is how you measure non traded assets. For example you might put your house up for sale for £1 million after your estate agent has valued it for £1 million but if nobody buys it then it is plainly not worth £1 Million. So how much tax would you pay? I would think. What price it sold for you get taxed on that |
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Post by Pacifico on Feb 19, 2024 7:50:10 GMT
Trouble is how you measure non traded assets. For example you might put your house up for sale for £1 million after your estate agent has valued it for £1 million but if nobody buys it then it is plainly not worth £1 Million. So how much tax would you pay? I would think. What price it sold for you get taxed on that But if you don't sell it you cannot have a wealth tax without somehow guessing at the value. |
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Post by patman post on Feb 19, 2024 14:14:50 GMT
As of May 2023, the Sunday Times Rich List 2023 estimated his net worth at £29.688 billion, making him the second wealthiest figure in the UK. www.thetimes.co.uk/article/jim-ratcliffe-net-worth-sunday-times-rich-list-xjvg29098I have no access to Sir Jim’s tax returns, but as it’s been publicly stated several times in business news media — without contradiction — that moving to Monaco would save him an estimated £4 billion a year in tax, I’ll accept it could be more. We dont tax based on net worth. To be liable for £4 Billion a year in tax he would need an income of £10 Billion - nobody has that. I doubt Sir Jim is on PAYE. But there are other taxes, such as Capital Gains Tax.
CGT applies when a capital asset, is given away, exchanged or otherwise disposed of. A capital asset can be a house, shares in companies or other possessions. CGT applies to assets wherever they're owned — and, depending on the tax rate of the individual concerned, CGT can be up to 28%... |
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Post by patman post on Feb 19, 2024 14:36:31 GMT
I would think. What price it sold for you get taxed on that But if you don't sell it you cannot have a wealth tax without somehow guessing at the value. Norway collects it — twice!!!
People are taxed on wealth — which can, for example, consist of bank deposits, shares, real estate**, and even cars*** — by both their municipal authority and the state.
The municipal tax wealth is 0.7 percent, based on assets exceeding a net capital tax basis of NOK 1.7 million for single taxpayers and NOK 3.4 million for married couples.
State wealth tax rate is calculated on the same basis and levied at 0.3 percent.
Children receive free public dental treatment in Norway. Most adults have to pay their expenses for dental treatment themselves. But there are some conditions/situations where the National Insurance scheme will cover some of the cost of treatment via the Norwegian Health Economics Administration...
** Home, other dwellings, holiday property all at home and abroad *** Based on new list price
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Post by Pacifico on Feb 19, 2024 18:07:09 GMT
We dont tax based on net worth. To be liable for £4 Billion a year in tax he would need an income of £10 Billion - nobody has that. I doubt Sir Jim is on PAYE. But there are other taxes, such as Capital Gains Tax.
CGT applies when a capital asset, is given away, exchanged or otherwise disposed of. A capital asset can be a house, shares in companies or other possessions. CGT applies to assets wherever they're owned — and, depending on the tax rate of the individual concerned, CGT can be up to 28%... CGT only applies if you sell an asset - what makes the Guardian think that the guy is suddenly going to sell £10 Billion worth of assets? |
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Post by Pacifico on Feb 19, 2024 18:09:49 GMT
But if you don't sell it you cannot have a wealth tax without somehow guessing at the value. Norway collects it — twice!!! and didn't that turn out to be a disaster..  "tens of millions in lost tax receipts"
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Post by patman post on Feb 19, 2024 19:50:23 GMT
Norway collects it — twice!!! and didn't that turn out to be a disaster.. "tens of millions in lost tax receipts"
Exactly those that can are leaving the country’s tax jurisdiction… |
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Post by patman post on Feb 19, 2024 19:56:19 GMT
I doubt Sir Jim is on PAYE. But there are other taxes, such as Capital Gains Tax.
