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Tax Systems LSE:TAX London Ordinary Share GB00BDHLGB97 ORD 1P
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  +0.00p +0.00% 80.00p 78.00p 82.00p 80.00p 80.00p 80.00p 4,000 08:00:00
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Tax Systems Share Discussion Threads

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DateSubjectAuthorDiscuss
13/6/2018
16:52
lmost half of wealthy Britons eyeing expat status Tags: UK emigration By Will Grahame-Clarke, 13 Jun 18 Email Facebook Twitter LinkedIn Tax is a top concern for the UK rich with two in five saying they would emigrate in the wake of significant tax increases. Just over 70% of high net worth individuals (HNWIs) think taxes will increase in the next 12 months, according to the survey by insurer Wealth Club. A minority (17%) said they were extremely worried about the impact; with 43% thinking an increase in taxes is one of the biggest threats to their wealth, especially if there is a change in government (69%). Should taxes rise significantly, two in five (40%) told researchers they would emigrate from the UK. “The UK’s top earners paid a total of £54.3bn ($72.3bn, €61.5bn) in income tax last year,” said Alex Davies, chief executive and founder of Wealth Club. “They are now bracing themselves for further tax rises and have no doubt as to who will foot the bill. “Whether or not they will pay up and shut up remains to be seen. If 40% of wealthier individuals really did leave the country £20bn could be lost in income tax revenues alone.” Fairness Reflecting further on UK taxes, the majority (67%) of HNWIs think income tax is the fairest tax, and 42% think the rate income tax is charged is about right. Inheritance tax fares worse – 73% think it’s unfair or grossly unfair and 85% consider the rate too high. “If nearly half the people consider a tax ‘grossly unfair’, as is the case with IHT, then there is a real problem,” said Davies. “Any attempt to increase inheritance tax will be hugely unpopular and politically suicidal for the party that tries to introduce it.”
la forge
08/5/2018
06:12
TAX PENSIONERS Http://www.bbc.com/news/business-44029808
the grumpy old men
06/5/2018
21:23
Business British taxpayers accidentally give too much as HMRC discovers unexpected generosity HMRC Under-declaring income is normally thought of as a problem for the taxman, but a new HMRC trial found that people more often over-declared their pay, possibly in an act of caution Credit: HMRC Tim Wallace 6 May 2018 • 8:39pm Tax dodging is less rife than previously thought as HM Revenue and Customs has unexpectedly discovered that Britons typically err on the side of caution, inadvertently overpaying on their self-assessment forms. Contrary to the expectation that taxpayers play down their incomes as much as possible – or, as in recent high-profile cases, evade taxes – a trialled new system revealed the opposite to be more commonly true. An automated system that used existing data to pre-write a taxpayer’s income found that it reduced the income declared more often than not. Jon Thompson, chief executive of HMRC, revealed the discovery in a letter to MPs. This “had a small net negative impact on overall tax receipts due to improved accuracy of self-assessment returns”, Mr Thompson wrote. He added: “Decreases in overpayments outweighed the reductions in small ­underpayments.” Promoted Stories This City-Builder Game lets You Play through the Ages This City-Builder Game lets You Play through the Ages Forge Of Empires Who Are The 3 Best-Selling Musicians of All Time? Who Are The 3 Best-Selling Musicians of All Time? Work+Money The trial pre-populated incomes for more than 685,000 “customersR21;, as HMRC refers to taxpayers, between August 2016 and March 2017, for the 2015-16 tax year. Most kept the pre-typed income number, though 17pc wrote in their own figure and 15pc over-wrote the employment benefit figure. Tax accountant George Bull at RSM says this is bad news for any plans to use this new system to identify underpayment and close the “tax gap”, the hole in revenues that HMRC believes it is owed. “The revelation that most self-assessment taxpayers seem to overstate rather than understate their tax liabilities is a nail in the coffin of HMRC’s plan to use Making Tax Digital for individuals to reduce the tax gap,” he said, adding that it could cast doubt on the overall tax gap estimate. “The working assumption within HMRC was that reducing error would increase the tax take because most errors would be in the taxpayer’s favour rather than HMRC’s. Good compliance is an end in itself and doesn’t need to be justified as a potentially spurious means of closing the tax gap.” An HMRC spokesman said most of the tax gap came from businesses, not individuals.
