IMF: UK is officially a tax haven

[ska invita]

There's been a drip drip of grumblings about the tax breaks for the super rich in the UK for the last few months.

These mutterings have been given more weight with an IMF (of all people) report that finds the UK to belong to a select group that qualify as tax havens:
http://www.taxresearch.org.uk/Blog/...ore-finance-centre-according-to-an-imf-study/
check out the link and see what good company we are in!

If I remember rightly Brown came under a bit of pressure to review this situation a little while back and managed to totaly ignore the situation. No, thats wrong - i think he launched an inquiry - ie, stalled it, knowing full well what gwan as he set the whole thing up).

The thing about such ludicrous tax breaks is that it brings in the rich - but other than a tiny bit of trickle down economics for a few hoteliers and bijou shops what benefit does it bring to the overall economy? Do tax breaks actually lead to these rich capitalists creating jobs? I just dont get the logic of it.

 

[teqniq]

I just dont get the logic of it.

Backhanders perchance?

 

[YoursTruly]

IMF: UK is officially a tax haven

Good.

When can we abolish income tax? Then we'll be motoring!

 

[MikeMcc]

IMF: UK is officially a tax haven

Good.

When can we abolish income tax? Then we'll be motoring!

Heard on Radio 1 today that Naomi Cambell and some of her mates were going to do a show to raise funds for the charities supporting the folks who had been flooded. Thought that it might be better if she still lived in this country so that she paid income tax and NI to be able to do more good.

 

[audiotech]

IMF: UK is officially a tax haven

Good.

When can we abolish income tax? Then we'll be motoring!

Congestion charges will have to rise shurely?

 

[subversplat]

IMF: UK is officially a tax haven

Good.

When can we abolish income tax? Then we'll be motoring!

Lets abolish income tax and have a tax on capital owned. That'll sort the wheat from the chaff

 

[YoursTruly]

Lets abolish income tax and have a tax on capital owned. That'll sort the wheat from the chaff

All that would happen then, is that everyone who could, would keep as much capital out of the country as possible.

 

[ViolentPanda]

All that would happen then, is that everyone who could, would keep as much capital out of the country as possible.

Not necessarily, especially if a capital transfer tax were instituted at the same time as the tax on owned capital.

If you don't like taxation, why not fuck off to somewhere that is taxation-light? I'm sure you'd enjoy living on Vanuatu.

 

[ViolentPanda]

Lets abolish income tax and have a tax on capital owned. That'll sort the wheat from the chaff

Hey, I'd be happy with a Tobin tax.

 

[peacepete]

All that would happen then, is that everyone who could, would keep as much capital out of the country as possible.

which would dramatically reduce the price of land...

 

[YoursTruly]

which would dramatically reduce the price of land...

It wouldn't, because the rich would just make sure their land is owned by management companies, which are in turn owned by off shore companies.

 

[Random]

If you don't like taxation, why not fuck off to somewhere that is taxation-light?

I thought the whole point was that Britain is indeed that somewhere.

 

[Prince Rhyus]

I thought the comments on this article made for interesting reading:

http://www.taxresearch.org.uk/Blog/...ll-there-its-for-others-to-do-their-sums-now/

 

[Wolveryeti]

The government's attitude to tax is basically that it's better to have a smaller slice of a larger pie, than vice versa.

I disagree with this philosophy for various reasons (institutionalising dishonesty, playing beggar-thy-neighbour with the rest of the EU), but simply in terms of the gross tax take, my impression is that we're better off with it.