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No Wonder Tax Credits Are So Confusing! Read The List...

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http://www.telegraph.co.uk/opinion/main.jh...7/21/do2102.xml

Frank Field, the former welfare reform minister, once compiled a list of changes to the system made by the Kirkcaldy wizard: over a four-year period from 1999, the Government abolished family credit, introduced working families' tax credit, introduced the disabled person's tax credit, introduced a childcare tax credit, introduced an employment credit, abolished the married couple's tax allowance, introduced the children's tax credit, introduced a baby tax credit, abolished the working families' tax credit, abolished the disabled person's tax credit, abolished the children's tax credit, abolished the baby tax credit, introduced a child tax credit, abolished the employment credit and introduced a working tax credit.

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Wow, that's a lot of confusing tax crap right there.

And why get rid of the married couples allowance? Do Labour want a nation of single parents sucking off the taxpayer's teat for ever more? Is marriage unacceptable in 21st century Britain?

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its intentional, change is good as long as its positive change... Changing tax credits frequently is positive for government because it confuses the hell out of everyone, and the people who cant keep up give up on the cash back. Unfortunately there are millions of people in this country who do have the time to talk with friends and neighbours all day and know exactly what to do and know exactly how to get much more cash back, which is why the system needs to be changed frequently...

Although i do like the idea of making people pick up litter (which hey dropped earlier on the way back from mc donalds) for benefits ;p that's inspired...

Edited by moosetea

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Guest pioneer31

ahhh NuLieBour, purveyors of complication.

Why not just abolish tax credit and decrease tax debit!

or is that too simple?

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ahhh NuLieBour, purveyors of complication.

Why not just abolish tax credit and decrease tax debit!

or is that too simple?

But then scumbags like me who work and don't have children might end up with more money. We couldn't have that now could we?

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ahhh NuLieBour, purveyors of complication.

Why not just abolish tax credit and decrease tax debit!

or is that too simple?

because it saves money! if you decrease tax everyone gets it, if you introduce tax credits you have to apply for them and people give up in confusion.... Yes tax cuts are expensive and there too simple...

Edited by moosetea

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But then scumbags like me who work and don't have children might end up with more money. We couldn't have that now could we?

Thor forbid! Imagine that ..it would be chaos, you might even be able to afford to buy a house and have some security *without* being a slave to a bank! Crazy talk...crazy talk... :blink:

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Thor forbid! Imagine that ..it would be chaos, you might even be able to afford to buy a house and have some security *without* being a slave to a bank! Crazy talk...crazy talk... :blink:

I know, how dare I even consider the thought of getting to use some of my hard earned cash without getting my girlfriend up the duff and popping out a few sprogs to further overpopulate this island and keep the housing market propped up. It gives me peace of mind to know that nearly £500 a month of my money is going to prop up some teenage slapper who unfortunately got pregnant through absolutely no fault of her own.

Edited by JohnnyB

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On the other hand, Gordon has successfully simplified income tax .......

Thanks to his reforms a single person with no kids, on 15K pa, and someone earning £30K, with several kids yielding tax credits and child benefits, pay the same 20% rate ....

Simularly, whether you are a hard working hedge fund/private equity wealth creator or a school head in a large secondary, you pay the same 40% rate.

Beautifully simple :P

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On the other hand, Gordon has successfully simplified income tax .......

Thanks to his reforms a single person with no kids, on 15K pa, and someone earning £30K, with several kids yielding tax credits and child benefits, pay the same 20% rate ....

Simularly, whether you are a hard working hedge fund/private equity wealth creator or a school head in a large secondary, you pay the same 40% rate.

Beautifully simple :P

Not quite right, you actually pay 18% on most of your income as a hedge fund manager/private equity dude, as they pay themselves nominal salaries and make all their money through carried interest, which counts as capital gains tax. So the guy who earns £20m a year from his private equity fund actually pays less tax (percentage terms) than me.

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Not quite right, you actually pay 18% on most of your income as a hedge fund manager/private equity dude, as they pay themselves nominal salaries and make all their money through carried interest, which counts as capital gains tax. So the guy who earns £20m a year from his private equity fund actually pays less tax (percentage terms) than me.

Oh yes forgot about that little wheeze (essential to attract and retain all these talents I guess .....)

Still tax is tax, can a hedge fund/private equity dude reduce his CGT liability by claiming non-dom status or by setting up a trust funds in, say, Luxemburg?

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Oh yes forgot about that little wheeze (essential to attract and retain all these talents I guess .....)

Still tax is tax, can a hedge fund/private equity dude reduce his CGT liability by claiming non-dom status or by setting up a trust funds in, say, Luxemburg?

He could, but the LLP status they all use has particular advantages when domociled in the UK, so he would still have to pay the UK tax on his carry. These boys are very clever at fiddling the tax system.

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He could, but the LLP status they all use has particular advantages when domociled in the UK, so he would still have to pay the UK tax on his carry. These boys are very clever at fiddling the tax system.

Fiddling? How very dare you? its avoiding, not evading

either way, its not right.

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Fiddling? How very dare you? its avoiding, not evading

Fiddling, avoiding, evading ... all these words hark back to the dark days of the politics of envy, what about tax efficiency?

Or even tax relief, as used by the NAEA in a recent desperate plea to Gordon to re-instate MIRAS .......

I also like 'loan impairment charges' - provision for bad debts just sounds too brutal

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  • 395 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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