sarkasm
29/3/2018
17:11
Https://www.litrg.org.uk/tax-guides/self-employment/working-out-profits-losses-and-capital-allowance/what-if-i-make-loss
waldron
05/3/2018
12:23
Calls to abolish tax bands and create single tax schedule Tax bands should be abolished and income tax and employee National Insurance contributions (NICs) combined into a single tax ‘schedule̵7;, with all sources of income taxed at the same rate, and on the same basis in order to create a more efficient and progressive tax system, according to the Institute for Public Policy Research (IPPR) 5 Mar 2018 Pat Sweet Pat Sweet Reporter, CCH Daily and Accountancy, published by Croner-i Ltd View profile and articles. The think-tank says its approach, which would replace the existing system of marginal tax bands with by a ‘formula-based’ system such that every taxpayer’s marginal rate would depend on their own precise level of income, would raise revenues in a way that is fairer and more politically acceptable. This approach effectively abolishes tax bands for everyone except those on the highest incomes. Everyone earning above a new tax-free allowance and below £100,000 would have their own personal marginal tax rate, which would rise gradually the higher their income, up to a top rate of 50%. As a result, everyone earning less than £44,400 could see their average tax rate fall. The IPPR said that the system would enable policymakers to raise much more revenue to fund public services, raising between £6bn and £16bn more a year, while still increasing post-tax incomes for at least 75% of individual taxpayers. The think-tank argues that as things stand, the variable treatment of different sources of income reduces the current system’s progressivity, creates perverse economic incentives and helps to create political opposition to tax rises. For example, the effective rate of tax on annual earnings from employment above the tax-free allowance is 32%, compared to 7.5% for income paid in dividends from company profits. The marginal rate of income tax also jumps from 40% to 60% and back to 40% as the personal allowance is withdrawn for incomes over £100,000. For income tax payers on the lowest earnings, effective marginal tax rates can be as high as 75% as means tested benefits are withdrawn as a result of higher pay. The institute says this variable treatment of different sources of incomes, combined with sharp ‘cliffs’ in the marginal rate between tax bands, creates perverse economic incentives, makes tax avoidance more likely and is far from transparent. Alfie Stirling, IPPR senior economic analyst and author of its report, said: ‘The UK’s system of taxing incomes is not progressive enough, too inefficient and poorly equipped to raise the revenue that almost certainly will be needed to meet the public spending challenges of the 21st century.’ Tapering Over the Tax Reforming taxation of income in the UK is here. Report by Pat Sweet
ariane
03/3/2018
08:12
Council tax Money talks Council tax should be fair and progressive. Ours is neither Patrick Collinson Patrick Collinson It is outrageous that a person in a £17m Westminster mansion pays less than a pensioner in a Nottingham bungalow Sat 3 Mar 2018 07.00 GMT Shares 10 Comments 7 Residents of Westminster, one of London’s most upmarket districts, will pay a maximum of £1,376 in council tax this year. Residents of Westminster, one of London’s most upmarket districts, will pay a maximum of £1,376 in council tax this year. Photograph: Bloomberg via Getty Images There is a Grade II-listed seven-bedroom home of “ambassadorial proportions” for sale in Westminster, just along from the old Conservative party headquarters, if you’ve got the odd £17m to spare. But there is one financial worry the buyer won’t have: council tax. The new owner will be presented with a council tax bill for 2017-18 of just £1,376. We know this because that is the maximum council tax bill anyone in Westminster paysfor a top-tier, band H property. Meanwhile, a pensioner in Nottingham living in a small bungalow worth about £150,000 is likely to be in the council’s C band and facing a tax bill of £1,645. Why are millionaires in London paying hundreds of pounds less in annual property taxes than someone struggling on a small pension in Nottingham? The iniquities of council tax worsen every year. The annual survey of local authorities by accountancy body Cipfa this week revealed that households in England will see the highest council tax increases for 14 years. The average rise will be 5.1%, or double the rate of pay and pension increases – and that comes on top of a rise of 4% last year. The average band D equivalent in the north-east is now £1,799; in inner London it is £1,194. A friend lives in a four-bed