What should be noted, is that from providing nothing, income tax now provides HMRC with nearly 50% of total receipts. That corresponds to the rise in welfare spending, and income tax is now being used for social engineering, from both left and right. It is like income tax was a genie that was let out of the bottle, and politicians can't stop rubbing it. If you agree with the social engineering of the day then you might think of income tax as a moral obligation, but those who do not, are perfectly justifiable in only paying what an imperfect obligation requires by law.
Ever wondered why on earth we have NI?
There's only one reason why we have NI. It's because pensioners do not pay NICs and combining income tax and NI would produce a rate of tax that would be higher for pensioners. 75% of people over 60 years of age vote. Few of them are going to be like turkeys voting for Christmas. All professional politicians from all parties (even UKIP following a swift change of policy) understand that proposing the combination of income tax and NI would be political suicide.
Simple solution that these genius politicians haven't thought up - stop levying income tax on pension income, then create a threshold of pension income above which you begin to stop receiving the basic state pension. It does seem somewhat illogical that we tax an income that most people have to use to live on for the rest of their lives. There are also thresholds of how much a person can both contribute and crystallise in their lifetime and these appear to be lowering.
Surely any salary is "an income that most people have to use to live on for the rest of their lives"?
Personal allowances apply to pensions, and pensioners are less likely to have mortgages, young children etc. The personal allowance is £10500 per annum (2014/15) for people over 68.
No more tax breaks for pensioners, thanks.
The personal allowance for everybody for 2015/2016 will be £10600. An increase of £600, except pensioners like me only get £100.
What should be noted, is that from providing nothing, income tax now provides HMRC with nearly 50% of total receipts. That corresponds to the rise in welfare spending, and income tax is now being used for social engineering, from both left and right. It is like income tax was a genie that was let out of the bottle, and politicians can't stop rubbing it. If you agree with the social engineering of the day then you might think of income tax as a moral obligation, but those who do not, are perfectly justifiable in only paying what an imperfect obligation requires by law.
Ever wondered why on earth we have NI?
There's only one reason why we have NI. It's because pensioners do not pay NICs and combining income tax and NI would produce a rate of tax that would be higher for pensioners. 75% of people over 60 years of age vote. Few of them are going to be like turkeys voting for Christmas. All professional politicians from all parties (even UKIP following a swift change of policy) understand that proposing the combination of income tax and NI would be political suicide.
Simple solution that these genius politicians haven't thought up - stop levying income tax on pension income, then create a threshold of pension income above which you begin to stop receiving the basic state pension. It does seem somewhat illogical that we tax an income that most people have to use to live on for the rest of their lives. There are also thresholds of how much a person can both contribute and crystallise in their lifetime and these appear to be lowering.
Surely any salary is "an income that most people have to use to live on for the rest of their lives"?
Personal allowances apply to pensions, and pensioners are less likely to have mortgages, young children etc. The personal allowance is £10500 per annum (2014/15) for people over 68.
No more tax breaks for pensioners, thanks.
Now, let me get this straight, mortgage rates are at historically low (and stupid) levels, and pensioners savings are being screwed to subsidise these idiotic rates but you want more subsidies for people to buy houses they can't otherwise afford and presumably more than £20 per week child benefit to subsidise kids that the country's infrastructure can't support and that have a 30% chance of growing up obese? Is that right? Hey, why don't those individuals finance their life styles, giant packets of crisps, holidays, and mums' SUVs with their own money?
Its' quite interesting, some people think all tax receipts should be from income, others all from wealth/property, others that there should be no inheritance tax...
I personally think that the balance is reasonably OK. Loading everything onto one tax would have terrible ramifications for the economy. If everything was on income tax, the increase in rates would be so huge that it would make no sense for anyone to work. If everything was on VAT, we'd be looking at a 50%+ rate and people would stop buying, at least in this country.
This is the balance, for anyone interested - figures in millions. I wassurprised to see how low inheritance tax and CGT is
Income Tax 156,898 NICs 107,690 VAT 104,718 Corporation Tax 39,274 Fuel duties 26,881 Alcohol taxes 19,986 Stamp Duty Land 9,273 Capital Gains 3,908 Inheritance tax 3,402 Shares 3,108 Insurance premium tax 3,014 Air passenger duty 3,013 Betting + gaming 2,098 Landfill Tax 1,189 Petroleum Revenue tax 1,118 Climate Change levy 1,068 Tax Credits -2,743 Total HMRC receipts 489,850 other Gov’t revenue (interest, asset purchase) 101,000 Total Central gov’t revenue (ANBV) £590,544
Its' quite interesting, some people think all tax receipts should be from income, others all from wealth/property, others that there should be no inheritance tax...
