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CXRAndy

Guru
Well der

1% pays 30% of the take. That is a lions share.

Top 10% pay 60%.

The obvious point is, if you pïss off the top few percent of earners, the revenues for tax plummet massively.

They are already predicting £9bn less tax revenues for the coming years because of rich flight out of the UK
 

icowden

Squire
1% pays 30% of the take. That is a lions share.
Again. Buy a farking dictionary or learn how to use google. You cannot be this dim surely?

The lion's share" is an idiom that means the largest or most significant part of something
Therefore the lions share of income tax is paid by 99% of earners. D'you see? 30% isn't the biggest part.

They are already predicting £9bn less tax revenues for the coming years because of rich flight out of the UK
Oddly I can find no mention of this on the internet. I can see that £9bn per years is being lost to tax avoidance though.
 

Dorset Boy

Regular
I can see that £9bn per years is being lost to tax avoidance though.

Does that include people using Isas, owner directors paying themselves dividends instead of salary, making pension contributions?
All are tax avoidance and perfectly legitimate.

Now Tax Evasion (illegal) - HMRC estimates the lost revenue resulting from tax evasion each year in its measuring tax gaps publication. Its most recent estimate is that tax evasion cost £5.5 billion in 2022–23, equivalent to around 0.7% of all taxes owed.12 Feb 2025.

Tax avoidance and tax evasion together led to £12.4 billion in lost revenue in 2021-2022, with criminal tax evasion alone costing the UK £5.4 billion.17 Feb 2025
(So avoidance is c£6.9 bn)

https://www.tax.org.uk/tax-avoidance-tax-gap-explainer
Which areas have past governments done best at?
The biggest percentage fall is in avoidance. Back in 2005-6 it is reckoned that £11 in every £1,000 of tax was avoided. That’s since been cut to £2. This fall has taken place under governments of all political colours.
 

Psamathe

Senior Member
Well non-doms can't leave the UK because they have already done it. Although you are right that since the rules were tightened to make them actually pay tax, some have left completely. There is a projected increase for 2024-25 due to changes in NI and capital gains tax. That said, 16,500 millionaires left the UK between 2017 and 2023.
How much tax did these non-DOMs actually pay to UK exchequer?

From an investment perspective people with money to invest will invest it wherever (in whatever country) opportunity meets their requirement (income vs growth, risk vs security, useful term, etc.). If investor happens to be resident in eg India they are still just as likely to invest in UK as an investor resident in UK. So non-DOMs leaving UK only real loss in the tax they pay.

Ian
 
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CXRAndy

Guru
it's is estimated

Screenshot_20250509_071438_Grok Beta.jpg
 

icowden

Squire
it's is estimated
This random bit of text from the internet has no citation to back it up.

rsm uk, a tax and audit company compiled the following summary from HMRC data:

The first thing the figures tell us is how few non-doms there really are in the UK. Including both non-doms and ‘deemed’ doms (non-doms who have been UK resident for more than 15 years), there were 83,800 individuals resident in the UK in the 2022/23 tax year who met the definition. This represents an increase of around 5,000 people compared to the 2020/21 and 2021/22 tax years, when the coronavirus pandemic had an impact on where people lived, but remains around 5,000 below pre-pandemic levels.

Most strikingly, in 2021/22 only 500 people who had lived in the UK for more than 12 years chose to be taxed on the remittance basis, which means that they were only taxed on foreign income or gains if the resulting funds were brought to or used in the UK. This figure has been static since 2018 and suggests that there are very few non-doms in the UK who are wealthy enough to make it worth paying the higher-level annual remittance basis charge of £60,000. Despite being taxed on the remittance basis, these 500 individuals paid £285m in direct UK taxes, including the remittance basis charge, in the year between them – over £500,000 each.

Casting the net wider, 1,900 non-doms who had been resident for between 7-12 years claimed the remittance basis and suffered the lower annual remittance charge of £30,000. These individuals also paid an average of over £500,000 each in tax in 2021/22, reinforcing the point that a small number of non-doms contribute a large amount to the exchequer under the existing rules.

The number of non-doms who have been UK resident for fewer than eight years and claim the remittance basis has fallen dramatically over the last few years – from 24,700 in 2016/17 to 15,700 in 2021/22. These short-term residents also pay much less tax – an average of just under £70,000 each in 2021/22.
The LSE did a study and concluded that tax revenue would increase if non-dom status were reformed:

https://www.lse.ac.uk/News/Latest-n...e-than-3.2-billion-each-year-finds-new-report
 

CXRAndy

Guru
This random bit of text from the internet has no citation to back it up.

rsm uk, a tax and audit company compiled the following summary from HMRC data:


The LSE did a study and concluded that tax revenue would increase if non-dom status were reformed:

https://www.lse.ac.uk/News/Latest-n...e-than-3.2-billion-each-year-finds-new-report

Only if they stayed in the UK.

Non Dom's and Uber rich have already left before 6th of April

https://uk.finance.yahoo.com/news/non-doms-tax-changes-could-170420198.html

Researchers said that if more than a quarter of the UK’s non-doms leave the country, the Treasury would begin to incur a hefty loss.

Should half the number of non-doms leave by 2030, the government’s revenues would drop by an estimated £12.2bn.
 

Stevo 666

Well-Known Member
This random bit of text from the internet has no citation to back it up.

rsm uk, a tax and audit company compiled the following summary from HMRC data:


The LSE did a study and concluded that tax revenue would increase if non-dom status were reformed:

https://www.lse.ac.uk/News/Latest-n...e-than-3.2-billion-each-year-finds-new-report

The £8.9bn he mentions above is correct according to UK government figures:
https://www.gov.uk/government/stati...: Non-domiciled taxpayer,as shown in Figure 2.

See 4th bullet point in the key findings section.
 

Stevo 666

Well-Known Member
And then look at how many are leaving because we are trying to squeeze them too hard.
https://www.telegraph.co.uk/news/2025/01/18/one-millionaire-leaves-britain-every-45-minutes-labour/

Quote:
"They showed more than 10,000 millionaires left last year, a significant rise on the previous year’s figures of just 4,300."

"No other country except for China saw greater capital flight than the UK between January 2024 and December of 2024, according to the figures."


No prizes for guessing how much tax we collect from wealthy tax payers who are no longer UK resident...
 

CXRAndy

Guru
Is that because it destroys your position about uber rich contributing massively to the tax revenue.

Certainly looks that way.

A small number of people can and do have huge financial influence, labour just can't see it. They always go over the top in trying to squeeze more money, repeatedly they fail.
 
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