house in north London, worth nearly £1m, yet it was put in band B two decades ago, and she’s in no hurry to update the council or her £1,000-a-year bill. A woman I know lives alone, yet her council, almost randomly, prohibits anyone applying for the 25% single person discount that is available at most other councils. Guardian Today: the headlines, the analysis, the debate - sent direct to you Read more Tax bands that made some sort of sense when they were last evaluated in 1992 – a quarter of a century ago – are absurd today. Westminster has the same A to H system as everywhere else. Its A band is for properties valued at up to £40,000 in the borough, while its very highest level, H, is for properties valued at more than £320,000. A search on Rightmove reveals a solitary one-bed flat for sale in Westminster for less than £320,000. Since the poll tax eventually spelled the end for Margaret Thatcher, politicians have imposed an exclusion zone around council tax reform. Yet the need for reform grows ever more urgent. It should start with an acknowledgement that property taxes can be progressive and efficient. Generally, we under-tax wealth in the UK, which means we place excessive burdens instead on working people’s income and spending, while the rentiers who have prospered from property wealth gains have been left relatively untouched. Taxing property is also relatively simple, as houses can’t be hidden. The Joseph Rowntree Foundation, Labour’s Progress group and many others have outlined sensible proposals for reform, while Scotland has already started down the path of change. Can we please follow them?
maywillow
01/3/2018
11:56
Https://www.youtube.com/watch?v=atwfWEKz00U THINGS TO COME
sarkasm
01/3/2018
11:53
Council tax set for biggest increase in 14 years, CIPFA survey finds By: Emily Twinch 1 Mar 18 Just over 95% of councils across England will raise council tax next year and bills are set for the biggest increases in 14 year, according to CIPFA’s annual survey released today. Of the 276 councils that responded, 263 will increase their council tax, taking advantage of the ability to raise it by up to a further 1%, allowed by the local government finance settlement for the next financial year. Excluding the 3% precept for adult social care, 71% of English authorities would increase council by the maximum 2.99% allowable before reaching the local referendum threshold, CIPFA found. Authorities with adult social care responsibilities can raise an additional 3% without the need for a referendum via the adult social care precept. CIPFA calculated households across England were to see an average council tax increase of £81.05 (5.1%) – the steepest hike in 14 years. It also identified the gap between rates across the country. The average band D bill in the North East is now £1,799, whereas in inner London it is £1,194. Rob Whiteman, CIPFA chief executive, added: “This sharp rise in council tax across the country reflects the enormous financial pressures many local authorities are currently under. “Local government has made by far the biggest efficiencies in the public sector since 2010, but now it feels like crunch time, with the consequences of earlier funding cuts really beginning to bite.” He called Northamptonshire County Council’s need to issue a section 114 notice last month - meaning it had used its reserves and was unable to produce a balanced budget – a “test case for what the minimum services can be that a council is required to deliver”. Northamptonshire has since revised its budget to find a further £9.9m of savings. Whiteman said children’s and adult social care were the main focus of resources for many town and county halls, and they were coping with increased demands against a backdrop of government grants being phased out, often using reserves. “It is clearly time for an honest conversation about what services councils should realistically be expected to deliver,” he said. In addition, almost 90% of police and crime commissioners in England (31 out of 36 PCCs responded) have also gone for increases of between £11.97 and the maximum allowable increase of £12, CIPFA revealed. “This comes at a time of increasing pressure on police funding and follows the report late last year on efficiency from Her Majesty’s Inspectorate of Constabulary and Fire and Rescue Services which, while highlighting the financial challenges for some forces, stated that further efficiencies could be made,” the institute stated. Home secretary Amber Rudd announced in December last year the police would be able to increase their precepts up to £12 as part of the police settlement for 2018-19. Emily Twinch Deputy editor
sarkasm
01/3/2018
11:51