I personally think that the balance is reasonably OK. Loading everything onto one tax would have terrible ramifications for the economy. If everything was on income tax, the increase in rates would be so huge that it would make no sense for anyone to work. If everything was on VAT, we'd be looking at a 50%+ rate and people would stop buying, at least in this country.
This is the balance, for anyone interested - figures in millions. I wassurprised to see how low inheritance tax and CGT is
Income Tax 156,898 NICs 107,690 VAT 104,718 Corporation Tax 39,274 Fuel duties 26,881 Alcohol taxes 19,986 Stamp Duty Land 9,273 Capital Gains 3,908 Inheritance tax 3,402 Shares 3,108 Insurance premium tax 3,014 Air passenger duty 3,013 Betting + gaming 2,098 Landfill Tax 1,189 Petroleum Revenue tax 1,118 Climate Change levy 1,068 Tax Credits -2,743 Total HMRC receipts 489,850 other Gov’t revenue (interest, asset purchase) 101,000 Total Central gov’t revenue (ANBV) £590,544
Don't surprise at all, CGT.
Glad to see Inheritance tax so low personally, I hope it's because loadsa people are getting away with it as a pose to not many people leaving dough to anyone these days.
Most taxes used to come from Excise Duties and Stamp Duty on property transfers. In 1868 income tax was 7% of total revenue and Excise Duties 61%. Today Income Tax & NI is 61% and Excise Duties 8%, a 100% reversal.
So tell me why the tax burden should have shifted to income tax affecting every ordinary worker, and VAT everything we buy to live, (amounting to 63% of revenues) and why taxing wealth held in shares and property (Capital Gains, Stamp Duty, Inheritance tax) at 2.8% makes any sense if your objective is to re-distribute wealth. The only reason can be because it's easier to get many to pay a little than a few to pay a lot.
I'm not advocating anything, just asking why people are not asking the right questions.
Its' quite interesting, some people think all tax receipts should be from income, others all from wealth/property, others that there should be no inheritance tax...
I personally think that the balance is reasonably OK. Loading everything onto one tax would have terrible ramifications for the economy. If everything was on income tax, the increase in rates would be so huge that it would make no sense for anyone to work. If everything was on VAT, we'd be looking at a 50%+ rate and people would stop buying, at least in this country.
This is the balance, for anyone interested - figures in millions. I wassurprised to see how low inheritance tax and CGT is
Income Tax 156,898 NICs 107,690 VAT 104,718 Corporation Tax 39,274 Fuel duties 26,881 Alcohol taxes 19,986 Stamp Duty Land 9,273 Capital Gains 3,908 Inheritance tax 3,402 Shares 3,108 Insurance premium tax 3,014 Air passenger duty 3,013 Betting + gaming 2,098 Landfill Tax 1,189 Petroleum Revenue tax 1,118 Climate Change levy 1,068 Tax Credits -2,743 Total HMRC receipts 489,850 other Gov’t revenue (interest, asset purchase) 101,000 Total Central gov’t revenue (ANBV) £590,544
Don't surprise at all, CGT.
Glad to see Inheritance tax so low personally, I hope it's because loadsa people are getting away with it as a pose to not many people leaving dough to anyone these days.
I think it's because not that many people are actually subject to it, despite rumours to the contrary?
Most taxes used to come from Excise Duties and Stamp Duty on property transfers. In 1868 income tax was 7% of total revenue and Excise Duties 61%. Today Income Tax & NI is 61% and Excise Duties 8%, a 100% reversal.
So tell me why the tax burden should have shifted to income tax affecting every ordinary worker, and VAT everything we buy to live, (amounting to 63% of revenues) and why taxing wealth held in shares and property (Capital Gains, Stamp Duty, Inheritance tax) at 2.8% makes any sense if your objective is to re-distribute wealth. The only reason can be because it's easier to get many to pay a little than a few to pay a lot.
