Artist Emin may quit UK over tax

[TinTrump]

more like a wasp's backside in real life.

Not the bee's knees?

[Scary]

Another vote for good riddance.

[d000hg]

Is the 50% rate really a huge deal-breaker? They haven't changed the existing 40% bracket to 50% just increased tax over £150k income... and from 40-50% is not a massive increase. This seems a fairly small reason to uproot and emigrate, compared to all the much better reasons.

[scooterscot]

Yes, tax in France is lower than the UK.

Even in Denmark, tax is lower than the UK now.

Add Norway to that list...

[Sysman]

Is the 50% rate really a huge deal-breaker? They haven't changed the existing 40% bracket to 50% just increased tax over £150k income... and from 40-50% is not a massive increase. This seems a fairly small reason to uproot and emigrate, compared to all the much better reasons.

There's a psychological barrier at the point where the government gets more than 50% of what you earn. If you are only a few thou over the threshold it won't really make much difference to your take home pay.

Having said that, there was talk of scrapping personal allowances above some limit that I can't be bothered looking up right now. That could create a nasty hole where earning just a smidgen more could cause a drop in take home pay.

[Doggy Styles]

If at least 4 higher-rate taxpayers stay, for every 1 who leaves, it will be a net gain for the exchequer. Experience suggests that the overwhelming majority of higher-rate taxpayers will not leave, only a few will but they will make a lot of noise.

50%, plus NICs.

A captain of industry (or a good artist, banker, sportsman, etc) on £500,000 a year would see £301,311.15 of it, so they pay about £200,000 tax.

Someone on £30,000 a year would see £22,523.65, so they pay about £7,400 tax.

Therefore a captain of industry (or a good artist, banker, sportsman, etc) pays nearly the same tax as 30 people on average wages. These lefties need to consider this before they bang on about "the rich shouldering their fair share of the burden". They already do.

[Clippy]

I'm too young (just) to remember, but Labour did something similar the last time they were in power in the 70's. Right?

i.e. raise taxes which caused a lot of famous artisans, mainly musicians, to flee overseas.

[Tarquin Farquhar]

50%, plus NICs.

The NICs are irrelevant to the discussion of whether a higher tax rate of 50% rather than 40% on income over £150,000 is much more onerous than before; or only a little more onerous, not worth dumping your country for.

But since you mention it, why do higher earners get away with a proportionately lower rate of employee's NICs? (because of the Upper Earnings Limit). That's a regressive tax - it hits the poor harder.

[Doggy Styles]

The NICs are irrelevant to the discussion of whether a higher tax rate of 50% rather than 40% on income over £150,000 is much more onerous than before; or only a little more onerous, not worth dumping your country for.

Indeed, I'd included something about employers NICs for their limited companies but deleted it.

[singhr]

The real problem I have is the fact she earns £150k+pa for leaving her bed unmade and taking panoramic photos of her dirty bath.

Come off it - 'Bed' was outstounding - surely her seminal work?