Council tax set for biggest increase in 14 years, CIPFA survey finds By: Emily Twinch 1 Mar 18 Just over 95% of councils across England will raise council tax next year and bills are set for the biggest increases in 14 year, according to CIPFA’s annual survey released today. Of the 276 councils that responded, 263 will increase their council tax, taking advantage of the ability to raise it by up to a further 1%, allowed by the local government finance settlement for the next financial year. Excluding the 3% precept for adult social care, 71% of English authorities would increase council by the maximum 2.99% allowable before reaching the local referendum threshold, CIPFA found. Authorities with adult social care responsibilities can raise an additional 3% without the need for a referendum via the adult social care precept. CIPFA calculated households across England were to see an average council tax increase of £81.05 (5.1%) – the steepest hike in 14 years. It also identified the gap between rates across the country. The average band D bill in the North East is now £1,799, whereas in inner London it is £1,194. Rob Whiteman, CIPFA chief executive, added: “This sharp rise in council tax across the country reflects the enormous financial pressures many local authorities are currently under. “Local government has made by far the biggest efficiencies in the public sector since 2010, but now it feels like crunch time, with the consequences of earlier funding cuts really beginning to bite.” He called Northamptonshire County Council’s need to issue a section 114 notice last month - meaning it had used its reserves and was unable to produce a balanced budget – a “test case for what the minimum services can be that a council is required to deliver”. Northamptonshire has since revised its budget to find a further £9.9m of savings. Whiteman said children’s and adult social care were the main focus of resources for many town and county halls, and they were coping with increased demands against a backdrop of government grants being phased out, often using reserves. “It is clearly time for an honest conversation about what services councils should realistically be expected to deliver,” he said. In addition, almost 90% of police and crime commissioners in England (31 out of 36 PCCs responded) have also gone for increases of between £11.97 and the maximum allowable increase of £12, CIPFA revealed. “This comes at a time of increasing pressure on police funding and follows the report late last year on efficiency from Her Majesty’s Inspectorate of Constabulary and Fire and Rescue Services which, while highlighting the financial challenges for some forces, stated that further efficiencies could be made,” the institute stated. Home secretary Amber Rudd announced in December last year the police would be able to increase their precepts up to £12 as part of the police settlement for 2018-19. Emily Twinch Deputy editor
sarkasm
28/2/2018
17:02
Inheritance tax and ISAs: Unsuspecting Brits could face surprise bill By Kate Saines in Investments February 28, 2018 0 Few people are aware that ISAs are subject to inheritance tax (IHT), a survey by Octopus Investments has discovered. Research by the fund management company found that only 25% of those questioned knew the investments could form part of a person’s taxable estate and were therefore liable for IHT. This lack of understanding is leading to concerns many families could face an unexpected tax bill because they do not know the rules. It is not just the young who are unaware of the IHT implications of ISAs. The survey revealed just over a quarter (28%) of those aged 55 and over knew that ISAs were not exempt from the tax compared to 18% of 18 to 34 year olds. Over half of respondents (54%) said they didn’t know whether ISAs were exempt from IHT and a fifth (21%) incorrectly thought they were. Octopus said the results meant many Brits could be sleepwalking into an inheritance tax nightmare. Paul Latham, managing director for Octopus Investments, said: “This is not just a problem for the super-wealthy. Despite efforts to increase the current threshold, we still expect to see a rise in the number of estates subject to inheritance tax, particularly in London where the average property price currently stands at £484,000. “There are a number of options now available to those who currently have a stocks and shares ISA and who wish to pass on as much of it as possible to their children. “One of those options includes investing in AIM-listed shares.” He added: “By transferring a stocks and shares ISA to an ISA wrapper which holds a portfolio of AIM companies, investors can reduce their tax liabilities without locking away their money for the long term and continuing to benefit from the benefits of the ISA wrapper.”