I'm not advocating anything, just asking why people are not asking the right questions.
Excise duties in those days were the equivalent of VAT and they were punitively high in many cases and deeply unpopular (there were many riots). That's different to customs duties which had been reduced to very little by the 1860s due to Britain's commitment to free trade.
What should be noted, is that from providing nothing, income tax now provides HMRC with nearly 50% of total receipts. That corresponds to the rise in welfare spending, and income tax is now being used for social engineering, from both left and right. It is like income tax was a genie that was let out of the bottle, and politicians can't stop rubbing it. If you agree with the social engineering of the day then you might think of income tax as a moral obligation, but those who do not, are perfectly justifiable in only paying what an imperfect obligation requires by law.
Ever wondered why on earth we have NI?
There's only one reason why we have NI. It's because pensioners do not pay NICs and combining income tax and NI would produce a rate of tax that would be higher for pensioners. 75% of people over 60 years of age vote. Few of them are going to be like turkeys voting for Christmas. All professional politicians from all parties (even UKIP following a swift change of policy) understand that proposing the combination of income tax and NI would be political suicide.
Simple solution that these genius politicians haven't thought up - stop levying income tax on pension income, then create a threshold of pension income above which you begin to stop receiving the basic state pension. It does seem somewhat illogical that we tax an income that most people have to use to live on for the rest of their lives. There are also thresholds of how much a person can both contribute and crystallise in their lifetime and these appear to be lowering.
Surely any salary is "an income that most people have to use to live on for the rest of their lives"?
Personal allowances apply to pensions, and pensioners are less likely to have mortgages, young children etc. The personal allowance is £10500 per annum (2014/15) for people over 68.
No more tax breaks for pensioners, thanks.
Now, let me get this straight, mortgage rates are at historically low (and stupid) levels, and pensioners savings are being screwed to subsidise these idiotic rates but you want more subsidies for people to buy houses they can't otherwise afford and presumably more than £20 per week child benefit to subsidise kids that the country's infrastructure can't support and that have a 30% chance of growing up obese? Is that right? Hey, why don't those individuals finance their life styles, giant packets of crisps, holidays, and mums' SUVs with their own money?
I was going to respond to this garbage but I'd better not, thanks.
Its' quite interesting, some people think all tax receipts should be from income, others all from wealth/property, others that there should be no inheritance tax...
I personally think that the balance is reasonably OK. Loading everything onto one tax would have terrible ramifications for the economy. If everything was on income tax, the increase in rates would be so huge that it would make no sense for anyone to work. If everything was on VAT, we'd be looking at a 50%+ rate and people would stop buying, at least in this country.
This is the balance, for anyone interested - figures in millions. I wassurprised to see how low inheritance tax and CGT is
Income Tax 156,898 NICs 107,690 VAT 104,718 Corporation Tax 39,274 Fuel duties 26,881 Alcohol taxes 19,986 Stamp Duty Land 9,273 Capital Gains 3,908 Inheritance tax 3,402 Shares 3,108 Insurance premium tax 3,014 Air passenger duty 3,013 Betting + gaming 2,098 Landfill Tax 1,189 Petroleum Revenue tax 1,118 Climate Change levy 1,068 Tax Credits -2,743 Total HMRC receipts 489,850 other Gov’t revenue (interest, asset purchase) 101,000 Total Central gov’t revenue (ANBV) £590,544
Don't surprise at all, CGT.
Glad to see Inheritance tax so low personally, I hope it's because loadsa people are getting away with it as a pose to not many people leaving dough to anyone these days.
'gifts' at least seven years before death and writing wills 'in trust' mean that many of those who would potentially be liable for Inheritance Tax can AVOID it .. avoid notice, not evade .. is avoidance of Inheritance Tax immoral ? and if so is it any more or less 'immoral' than the legal avoidance of any other tax ?
Can't see much wrong with the progressive income tax system we have - other than upping the thresholds to more realistic levels and increasing the top rate to, say, 50%.
Paying 50% of your income over, say, £1m pa, is what's being part of a society.
It's also what would make people take their tax bill overseas.
Its' quite interesting, some people think all tax receipts should be from income, others all from wealth/property, others that there should be no inheritance tax...