CGT applies when a capital asset, is given away, exchanged or otherwise disposed of. A capital asset can be a house, shares in companies or other possessions. CGT applies to assets wherever they're owned — and, depending on the tax rate of the individual concerned, CGT can be up to 28%... CGT only applies if you sell an asset - what makes the Guardian think that the guy is suddenly going to sell £10 Billion worth of assets? Sir Jim’s tax arrangements are probably not fully known to the Guardian any more than full CGT rules appear to be known to you… www.gov.uk/capital-gains-tax/what-you-pay-it-on |
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Post by Pacifico on Feb 19, 2024 22:34:22 GMT
CGT only applies if you sell an asset - what makes the Guardian think that the guy is suddenly going to sell £10 Billion worth of assets? Sir Jim’s tax arrangements are probably not fully known to the Guardian any more than full CGT rules appear to be known to you… www.gov.uk/capital-gains-tax/what-you-pay-it-onConsidering that I live on investment income I'm quite conversant with CGT rules - and the basic CGT rule is that you don't pay CGT unless you have realised a capital gain.. It's not exactly a difficult concept. You should have read page 1. Capital Gains Tax is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’) that’s increased in value. |
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Post by patman post on Feb 22, 2024 13:37:23 GMT
Considering that I live on investment income I'm quite conversant with CGT rules - and the basic CGT rule is that you don't pay CGT unless you have realised a capital gain.. It's not exactly a difficult concept. You should have read page 1. Capital Gains Tax is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’) that’s increased in value.That is undoubtedly the most commonly applied rule for the application of CGT, but it is not the only reason.
For example, disposing of something by gifting something that has gained in value since its acquisition can, in particular circumstances, also attract CGT**.
**Disposing of an asset includes:
• selling it
• giving it away as a gift, or transferring it to someone else • swapping it for something else
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Post by oracle75 on Feb 22, 2024 14:21:12 GMT
Foreign dentists are set to be allowed to work in the UK without taking a qualification exam. Ministers are planning to scrap the overseas entrance exam currently required to allow dentists from non-European countries to work in Britain. Currently dentists who qualify outside of the European Economic Area are required to take an exam set by Britain's dental regulator, the General Dental Council (GDC). www.gbnews.com/health/dental-crisis-foreign-dentists-allowed-work-uk-without-examThis is just another case of lowering standards to increase the catch. It's the dental version of diversity. That is what you get when you sign out of the EU. Many professional qualifications within the EU are assessed for parity of excellence so someine from Lithuania has to have passed the same quality exams as someone from Italy. What is the Professional Qualifications directive 2013 55 EU? It provides for automatic recognition for a limited number of professions based on harmonised minimum training requirements (sectoral professions), a general system for the recognition of evidence of training and automatic recognition of professional experience. www.eumonitor.eu › ... Directive 2013/55 - Amendment of Directive 2005/36/EC ... - EU Monitor EU trade deals sometimes include equal recognition of qualifications and experience. It is an essential part of freedom of movement. |
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Post by Pacifico on Feb 22, 2024 17:59:41 GMT
Considering that I live on investment income I'm quite conversant with CGT rules - and the basic CGT rule is that you don't pay CGT unless you have realised a capital gain.. It's not exactly a difficult concept. You should have read page 1. Capital Gains Tax is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’) that’s increased in value.That is undoubtedly the most commonly applied rule for the application of CGT, but it is not the only reason.
For example, disposing of something by gifting something that has gained in value since its acquisition can, in particular circumstances, also attract CGT**.
**Disposing of an asset includes:
• selling it
• giving it away as a gift, or transferring it to someone else • swapping it for something else
But in every case you no longer have the asset - that is when CGT is applied, not during the life of ownership of the asset. So unless the guy disposes of £10 billion in assets there will be no CGT charge. |
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Post by Red Rackham on Feb 23, 2024 9:31:36 GMT
Foreign dentists are set to be allowed to work in the UK without taking a qualification exam. Ministers are planning to scrap the overseas entrance exam currently required to allow dentists from non-European countries to work in Britain. Currently dentists who qualify outside of the European Economic Area are required to take an exam set by Britain's dental regulator, the General Dental Council (GDC). www.gbnews.com/health/dental-crisis-foreign-dentists-allowed-work-uk-without-examThis is just another case of lowering standards to increase the catch. It's the dental version of diversity. That is what you get when you sign out of the EU. Many professional qualifications within the EU are assessed for parity of excellence so someine from Lithuania has to have passed the same quality exams as someone from Italy. What is the Professional Qualifications directive 2013 55 EU? It provides for automatic recognition for a limited number of professions based on harmonised minimum training requirements (sectoral professions), a general system for the recognition of evidence of training and automatic recognition of professional experience. www.eumonitor.eu › ... Directive 2013/55 - Amendment of Directive 2005/36/EC ... - EU Monitor EU trade deals sometimes include equal recognition of qualifications and experience. It is an essential part of freedom of movement. Ahh right, it's because of Brexit. I should have known. |
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Post by oracle75 on Feb 23, 2024 9:38:04 GMT
'Fraid so.
Please note the direct quote and your empty, silly reply.
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Post by Red Rackham on Feb 23, 2024 9:51:41 GMT
'Fraid so. Please note the direct quote and your empty, silly reply. I will immediately march myself to the naughty step. |
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