waldron
19/2/2018
21:48
Cheers pug
sarkasm
13/2/2018
16:08
Https://www.converge.today/stories/Dividend_Allowance_cut_How_will_it_affect_you_UNW_LLP_e_TicP5MOq_J
la forge
13/2/2018
08:52
TAXIT Http://www.bbc.com/news/business-42666274
grupo
21/1/2018
08:55
Https://www.express.co.uk/finance/city/907649/Bitcoin-tax-cryptocurrency-ripple-HMRC-capital-gains-earnings-gambling-bet-winnings
grupo guitarlumber
08/1/2018
15:11
Home » News Pensioners miss out on state benefits entitlement January 8, 2018 - 2:34pm - Marina Gerner 42 per cent of pensioners entitled to state benefits are failing to claim them. Four in 10 pensioners who are eligible for state support are failing to claim any benefit and miss out £1,013 on average as a result, according to financial services provider Just Group. In a survey of 217 of their clients, the company also found that a further two in 10 are claiming but not receiving their full entitlement. Stephen Lowe, group communications director at Just, says: ‘At a time when many pensioners are struggling for income and inflation is rising, we have once again found far too many are missing out on state help.’ The research further reveals that in 2017 the average value of benefits underclaimed rose to £1,013, from £610 in 2016. Guarantee pension credit – which is an income-related benefit that can top up a pensioner’s weekly income if it’s below £159.35 (for single people) or £243.25 (for couples) – accounted for the biggest unclaimed sums. Related articles Editor’s comment: Cold comfort for retirees from the UK state pension Pensioner bonds are maturing: should savers stick with NS&I? Warren Buffett wins $1 million tracker fund bet Brokers delist investment trusts and ETFs in face of new rules Since 2000 January has been the worst month for shares Tags news pensions ‘One in three of those eligible for guarantee pension credit failed to claim, with an average loss of £3,431. All of those not claiming this benefit were missing at least £1,000 a year and in one case the loss was £8,060 a year. -2018 Isa fund tips: How to play and profit from the UK stock market Lowe adds: ‘Council tax reduction is another area of concern where fewer than half of those eligible are claiming, and the average amount being lost is £491 a year.’ In the UK, about 88 per cent of pensioner couples and 63 per cent of single pensioners own their own homes, according to the Office for National Statistics. Lowe argues that as a consequence it is ‘possible that homeowners in particular may think limited support is available, although owning a property does not necessarily mean you have adequate income in retirement.’ Claire Trott, head of pensions strategy at Technical Connection, part of St James’s Place, comments: ‘This research shows again how complex retirement is, when life should be getting simpler. State benefits that have been earned over many years working life should be easy and simple to access for those who need them, and help should be available to navigate the system. ‘The levels of missed benefits quoted would make a significant difference to those in need and it is those in need who generally haven’t had the advice they need to know what they are missing out on. Providing easy and trusted guidance can only be a good thing for those who need it.’ Lowe concludes that the figures on missed benefits ‘strengthen the case for making free guidance the default option for all those heading into retirement – unless they specifically opt out – and that guidance should include information about entitlements to state help.’ Keep up to date with all the latest financial news and investment tips by signing up to our newsletter. Email subscribers will also receive a free print copy of Money Observer magazine.
maywillow
07/1/2018
19:13
Https://www.express.co.uk/finance/personalfinance/901399/Tax-return-deadline-self-assessment-HMRC-guide
ariane
05/1/2018
10:18
Http://www.iexpats.com/expats-can-switch-online-tax-help/
the grumpy old men
28/11/2017
09:54
Http://www.moneyinternational.com/investments/time-check-dividend-tax-grab-countdown/
la forge
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