I personally think that the balance is reasonably OK. Loading everything onto one tax would have terrible ramifications for the economy. If everything was on income tax, the increase in rates would be so huge that it would make no sense for anyone to work. If everything was on VAT, we'd be looking at a 50%+ rate and people would stop buying, at least in this country.
This is the balance, for anyone interested - figures in millions. I wassurprised to see how low inheritance tax and CGT is
Income Tax 156,898 NICs 107,690 VAT 104,718 Corporation Tax 39,274 Fuel duties 26,881 Alcohol taxes 19,986 Stamp Duty Land 9,273 Capital Gains 3,908 Inheritance tax 3,402 Shares 3,108 Insurance premium tax 3,014 Air passenger duty 3,013 Betting + gaming 2,098 Landfill Tax 1,189 Petroleum Revenue tax 1,118 Climate Change levy 1,068 Tax Credits -2,743 Total HMRC receipts 489,850 other Gov’t revenue (interest, asset purchase) 101,000 Total Central gov’t revenue (ANBV) £590,544
Don't surprise at all, CGT.
Glad to see Inheritance tax so low personally, I hope it's because loadsa people are getting away with it as a pose to not many people leaving dough to anyone these days.
'gifts' at least seven years before death and writing wills 'in trust' mean that many of those who would potentially be liable for Inheritance Tax can AVOID it .. avoid notice, not evade .. is avoidance of Inheritance Tax immoral ? and if so is it any more or less 'immoral' than the legal avoidance of any other tax ?
I will do everything in my powers which is legal to avoid my heirs paying inheritance tax - I fucking already paid tax on that money!!!
Its' quite interesting, some people think all tax receipts should be from income, others all from wealth/property, others that there should be no inheritance tax...
I personally think that the balance is reasonably OK. Loading everything onto one tax would have terrible ramifications for the economy. If everything was on income tax, the increase in rates would be so huge that it would make no sense for anyone to work. If everything was on VAT, we'd be looking at a 50%+ rate and people would stop buying, at least in this country.
This is the balance, for anyone interested - figures in millions. I wassurprised to see how low inheritance tax and CGT is
Income Tax 156,898 NICs 107,690 VAT 104,718 Corporation Tax 39,274 Fuel duties 26,881 Alcohol taxes 19,986 Stamp Duty Land 9,273 Capital Gains 3,908 Inheritance tax 3,402 Shares 3,108 Insurance premium tax 3,014 Air passenger duty 3,013 Betting + gaming 2,098 Landfill Tax 1,189 Petroleum Revenue tax 1,118 Climate Change levy 1,068 Tax Credits -2,743 Total HMRC receipts 489,850 other Gov’t revenue (interest, asset purchase) 101,000 Total Central gov’t revenue (ANBV) £590,544
Don't surprise at all, CGT.
Glad to see Inheritance tax so low personally, I hope it's because loadsa people are getting away with it as a pose to not many people leaving dough to anyone these days.
'gifts' at least seven years before death and writing wills 'in trust' mean that many of those who would potentially be liable for Inheritance Tax can AVOID it .. avoid notice, not evade .. is avoidance of Inheritance Tax immoral ? and if so is it any more or less 'immoral' than the legal avoidance of any other tax ?
I will do everything in my powers which is legal to avoid my heirs paying inheritance tax - I fucking already paid tax on that money!!!
But surely, the vast majority of what most of us leave will be the unearned proceeds of house price inflation, on which we haven't paid any tax at all.
Its' quite interesting, some people think all tax receipts should be from income, others all from wealth/property, others that there should be no inheritance tax...
I personally think that the balance is reasonably OK. Loading everything onto one tax would have terrible ramifications for the economy. If everything was on income tax, the increase in rates would be so huge that it would make no sense for anyone to work. If everything was on VAT, we'd be looking at a 50%+ rate and people would stop buying, at least in this country.
This is the balance, for anyone interested - figures in millions. I wassurprised to see how low inheritance tax and CGT is
Income Tax 156,898 NICs 107,690 VAT 104,718 Corporation Tax 39,274 Fuel duties 26,881 Alcohol taxes 19,986 Stamp Duty Land 9,273 Capital Gains 3,908 Inheritance tax 3,402 Shares 3,108 Insurance premium tax 3,014 Air passenger duty 3,013 Betting + gaming 2,098 Landfill Tax 1,189 Petroleum Revenue tax 1,118 Climate Change levy 1,068 Tax Credits -2,743 Total HMRC receipts 489,850 other Gov’t revenue (interest, asset purchase) 101,000 Total Central gov’t revenue (ANBV) £590,544
Don't surprise at all, CGT.
