Unearned income surcharge

[expat]

You obviously have no clue about creating incentive to work and self-reliance. No wonder we have so many benefit scroungers.

You still haven't answered my question. What is this unearned income that is not taxed ?

1. see above: capital is already taxed, income on it is not, and it is not earned income, you didn't work for it.
2. in general, any income other than wages. If you didn't work for it, why shouldn't you pay tax on it?

[Cyberman]

Of course it is. But any profit they make on it, like interest or dividends, has not already been taxed.

Put in 1000.00 of taxed money, you pay no more tax on that. Get out 1050.00: 50.00 of that is unearned income, not yet taxed.

That IS taxed, via capital gains, and savings tax once converted to cash. And when it is spent on goods and services it is taxed yet again. Next !!!

[Moscow Mule]

Of course it is. But any profit they make on it, like interest or dividends, has not already been taxed.

Put in 1000.00 of taxed money, you pay no more tax on that. Get out 1050.00: 50.00 of that is unearned income, not yet taxed.

What you are suggesting would punish pensioners just for carrying on living...

[DieScum]

I suppose it depends how you classify work. Making an investment decision, choosing how much risk to take, backing that up with cash is that less work than setting up a website, putting on ads, getting income from the ads.

[Cyberman]

1. see above: capital is already taxed, income on it is not, and it is not earned income, you didn't work for it.
2. in general, any income other than wages. If you didn't work for it, why shouldn't you pay tax on it?

.... but you did work for it. If you had not worked for it, it would not have been available to invest.

If you then tax this further, nobody will invest in the stock market. That would be a disaster for the economy. Companies thrive on investment!!

[The Lone Gunman]

I think there is a reasonable argument to place something like a gambling tax on those who play the stock market.
It should be reasonably easy to make pension funds exempt.

Some of the biggest areas of "lost" revenue are for non doms. Aren't some of those city bonuses tax free too?

[b0redom]

I think there is a reasonable argument to place something like a gambling tax on those who play the stock market.

Erm isn't that Captial Gains Tax?

[The Lone Gunman]

Erm isn't that Captial Gains Tax?

Don't know, never played the markets. I understood there was little tax to pay.

[Cyberman]

I think there is a reasonable argument to place something like a gambling tax on those who play the stock market.
It should be reasonably easy to make pension funds exempt.

Some of the biggest areas of "lost" revenue are for non doms. Aren't some of those city bonuses tax free too?

There is already stamp duty on every purchase transaction, and capital gains on annual profits. There is a big risk in stock markets. Take away benefits and there will be a negative effect on the economy, as people avoid risk.

[HairyArsedBloke]

They should bring back 405 line telly as well.

FFS, the world has moved on and stupid ideas like are well known to be counter-productive. So that'll mean that this bunch will introduce it.

Why should I care. Doesn't apply to me.