Philip Hammond views new tax collection measures for the Budget

[Saving For a Space Ship]

Philip Hammond views new tax collection measures for the Budget

Paradise Papers revelations add to pressure over anti-avoidance measures  

https://www.ft.com/content/942a1d9c-c934-11e7-aa33-c63fdc9b8c6c

If 'VAT is to be collected from online purchases at the point of purchase' won't that hammer a lot of co's cashflow as they won't have the Vat money to play with for 3 months ?

Quote

Further anti-avoidance measures to deal with the taxation of offshore trusts set up by “non-doms”, or people whose permanent home is outside Britain.

A possible tightening of the tax rules offered by the Enterprise Investment Scheme to focus tax advantages on riskier investments.

Rules requiring VAT to be collected from online purchases at the point of purchase, to tackle tax-evading overseas sellers.

A crackdown on evasion of income tax and VAT by organised fraud in the construction industry.

A possible extension of a controversial crackdown on bogus self-employment that would raise hundreds of millions of pounds from freelancers who start to be taxed as employees.

More details of a new charge on loans issued as part of “disguised remuneration” avoidance schemes that remain outstanding in April 2019.

 

Edited November 15, 2017 by Saving For a Space Ship

[Will!]

That would tie in with Robert Peston's report.

Quote

Whenever I meet anyone at, or connected with HM Treasury, at the moment, they spontaneously emote that "there is no money - please tell everybody!"

 

[winkie]

So much needs to be done, talk is cheap, empty promises......no money means nothing gets done, don't expect anything to be done.

[ccc]

"controversial crackdown on bogus self-employment"

As per the other long thread on this subject - they can't even get the facts straight. 

[RomfordDon]

10 hours ago, fru-gal said:

CGT on all homes (unavoidable and people only pay on the gain)?

I doubt it nobody is moving at the moment this will give them another reason not to

[Fence]

On 16/11/2017 at 9:01 AM, fru-gal said:

CGT on all homes (unavoidable and people only pay on the gain)?

Agreed.  Why should your home be CGT exempt?  Use the tax money for social housing.  Ok by me.  I bought a house to live in, no gain expected.  Your chattels are exempt CGT because they are seen as wasting assets.  Houses no longer are.

Edited November 17, 2017 by Fence

[Fence]

And ridiculous people can remortgage to extract gains for cars, hols, etc but say no to using them to fund care costs.  Why should I pay thier costs so they can pass their gains on to their children?  Their children didn't earn them.  Hell, why is inheritance tax not 100%?  You do your best for the little Jonnies until 18 and a bit beyond, then they should stand on their own feet with the rest of them.  Crazy attitudes. 

Disclosure - I am almost a boomer!  I came into this world with nothing and should leave with nothing.  I had good parenting.  The rest was up to me.  That was all I could reasonably ask for.  We are merely passing through this world.  We do not own it.  That's a true Tory in my book.  And how many (rightly, but due to governments not boomers) complaining millenials or whatever would happily inherit their parent's stash?  We've all lost the plot.

Now that would be tax reform!

Edited November 18, 2017 by Fence

[Bsmf]

Imagine the uproar if cgt was due on property. I've worked hard for every single penny. Polatics of envy.

Boomers demand cradel to grave full health service totally free while under investing in the services and have decades of retirment paying less tax than someone working full time that doesn't have a pot.

[btd1981]

Why charge the seller CGT on the profits from a transaction when you can rinse a buyer against the entire price?

[longgone]

the answer from boomers is always the same 

i had to pay 15% interest rates , never the house was 15k and your salary was 5k.   versus 500k houses and 30k salary now . They are blind .

parents paid 30k for a house in 1975 and it was worth 350k in 1991  the debt was eroded away by 1980 so basically the house was free.   the future for boomers was by buying before the massive inflation kicked in at 1975 to 1985. they paid their mortgages off years ago. liars the lot of them 

[jiltedjen]

45 minutes ago, Bsmf said:

Imagine the uproar if cgt was due on property. I've worked hard for every single penny. Polatics of envy.