Glad to see Inheritance tax so low personally, I hope it's because loadsa people are getting away with it as a pose to not many people leaving dough to anyone these days.
'gifts' at least seven years before death and writing wills 'in trust' mean that many of those who would potentially be liable for Inheritance Tax can AVOID it .. avoid notice, not evade .. is avoidance of Inheritance Tax immoral ? and if so is it any more or less 'immoral' than the legal avoidance of any other tax ?
I will do everything in my powers which is legal to avoid my heirs paying inheritance tax - I fucking already paid tax on that money!!!
But surely, the vast majority of what most of us leave will be the unearned proceeds of house price inflation, on which we haven't paid any tax at all.
You may be right. However, it is not that long ago I was executor on my mother's estate and I could see how her savings (the savings she invested and used to pay the bills) were eroded over a period of time and during that time she paid tax. I would have resented additionally paying inheritance tax, but luckily (?) she left less than the threshold.
The poorest 10% of households pay eight percentage points more of their income in all taxes than the richest – 43% compared to 35%, according to a report from the Equality Trust.
The thinktank highlights what it sees as a gulf between perceptions of the tax system and reality. Its poll, conducted with Ipsos Mori found that nearly seven in ten people believe that households in the highest 10% income group pay more of their income in tax than those in the lowest 10%.
That's cos certain people keep banging on about how the richest people in society pay x% of the tax take. What they always neglect to mention is that that's because they have/earn so much more money than the rest of us to begin with.
Its' quite interesting, some people think all tax receipts should be from income, others all from wealth/property, others that there should be no inheritance tax...
I personally think that the balance is reasonably OK. Loading everything onto one tax would have terrible ramifications for the economy. If everything was on income tax, the increase in rates would be so huge that it would make no sense for anyone to work. If everything was on VAT, we'd be looking at a 50%+ rate and people would stop buying, at least in this country.
This is the balance, for anyone interested - figures in millions. I wassurprised to see how low inheritance tax and CGT is
Income Tax 156,898 NICs 107,690 VAT 104,718 Corporation Tax 39,274 Fuel duties 26,881 Alcohol taxes 19,986 Stamp Duty Land 9,273 Capital Gains 3,908 Inheritance tax 3,402 Shares 3,108 Insurance premium tax 3,014 Air passenger duty 3,013 Betting + gaming 2,098 Landfill Tax 1,189 Petroleum Revenue tax 1,118 Climate Change levy 1,068 Tax Credits -2,743 Total HMRC receipts 489,850 other Gov’t revenue (interest, asset purchase) 101,000 Total Central gov’t revenue (ANBV) £590,544
Don't surprise at all, CGT.
Glad to see Inheritance tax so low personally, I hope it's because loadsa people are getting away with it as a pose to not many people leaving dough to anyone these days.
'gifts' at least seven years before death and writing wills 'in trust' mean that many of those who would potentially be liable for Inheritance Tax can AVOID it .. avoid notice, not evade .. is avoidance of Inheritance Tax immoral ? and if so is it any more or less 'immoral' than the legal avoidance of any other tax ?
I will do everything in my powers which is legal to avoid my heirs paying inheritance tax - I fucking already paid tax on that money!!!
Its' quite interesting, some people think all tax receipts should be from income, others all from wealth/property, others that there should be no inheritance tax...
I personally think that the balance is reasonably OK. Loading everything onto one tax would have terrible ramifications for the economy. If everything was on income tax, the increase in rates would be so huge that it would make no sense for anyone to work. If everything was on VAT, we'd be looking at a 50%+ rate and people would stop buying, at least in this country.
