Boom! Rachael Reeves....

[CXRAndy]

They won't. Studies have shown that they just can't be bothered. If they are that wealthy their cash is often living in the Cayman Islands or similar anyway.

So completely unaffected by government tax, they are non dom status.

I'm talking about those who pay UK tax because they are not non dom.

Yes they do leave, it's cheaper for them to up sticks and become resident elsewhere.

Charlie Mullins is one publicly known business man . Took his £140 million and left the UK tax system

Now Trump is selling residential status to anyone who can pay £5 million per person. They don't even have to declare or pay tax on outside earnings whilst in the USA.

Where as before to get residency you had to pay tax in the USA on worldwide earnings

 

[Dorset Boy]

Why would any sane person want to move to a fascist led state?

 

[CXRAndy]

Why would any sane person want to move to a fascist led state?

It's your own opinion it's fascist.

The concept of selling high net worth individuals a resident status has already been heralded as a great idea. You attract business orientated people, who will most likely setup other businesses within the USA generating employment, income.

On day one of the announcement, 1000 millionaires applied. There are allegedly 37,000,000 eligible millionaires around the world who could apply. Estimates of $5 trillion dollars income just from selling the resident status, not from future earnings

 

[Rusty Nails]

It's your own opinion it's fascist.

The concept of selling high net worth individuals a resident status has already been heralded as a great idea. You attract business orientated people, who will most likely setup other businesses within the USA generating employment, income.

On day one of the announcement, 1000 millionaires applied. There are allegedly 37,000,000 eligible millionaires around the world who could apply. Estimates of $5 trillion dollars income just from selling the resident status, not from future earnings

When are you going?

 

[CXRAndy]

When are you going?

I'm a few quid short for taking the extended family 😭

 

[Rusty Nails]

I'm a few quid short for taking the extended family 😭

Just leave one behind.

 

[CXRAndy]

Just leave one behind.

Soldier never leaves a man behind 😁

 

[Rusty Nails]

Soldier never leaves a man behind 😁

Daughter or wife?

Assuming neither are trans of course.

 

[icowden]

Yes they do leave, it's cheaper for them to up sticks and become resident elsewhere.

No they don't

Studies have shown that most wealth holders who live in the UK have ties here, want to be here, and want to contribute as citizens. Tax levels are a minor factor in their decision to relocate in comparison to factors such as family and social ties, schooling, and overall economic stability. Our tax proposals would only lead to a very small amount payable relative to the net worth of people’s assets.

For example, the 1-2% tax would only apply to assets above the £10 million threshold. It would not tax assets below the £10 million threshold. This would mean someone with £11 million in assets would only pay £10,000 – £20,000 a year, because they would only be taxed on their assets between £10 – £11 million, not on anything below £10 million.

Existing evidence on reform of the non-dom status showed that increasing taxes on the super-rich led to a minimal number of individuals leaving the UK. Reforms in 2017, which restricted access to the non-dom regime, led to just 2% of those who had been in the UK for fewer than 3 years leaving, the number was significantly lower for those with longer- term ties to the UK.

Charlie Mullins is one publicly known business man . Took his £140 million and left the UK tax system

Except he didn't did he. He sold his company to a US company and his son remains CEO. So his former company is still based in the UK.
He already lived in Spain most of the time and has now applied for residency (but doesn't have it yet). The only tax he is trying to avoid is inheritance tax so he is selling his UK assets - which will generate capital gains tax plus stamp duty from whoever buys the property.

Now Trump is selling residential status to anyone who can pay £5 million per person. They don't even have to declare or pay tax on outside earnings whilst in the USA.

But there are also no requirements for them to invest anything. There is no actual legal authority in place for people giving him the money to get a green card and he doesn't have the power to change that.

Trump wants to sell a million of these but fewer than 5000 people per year try to get an EB-5 which has a temporary cost of $800k - which you get back again. You would have to be a moron to buy one of his dodgy deals.

 

[Rusty Nails]

You would have to be a moron to buy one of his dodgy deals.

There’s one on this forum would. QED.

 

[C R]

No they don't



Except he didn't did he. He sold his company to a US company and his son remains CEO. So his former company is still based in the UK.
He already lived in Spain most of the time and has now applied for residency (but doesn't have it yet). The only tax he is trying to avoid is inheritance tax so he is selling his UK assets - which will generate capital gains tax plus stamp duty from whoever buys the property.



But there are also no requirements for them to invest anything. There is no actual legal authority in place for people giving him the money to get a green card and he doesn't have the power to change that.

Trump wants to sell a million of these but fewer than 5000 people per year try to get an EB-5 which has a temporary cost of $800k - which you get back again. You would have to be a moron to buy one of his dodgy deals.

Don't.Feed.The.Troll.

 

[CXRAndy]

No they don't



Except he didn't did he. He sold his company to a US company and his son remains CEO. So his former company is still based in the UK.
He already lived in Spain most of the time and has now applied for residency (but doesn't have it yet). The only tax he is trying to avoid is inheritance tax so he is selling his UK assets - which will generate capital gains tax plus stamp duty from whoever buys the property.



But there are also no requirements for them to invest anything. There is no actual legal authority in place for people giving him the money to get a green card and he doesn't have the power to change that.

Trump wants to sell a million of these but fewer than 5000 people per year try to get an EB-5 which has a temporary cost of $800k - which you get back again. You would have to be a moron to buy one of his dodgy deals.

Well if you say is the current position, let's see if he gets this through

 

[Mr Celine]

*Bus fares: every where I look they are capped at £3. Discounts/schemes exist to make that cheaper. Hard to complain about that, I think?

That was a 50% increase, it was £2 before the budget.

I'm not complaining, even though I live in Scotland which doesn't have a cap on bus fares.




I have a bus pass.

 

[matticus]

That was a 50% increase, it was £2 before the budget.

OMG - thankyou. I was so naive! I thought £1 was a small increase (and indeed that £3 was not a large fare for public transport across my county.)

But now I realise it was A FIFTY PERCENT HIKE !!!!! HOW DARE THEY?!?!?!?!?!?!?!?!??!?!?!?!?!??!?!?!?!?!!??!