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Guest mSparks

Massive Tax!

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Guest mSparks

I feel a bit like cgnao with this one, but I tbh I'm actually troubled to see past it.

http://www.chinapost.com.tw/commentary/2008/02/22/143991/UK-will.htm' rel="external nofollow">

UK will miss its 'non-dom' residents

The depths of this story seem huge, so I'll try to sum it up briefly:

Darling has just agreed to impose a £30,000 MINIMUM tax on non-doms, i.e. a worker has to earn a minimum of £30,000 before they see a penny;

Non US worker earns £15,000, in April will get a bill for the tax man for £30,000 Will get kicked out.

Non US worker earns £45,000, in April will get a bill for about £33,000 will hurt bad, but not broke (unless they already spent it!)

US worker earns $400,000 in us, will not a tax bill of £0

In short, holy f'ing shit London is about to become a ghost town!

heh, should be able to pick a few houses up round that way for a couple of grand in a year or two.

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Er, surely EU residents have residential status, so they won't fall under this,

and to a russian oligarch, or a shiekh then 30k fee each year for non-dom residency status is easily found.

I suppose it might hit some US non-dom declarers, good they can pay tax here like the rest of us, or bugger off.

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Guest Charlie The Tramp
Darling has just agreed to impose a £30,000 MINIMUM tax on non-doms, i.e. a worker has to earn a minimum of £30,000 before they see a penny;

I`d say this tax is not aimed at the humble worker.

£30,000 to the non doms he is targetting is just their tea money.

There was a slot on the News where they interviewed a few of these non doms, all were making very big profits.

You`re talking very big money here. ;)

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Guest mSparks
Er, surely EU residents have residential status, so they won't fall under this,

and to a russian oligarch, or a shiekh then 30k fee each year for non-dom residency status is easily found.

I suppose it might hit some US non-dom declarers, good they can pay tax here like the rest of us, or bugger off.

but non-doms include families of people who work abroad, I.e. your wife lives here (about 80% of the population of london) but you work in Israel for £450ph and give her allowance to spend.

Each member of the family is about to be given a tax bill of £30,000 (including children over 18) if they have lived here longer than 7 years.

No wonder its coming under so much criticism, 60-80% of the population of London will be completely destroyed financially by this (and large swaths in every major city).

Edited by mSparks

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but non-doms include families of people who work abroad, I.e. your wife lives here (about 80% of the population of london) but you work in Israel for £450ph and give her allowance to spend.

Each member of the family is about to be given a tax bill of £30,000 (including children over 18) if they have lived here longer than 7 years.

No wonder its coming under so much criticism, 60-80% of the population of London will be completely destroyed financially by this (and large swaths in every major city).

Or they can pay tax here, and contribute to the society they're living in, which is the way it should be.

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The depths of this story seem huge, so I'll try to sum it up briefly:

Darling has just agreed to impose a £30,000 MINIMUM tax on non-doms, i.e. a worker has to earn a minimum of £30,000 before they see a penny;

Non US worker earns £15,000, in April will get a bill for the tax man for £30,000 Will get kicked out.

Non US worker earns £45,000, in April will get a bill for about £33,000 will hurt bad, but not broke (unless they already spent it!)

US worker earns $400,000 in us, will not a tax bill of £0

As I understand it they can elect to declare (and pay any UK tax due) on their worldwide income; the 30k is a kind of flat fee for being excused this requirement (and as such is not available to you and me!)

Their UK income is already taxed in the UK.

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Guest mSparks

they already pay tax here, non dom just means you dont pay tax twice, i.e. you get taxed in the country you work in, you don't pay tax here. non-doms still pay uk tax,

Under UK tax law, foreign-born residents can opt for "non-dom" status. They aren't taxed on their worldwide wealth, just on the money they earn in the UK or bring into the country.

Its not a case of contribute, its a simple choice

uk tax/services ratio = sh1t, move somewhere better, which they will (they have no ties to the uk, since they already moved to here i.e. these people are mobile enough to skip countries and live in the best places.

Government has just conceeded that those who will pay the Least are the highest earners from the US, otherwise everyone else will just simply up and move, London becomes a ghost town. (or rather, the size of a medium city will move out of London) much like Detroit when the cars left.

Edited by mSparks

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if then dont earn any foreign income then they wont get taxed on anything.

they can choose to declare their foreign income and get taxed on it at UK rates, or else pay a £30,000 levy.

i think the crossover point has been quoted at around £80000 so at £80000 would pay about £30,000 in tax. if they earn more theyll choose to pay the levy, if they earn less theyll just pay normal UK tax.

Edited by mfp123

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Guest mSparks

if then dont earn any foreign income then they wont get taxed on anything.

We're not talking about them, we are talking about the 115,000 who do earn foreign income, but will leave because they were tax migrants, i.e. all those immigrants which actually drove house prices up in London are about to become migrants, unless they came from the US.

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if then dont earn any foreign income then they wont get taxed on anything.

... if it's really this loosely worded, suddenly all foreign "income" will instantly, magically transmogrify into foreign capital gains instead.

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  • 295 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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