This is the balance, for anyone interested - figures in millions. I wassurprised to see how low inheritance tax and CGT is
Income Tax 156,898 NICs 107,690 VAT 104,718 Corporation Tax 39,274 Fuel duties 26,881 Alcohol taxes 19,986 Stamp Duty Land 9,273 Capital Gains 3,908 Inheritance tax 3,402 Shares 3,108 Insurance premium tax 3,014 Air passenger duty 3,013 Betting + gaming 2,098 Landfill Tax 1,189 Petroleum Revenue tax 1,118 Climate Change levy 1,068 Tax Credits -2,743 Total HMRC receipts 489,850 other Gov’t revenue (interest, asset purchase) 101,000 Total Central gov’t revenue (ANBV) £590,544
Don't surprise at all, CGT.
Glad to see Inheritance tax so low personally, I hope it's because loadsa people are getting away with it as a pose to not many people leaving dough to anyone these days.
'gifts' at least seven years before death and writing wills 'in trust' mean that many of those who would potentially be liable for Inheritance Tax can AVOID it .. avoid notice, not evade .. is avoidance of Inheritance Tax immoral ? and if so is it any more or less 'immoral' than the legal avoidance of any other tax ?
I will do everything in my powers which is legal to avoid my heirs paying inheritance tax - I fucking already paid tax on that money!!!
How's that different to paying VAT on items you buy from your income?
Its' quite interesting, some people think all tax receipts should be from income, others all from wealth/property, others that there should be no inheritance tax...
I personally think that the balance is reasonably OK. Loading everything onto one tax would have terrible ramifications for the economy. If everything was on income tax, the increase in rates would be so huge that it would make no sense for anyone to work. If everything was on VAT, we'd be looking at a 50%+ rate and people would stop buying, at least in this country.
This is the balance, for anyone interested - figures in millions. I wassurprised to see how low inheritance tax and CGT is
Income Tax 156,898 NICs 107,690 VAT 104,718 Corporation Tax 39,274 Fuel duties 26,881 Alcohol taxes 19,986 Stamp Duty Land 9,273 Capital Gains 3,908 Inheritance tax 3,402 Shares 3,108 Insurance premium tax 3,014 Air passenger duty 3,013 Betting + gaming 2,098 Landfill Tax 1,189 Petroleum Revenue tax 1,118 Climate Change levy 1,068 Tax Credits -2,743 Total HMRC receipts 489,850 other Gov’t revenue (interest, asset purchase) 101,000 Total Central gov’t revenue (ANBV) £590,544
Don't surprise at all, CGT.
Glad to see Inheritance tax so low personally, I hope it's because loadsa people are getting away with it as a pose to not many people leaving dough to anyone these days.
'gifts' at least seven years before death and writing wills 'in trust' mean that many of those who would potentially be liable for Inheritance Tax can AVOID it .. avoid notice, not evade .. is avoidance of Inheritance Tax immoral ? and if so is it any more or less 'immoral' than the legal avoidance of any other tax ?
I will do everything in my powers which is legal to avoid my heirs paying inheritance tax - I fucking already paid tax on that money!!!
How's that different to paying VAT on items you buy from your income?
You have a choice as to how you spend your income. Necessities (ie no choice such as food) are exempt or zero rated.
There is no choice re dying! Hence, applying the same logic, inheritance tax should be zero rated or abolished.
A lot of families have to sell their parents home to fund healthcare which is becoming more common as the value the property rises beyond the threshold limits. so they do not benefit from any inheritance.
That's cos certain people keep banging on about how the richest people in society pay x% of the tax take. What they always neglect to mention is that that's because they have/earn so much more money than the rest of us to begin with.
I'd suggest the clue is in the word "richest" and that therefore it is mentioned.
A lot of families have to sell their parents home to fund healthcare which is becoming more common as the value the property rises beyond the threshold limits. so they do not benefit from any inheritance.
Very true. My late father-in-law was a millionaire yet, after he'd paid eye-watering amounts for his care over a number of years my wife was left with £40,000 when he died.
Its' quite interesting, some people think all tax receipts should be from income, others all from wealth/property, others that there should be no inheritance tax...
I personally think that the balance is reasonably OK. Loading everything onto one tax would have terrible ramifications for the economy. If everything was on income tax, the increase in rates would be so huge that it would make no sense for anyone to work. If everything was on VAT, we'd be looking at a 50%+ rate and people would stop buying, at least in this country.
