National insurance tax hike

[Redwurzel]

Unearned should be taxed at the same rate as earned income, but it is more difficult to do as the unearned receivers live on yachts in the Med etc.

One problem at the moment is that the social care sector will not be able to cope soon and the care given will significantly drop, also the NHS is left picking up more of the bill and so are Local Governments which will affect nearly everyone with reduced funds and reduced services.

 

[Soutra]

Unearned should be taxed at the same rate as earned income, but it is more difficult to do as the unearned receivers live on yachts in the Med etc.

Just about everyone has unearned income of some kind. Whether it's bank interest or dividends, nearly everyone receives some interest. As you say, very wealthy people may not be domiciled here. So if you tax unearned income you hit people with modest savings whereas people with huge unearned income pay nothing.

Personally, I'd impose a betting levy. Every bet placed in the Uk is levied £0.25. It may discourage betting, which would be good, and it's indiscriminate.

 

[bear66]

Just about everyone has unearned income of some kind. Whether it's bank interest or dividends, nearly everyone receives some interest. As you say, very wealthy people may not be domiciled here. So if you tax unearned income you hit people with modest savings whereas people with huge unearned income pay nothing.

Personally, I'd impose a betting levy. Every bet placed in the Uk is levied £0.25. It may discourage betting, which would be good, and it's indiscriminate.

Capital gains? Dividends? £900k inheritance? Not everyone is in such a position.

 

[Ex pfc wintergreen]

Just about everyone has unearned income of some kind. Whether it's bank interest or dividends, nearly everyone receives some interest. As you say, very wealthy people may not be domiciled here. So if you tax unearned income you hit people with modest savings whereas people with huge unearned income pay nothing.

Personally, I'd impose a betting levy. Every bet placed in the Uk is levied £0.25. It may discourage betting, which would be good, and it's indiscriminate.

Most people aren't gambling addicts, why penalise them. Stick it on the tax and we all contribute.

 

[Adi_Dem]

Not only is it unnecessary given the myth around debt and having to repay the money spent on COVID but a national insurance hike once again hits the poorer and lower/middle earners. It shouldn’t be happening.

 

[newusername]

Not only is it unnecessary given the myth around debt and having to repay the money spent on COVID but a national insurance hike once again hits the poorer and lower/middle earners. It shouldn’t be happening.

There will be people losing £20 a week Universal Credit, they'll be using foodbanks and would be paying more NI so that someone with £500,000 house can pass it on to their kids.

 

[Subbuteo_171]

VAT on intra group service charges to prevent profits being offshored to avoid tax.

100% CGT on sales of rental properties.

Increasing council tax in areas such as Westminster (Band d £879 per year versus £2,103 in Middlesbrough as an example) and redistributing it to areas in need.

Online transaction tax.

 

[newusername]

Increasing council tax in areas such as Westminster (Band d £879 per year versus £2,103 in Middlesbrough as an example) and redistributing it to areas in need.

Agree 100%.

Westminster Council spend more on adult social care than they receive in total via council tax. They get massive revenue via on-street car parking & rents from buildings they own, and also benefited from the increase in the % retention of business rates.

1) There should be a revaluation of properties for Council Tax purposes.
2) As with Business Rates, there should be a national rate set
3) There should be a redistribution to ensure that adequate social care isn't a "post code lottery"

It won't happen though.

BTW Band D comparisons are not ideal when looking at council tax.
eg
Council A has 100 Band A homes & needs £100k to operate services in the area.
Council H has 100 Band H homes & needs £100k to operate services in their area.

Council A sets Band D Council Tax at £1500k. Band A properties pay £1000, the council gets its £100k.
Council H sets Band D Council Tax at £500. Band H properties pay £1000, the council gets its £100k

People look at the Band D rates & say Council H is 3x as efficient as Council A.

 

[Redwurzel]

Just about everyone has unearned income of some kind. Whether it's bank interest or dividends, nearly everyone receives some interest. As you say, very wealthy people may not be domiciled here. So if you tax unearned income you hit people with modest savings whereas people with huge unearned income pay nothing.

Personally, I'd impose a betting levy. Every bet placed in the Uk is levied £0.25. It may discourage betting, which would be good, and it's indiscriminate.

Betting tax in theory good, but in practice difficult because of the Internet. There was betting tax of 9% up to 2001/2 in the UK, but punters started betting on sites registered outside the UK to avoid paying it.