Boomers demand cradel to grave full health service totally free while under investing in the services and have decades of retirment paying less tax than someone working full time that doesn't have a pot.

Right on the money. could you imagine? 

we could dream though, all those selfish boomers suddenly realising they have to actually pay their dues. 

[Fence]

2 hours ago, Bsmf said:

Imagine the uproar if cgt was due on property. I've worked hard for every single penny. Polatics of envy

Apologies Bsmf, "you" does not mean you.....

Then they will have lost the argument in round 1.  You did not work hard earning every penny of the gain.  You got it sitting on your a!se watching Gogglebox.  So, per your logic, hand some of it over!

Sure it may not happen, but that is the yardstick against we should be measuring our hypocrisy and greed, all generations included.

People would do better laying off attacking boomers like some panto villians.  Sounds like the politics of envy and very shortsighted.  Every right to be angry but they are suffering years of government mismanagement, as we all are.  TPTB play groups off against each other so as to duck the blame.  Same with private versus public sector pay. 

This should not be a race to the bottom.  Younger generations should be holding TPTB to account, asking why they can't have what the boomers had, just like the boomers should be asking viz their own parents' generation.

There never was a "screw the next generation" party we all voted for.  Hell, earlier generations went through the hell of war and wanted a better world for all and we had kids we cared about.  Stop being jealous and be angry with the right people.  You are not alone on that.  Unite and fight or divide and lose.

 

Edited November 18, 2017 by Fence

[Ah-so]

3 hours ago, Bsmf said:

Imagine the uproar if cgt was due on property. I've worked hard for every single penny. Polatics of envy.

Boomers demand cradel to grave full health service totally free while under investing in the services and have decades of retirment paying less tax than someone working full time that doesn't have a pot.

I would be in uproar too. I bought 12 years ago and the house has doubled in price. This increase had made me much worse off - while I have a great LTV now I cannot afford to move up but am still in my starter home. 

However, if house prices fall a bit I might be able to trade up and release my property to a FTB. If I had to pay CGT I could not afford to move at all. So not only would the government not get its CGT it would get the stamp duty either from me buying. 

[jiltedjen]

19 hours ago, Fence said:

Apologies Bsmf, "you" does not mean you.....

Then they will have lost the argument in round 1.  You did not work hard earning every penny of the gain.  You got it sitting on your a!se watching Gogglebox.  So, per your logic, hand some of it over!

Sure it may not happen, but that is the yardstick against we should be measuring our hypocrisy and greed, all generations included.

People would do better laying off attacking boomers like some panto villians.  Sounds like the politics of envy and very shortsighted.  Every right to be angry but they are suffering years of government mismanagement, as we all are.  TPTB play groups off against each other so as to duck the blame.  Same with private versus public sector pay. 

This should not be a race to the bottom.  Younger generations should be holding TPTB to account, asking why they can't have what the boomers had, just like the boomers should be asking viz their own parents' generation.

There never was a "screw the next generation" party we all voted for.  Hell, earlier generations went through the hell of war and wanted a better world for all and we had kids we cared about.  Stop being jealous and be angry with the right people.  You are not alone on that.  Unite and fight or divide and lose.

 

Total utter ********. I suggest you actually go and speak to some boomers. 

horrible selfish people, probably through willfull ignorance more than anything else. 

why don’t you attend some NIMBY protests? full of white hairs and expensive coats. often bringing their own grandchildren (who then themselves can’t have houses due to their boomer grandparent actions)

Thankfully time will sort out the boomer problem. just hope we get some cold winters. 

history wont be written by the boomers. the punitive taxes and penshion removals, and house removals are coming for the boomers as soon as the millennial a get power, perhaps that’s only 10 years away. 

