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When I read your comment, I assumed he actually had a 365 million salary, which would be amazing. He'd be paying 50% tax on the majority of that. I'd actually g

by doix 4y ago

When I read your comment, I assumed he actually had a 365 million salary, which would be amazing. He'd be paying 50% tax on the majority of that. I'd actually give him some respect for that, actually paying tax "fairly" and not optimizing. But no, it's not his salary, it's dividends.

cloutchaser 4y ago
Dividends are taxed at the same percent as income in the Uk. So he is paying a lot on that. Unless he isn’t resident in the Uk. Which I don’t know.
- millennialmind 4y ago
  It is likely that the shares are held by a family trust or an offshore company registered in another jurisdiction, rather than being held personally by him. Although I am not familiar with the UK's tax laws, in other countries, loopholes exist that allow for taxable income from dividends of shares held personally to be reduced or eliminated through capital loss and depreciation deductions.
- swarnie 4y ago
  Last i checked he was a non-dom....
- seanhunter 4y ago
  I don't know anything about his tax arrangements but he lives in South Kensington (in London) I think. I seem to recall reading about one of those classic South Ken arguments with neighbours because of him building a basement swimming pool or something. He's our Prime Minister's old boss as well. Rishi Sunak used to work for TCI[1]. [1] https://www.theguardian.com/politics/2020/mar/08/rishi-sunak-took-part-in-controversial-us-corporate-raid-case https://www.theguardian.com/politics/2020/mar/08/rishi-sunak...
- doix 4y ago
  They are not taxed at the same rate, income tax goes up to 45 where as dividends stop at 39ish according to the HMRC website. They are also not counted for NI contributions as far as I can tell. Admittedly, the difference isn't as much as I thought.
justinzollars 4y ago
[flagged]
- justinzollars 4y ago
  Taxation has become a modern sacrament - similar to tithe. I notice this is getting heavily downvoted. Good!
  - harryvederci 4y ago
    I didn't downvote, but I can see how people would think it's off-topic, as examples from more-guns-than-people-land aren't necessarily enough to draw a worldwide conclusion.
- doix 4y ago
  The problem is with the mega rich avoiding taxes while the rest of the plebs pay taxes. It's not moral to avoid taxes while the rest of the people pay taxes and you use public services. If the rich lobbied to abolish all taxes so it was fair, that's fine. But that's not the case. They lobby to create laws that help them avoid tax whilst making other people pay tax. Because at the end of the day, it's in their best interest for the government to function, just not on their dime.

by doix 4y ago

cloutchaser 4y ago

Dividends are taxed at the same percent as income in the Uk. So he is paying a lot on that. Unless he isn’t resident in the Uk. Which I don’t know.

millennialmind 4y ago
It is likely that the shares are held by a family trust or an offshore company registered in another jurisdiction, rather than being held personally by him. Although I am not familiar with the UK's tax laws, in other countries, loopholes exist that allow for taxable income from dividends of shares held personally to be reduced or eliminated through capital loss and depreciation deductions.
swarnie 4y ago
Last i checked he was a non-dom....
seanhunter 4y ago
I don't know anything about his tax arrangements but he lives in South Kensington (in London) I think. I seem to recall reading about one of those classic South Ken arguments with neighbours because of him building a basement swimming pool or something. He's our Prime Minister's old boss as well. Rishi Sunak used to work for TCI[1]. [1] https://www.theguardian.com/politics/2020/mar/08/rishi-sunak-took-part-in-controversial-us-corporate-raid-case https://www.theguardian.com/politics/2020/mar/08/rishi-sunak...
doix 4y ago
They are not taxed at the same rate, income tax goes up to 45 where as dividends stop at 39ish according to the HMRC website. They are also not counted for NI contributions as far as I can tell. Admittedly, the difference isn't as much as I thought.

justinzollars 4y ago

[flagged]

justinzollars 4y ago
Taxation has become a modern sacrament - similar to tithe. I notice this is getting heavily downvoted. Good!
- harryvederci 4y ago
  I didn't downvote, but I can see how people would think it's off-topic, as examples from more-guns-than-people-land aren't necessarily enough to draw a worldwide conclusion.
doix 4y ago
The problem is with the mega rich avoiding taxes while the rest of the plebs pay taxes. It's not moral to avoid taxes while the rest of the people pay taxes and you use public services. If the rich lobbied to abolish all taxes so it was fair, that's fine. But that's not the case. They lobby to create laws that help them avoid tax whilst making other people pay tax. Because at the end of the day, it's in their best interest for the government to function, just not on their dime.