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Surely you must see it's more nuanced than that? The old regime worked to say that if you kept your money abroad then we wouldn't tax it but we would tax it any

Surely you must see it's more nuanced than that? The old regime worked to say that if you kept your money abroad then we wouldn't tax it but we would tax it any money you generated in country. These people were often on high wages meaning we would still get some income from them but not money that we had nothing to do with. It would probably have been a better idea to require periodic investments into UK businesses to increase the tax take rather than scrap it altogether. Thats said the UK requires a wider culture shift when it comes to money so it wouldn't have made much of a difference.

jaggs 1y ago
I understand completely what you're saying, but I've got a feeling this new regulation is aimed at those who don't earn any money in this country and therefore don't pay any tax in this country - even though they're living here taking advantage of the benefits and infrastructure etc. I do agree that maybe there is a more nuanced approach to this which would encourage investment into UK businesses, but nobody ever said politicians were the brightest people on the planet. :)
- Vinzer 1y ago
  It exactly how you say, with a lot of people not exactly working in UK leaving, people who made money abroad. I know plenty who do. I can see your point here. The problem here is the way they are implementing it, right now you would still pay taxes on brining money to UK, also all of those people who happily pay certain amounts or smaller percentages on % of foreign income to live in the UK. However 45% of income made completely outside of the country is a robber and people are leaving to UAE, Italy, Switzerland. Italy is charging 200k flat now a yearn UK they would pay more. Also office of companies are getting relocated, they stop spending money here, they would pay higher to stay in UK. So if you say you were to get 300-500k per year from those people and now you get 0, and thousands of people leaving it goes to billions in budget loss
  - jaggs 1y ago
    I understand. I really don't have enough information to attach fixed numbers to the circumstances. Whether it's £350,000 or £10 is a mystery. And maybe that's the problem. Maybe it's fine that people go to UAE Italy and Switzerland, because it's difficult to ascribe any solution when the participants are so secretive in their financial movements. It's kind of interesting that people are becoming exercised by this tax, because it's clear that they don't really value staying in the UK as much as saving some money. I find that a really interesting observation.

jaggs 1y ago

I understand completely what you're saying, but I've got a feeling this new regulation is aimed at those who don't earn any money in this country and therefore don't pay any tax in this country - even though they're living here taking advantage of the benefits and infrastructure etc. I do agree that maybe there is a more nuanced approach to this which would encourage investment into UK businesses, but nobody ever said politicians were the brightest people on the planet. :)

Vinzer 1y ago
It exactly how you say, with a lot of people not exactly working in UK leaving, people who made money abroad. I know plenty who do. I can see your point here. The problem here is the way they are implementing it, right now you would still pay taxes on brining money to UK, also all of those people who happily pay certain amounts or smaller percentages on % of foreign income to live in the UK. However 45% of income made completely outside of the country is a robber and people are leaving to UAE, Italy, Switzerland. Italy is charging 200k flat now a yearn UK they would pay more. Also office of companies are getting relocated, they stop spending money here, they would pay higher to stay in UK. So if you say you were to get 300-500k per year from those people and now you get 0, and thousands of people leaving it goes to billions in budget loss
- jaggs 1y ago
  I understand. I really don't have enough information to attach fixed numbers to the circumstances. Whether it's £350,000 or £10 is a mystery. And maybe that's the problem. Maybe it's fine that people go to UAE Italy and Switzerland, because it's difficult to ascribe any solution when the participants are so secretive in their financial movements. It's kind of interesting that people are becoming exercised by this tax, because it's clear that they don't really value staying in the UK as much as saving some money. I find that a really interesting observation.