Many of those living off unearned income will or do live overseas if its levied10%. I am talking about those with assets of over £5m who represent most of the money involved. Roman Abramovich probably has an income of around £500m a year so would pay around £225m in tax, but I would guess he pays nothing despite have a major residence here and spending some of the year here. There is a lot of property in London owned overseas investors that is making billions every year in capital gains.

We could tax inheritance more for UK based people. As mentioned by a poster tax the receivers more. Someone in theory can leave upto £1m untaxed when they die. This than receive this money are then taxed at say 20%. It happens with SIPP funds left by over 75s.

 

[Redwurzel]

Council Tax and Business rates need reform - its totally unfair.

I have suggested the Labour Party push on this, but it seems slow on their priorities but to me would win votes in areas like Redcar and Hartlepool. I get the impression the metro based Labour controllers are not very interested, seem more interested in stuff to do with Isrealis and Palestinians.

 

[bear66]

Council Tax and Business rates need reform - its totally unfair.

I have suggested the Labour Party push on this, but it seems slow on their priorities but to me would win votes in areas like Redcar and Hartlepool. I get the impression the metro based Labour controllers are not very interested, seem more interested in stuff to do with Isrealis and Palestinians.

Which Labour controllers are more interested in Middle East politics?

 

[JM14]

There will be people losing £20 a week Universal Credit, they'll be using foodbanks and would be paying more NI so that someone with £500,000 house can pass it on to their kids.

Its also possible to have a system where someone working their entire life to afford their £500k house doesnt loose it the second they fall into ill health, but this isnt at the expense of the lowest earners. But helping those at the bottom isnt a vote winner

 

[JM14]

Council Tax and Business rates need reform - its totally unfair.

I have suggested the Labour Party push on this, but it seems slow on their priorities but to me would win votes in areas like Redcar and Hartlepool. I get the impression the metro based Labour controllers are not very interested, seem more interested in stuff to do with Isrealis and Palestinians.

What an incredibly ignorant view that is

 

[Blf]

Played golf with a lad this morning and he started talking about losing this £20. I said I thought it was a bad move as people were struggling. He agreed then told me about his benefits.
His benefits were more than my pension and my Wifes pension put together.
Then we have to pay tax on our pensions

 

[Osboro]

Its also possible to have a system where someone working their entire life to afford their £500k house doesnt loose it the second they fall into ill health, but this isnt at the expense of the lowest earners. But helping those at the bottom isnt a vote winner

They dont" just loose it", its not about being ill, its about old age.
So much confusion on this

 

[JM14]

They dont" just loose it", its not about being ill, its about old age.
So much confusion on this

They do loose it though, they will have to sell to fund their care.

Anyone in my generation will likely be working well into our 70s before we can retire, to then have our home taken away from us the second we fall into ill health and have nothing to pass down to our children.
What’s the point in working hard and paying a mortgage your entire life?

 

[Same_as_before]

Its also possible to have a system where someone working their entire life to afford their £500k house doesnt loose it the second they fall into ill health, but this isnt at the expense of the lowest earners. But helping those at the bottom isnt a vote winner

But how much was that house when they bought it? It's all inflation.

 

[Same_as_before]

They do loose it though, they will have to sell to fund their care.

Anyone in my generation will likely be working well into our 70s before we can retire, to then have our home taken away from us the second we fall into ill health and have nothing to pass down to our children.
What’s the point in working hard and paying a mortgage your entire life?

Your children will be over 60.

 

[JM14]

Your children will be over 60.

Unlikely to be that old unless you had kids quite young, but what difference does it make?
we pay into the system our entire life (huge amounts too) but when we actually need the help we have to sell our house to pay for it? Great incentive and reward for working hard and progressing to better your situation

If that’s the case then why bother

 

[Osboro]

They do loose it though, they will have to sell to fund their care.

Anyone in my generation will likely be working well into our 70s before we can retire, to then have our home taken away from us the second we fall into ill health and have nothing to pass down to our children.
What’s the point in working hard and paying a mortgage your entire life?

Read my and others posts to understand its not that simple . No one takes away you home " the second you fall ill." Thats very emotive. If your in a care home then thats your " home" and your old home is now an empty house,its an asset like any thing else. Should I pay for your care so you can pass an asset onto your kids?