This is the balance, for anyone interested - figures in millions. I wassurprised to see how low inheritance tax and CGT is
Income Tax 156,898 NICs 107,690 VAT 104,718 Corporation Tax 39,274 Fuel duties 26,881 Alcohol taxes 19,986 Stamp Duty Land 9,273 Capital Gains 3,908 Inheritance tax 3,402 Shares 3,108 Insurance premium tax 3,014 Air passenger duty 3,013 Betting + gaming 2,098 Landfill Tax 1,189 Petroleum Revenue tax 1,118 Climate Change levy 1,068 Tax Credits -2,743 Total HMRC receipts 489,850 other Gov’t revenue (interest, asset purchase) 101,000 Total Central gov’t revenue (ANBV) £590,544
Don't surprise at all, CGT.
Glad to see Inheritance tax so low personally, I hope it's because loadsa people are getting away with it as a pose to not many people leaving dough to anyone these days.
'gifts' at least seven years before death and writing wills 'in trust' mean that many of those who would potentially be liable for Inheritance Tax can AVOID it .. avoid notice, not evade .. is avoidance of Inheritance Tax immoral ? and if so is it any more or less 'immoral' than the legal avoidance of any other tax ?
I will do everything in my powers which is legal to avoid my heirs paying inheritance tax - I fucking already paid tax on that money!!!
How's that different to paying VAT on items you buy from your income?
When you think of the number of times you get taxed on your money it's a wonder anyone can afford to live.
The poorest 10% of households pay eight percentage points more of their income in all taxes than the richest – 43% compared to 35%, according to a report from the Equality Trust.
The thinktank highlights what it sees as a gulf between perceptions of the tax system and reality. Its poll, conducted with Ipsos Mori found that nearly seven in ten people believe that households in the highest 10% income group pay more of their income in tax than those in the lowest 10%.
I read that report and thought it was very interesting re perceptions but that the figures used were a bit dodgy. For example it, rightly, takes into account council tax benefit but wrongly doesn't take account of tax credits. Nor, of course, did it take account of other benefits which the bottom 10% are entitled to but the richest 10% are not - housing benefit, child benefit etc
This is a graph from their website showing NET income after tax and after benefits. The richest retain less of their income than the poor who have it topped up. You can make any point you want with statistics.
There's also the fact that most of the people who are in that top income group won't generally receive a lot of their income as a PAYE salary due to the tax rates and instead receive it through other benefits such as shares, pensions or other perks (including health plans and deferred salary plans).
Comments
I personally think that the balance is reasonably OK. Loading everything onto one tax would have terrible ramifications for the economy. If everything was on income tax, the increase in rates would be so huge that it would make no sense for anyone to work. If everything was on VAT, we'd be looking at a 50%+ rate and people would stop buying, at least in this country.
This is the balance, for anyone interested - figures in millions. I wassurprised to see how low inheritance tax and CGT is
Income Tax 156,898
NICs 107,690
VAT 104,718
Corporation Tax 39,274
Fuel duties 26,881
Alcohol taxes 19,986
Stamp Duty Land 9,273
Capital Gains 3,908
Inheritance tax 3,402
Shares 3,108
Insurance premium tax 3,014
Air passenger duty 3,013
Betting + gaming 2,098
Landfill Tax 1,189
Petroleum Revenue tax 1,118
Climate Change levy 1,068
Tax Credits -2,743
Total HMRC receipts 489,850
other Gov’t revenue (interest, asset purchase) 101,000
Total Central gov’t revenue (ANBV) £590,544
Glad to see Inheritance tax so low personally, I hope it's because loadsa people are getting away with it as a pose to not many people leaving dough to anyone these days.
So tell me why the tax burden should have shifted to income tax affecting every ordinary worker, and VAT everything we buy to live, (amounting to 63% of revenues) and why taxing wealth held in shares and property (Capital Gains, Stamp Duty, Inheritance tax) at 2.8% makes any sense if your objective is to re-distribute wealth. The only reason can be because it's easier to get many to pay a little than a few to pay a lot.
I'm not advocating anything, just asking why people are not asking the right questions.
The thinktank highlights what it sees as a gulf between perceptions of the tax system and reality. Its poll, conducted with Ipsos Mori found that nearly seven in ten people believe that households in the highest 10% income group pay more of their income in tax than those in the lowest 10%.
There is no choice re dying! Hence, applying the same logic, inheritance tax should be zero rated or abolished.