[oatbake]

56 minutes ago, jiltedjen said:

Thankfully time will sort out the boomer problem. just hope we get some cold winters. 

history wont be written by the boomers. the punitive taxes and penshion removals, and house removals are coming for the boomers as soon as the millennial a get power, perhaps that’s only 10 years away

Wow. Just wow.

[longgone]

59 minutes ago, jiltedjen said:

Total utter ********. I suggest you actually go and speak to some boomers. 

horrible selfish people, probably through willfull ignorance more than anything else. 

why don’t you attend some NIMBY protests? full of white hairs and expensive coats. often bringing their own grandchildren (who then themselves can’t have houses due to their boomer grandparent actions)

Thankfully time will sort out the boomer problem. just hope we get some cold winters. 

history wont be written by the boomers. the punitive taxes and penshion removals, and house removals are coming for the boomers as soon as the millennial a get power, perhaps that’s only 10 years away. 

i agree the answer is always we paid 15% interest rates never mind the price is 40-50 times less than it is now.   They have no idea what so ever. they are the ones who think money grows on trees

[Slimline]

10 minutes ago, longgone said:

i agree the answer is always we paid 15% interest rates never mind the price is 40-50 times less than it is now.   They have no idea what so ever. they are the ones who think money grows on trees

This! Stop the weekly 5 pound takeout and your 20 quid a month iPhone and you'll be able to get on the ladder lol! 

[Noallegiance]

Back on the subject of our mate Phil:

http://www.bbc.co.uk/news/av/uk-politics-42042769/philip-hammond-says-there-are-no-unemployed-people

Apparently, there are no unemployed people...

[HowMuch!]

16 minutes ago, Noallegiance said:

Back on the subject of our mate Phil:

http://www.bbc.co.uk/news/av/uk-politics-42042769/philip-hammond-says-there-are-no-unemployed-people

Apparently, there are no unemployed people...

he was on Peston show this morning, said(with a straight face, he actually believes what he says?) there was only 1.4 million unemployed

[Noallegiance]

3 minutes ago, HowMuch! said:

he was on Peston show this morning, said(with a straight face, he actually believes what he says?) there was only 1.4 million unemployed

 

 

[sPinwheel]

1 hour ago, oatbake said:

Wow. Just wow.

Don't worry, global warming will save 'em.

[MARTINX9]

23 minutes ago, HowMuch! said:

he was on Peston show this morning, said(with a straight face, he actually believes what he says?) there was only 1.4 million unemployed

How many underemployed - paid tax credits to offset their lower hours - or economically inactive not in those figures.  How many net contributors are there who actually pay in more than they take out in benefits and services - the cost of one school place for example a year  is the equivalent of one person's entire income tax and NI on a £40K salary. And most don't earn that!

 

Edited November 19, 2017 by MARTINX9

[nothernsoul]

The issue i have with the boomers( as a generatation not individuals) is that the reason they are so well off is governments bought their votes to allow neoliberal policies through at the expense of the young, its all very well if you get the best bits of thatcherism, or blairism, while being sheilded from the worst. I remember reading the comments on moneyweek where someone called merryn somerset web a socialist for suggesting the elderly should use the proceeds on their homes to pay for care! 

They know what their parents lives were like, they know what their childrens lives are like, do they really think it is cosmic coincidence they have more than either? 

 

 

[Dorkins]

52 minutes ago, MARTINX9 said:

the cost of one school place for example a year  is the equivalent of one person's entire income tax and NI on a £40K salary.

Where do you get that number from? From what I can see the government spends £4,900 per pupil at primary school and £6,300 at secondary school. A person on £25k gross pays £7k pa income tax + NI (employee and employer), plus of course they pay lots of other taxes on top.

https://www.ifs.org.uk/publications/8937

https://listentotaxman.com/25000?

[maverick73]

While pealing away the good / bad from an pre-budget tv interview... what did the chancellor provide in last years autum budget statement?