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.
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Reply to: Unearned income surcharge
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "Unearned income surcharge"
Collapse
-
Originally posted by The Lone Gunman View PostI 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.
Leave a comment:
-
Originally posted by b0redom View PostErm isn't that Captial Gains Tax?
Leave a comment:
-
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?
Leave a comment:
-
Originally posted by expat View Post1. 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!!
Leave a comment:
-
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.
Leave a comment:
-
Originally posted by expat View PostOf 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.
Leave a comment:
-
Originally posted by expat View PostOf 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 !!!
Leave a comment:
-
Originally posted by Cyberman View PostYou 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 ?
2. in general, any income other than wages. If you didn't work for it, why shouldn't you pay tax on it?
Leave a comment:
-
Originally posted by expat View PostYes of course. If it is earned income, declare it as such. If it isn't earned, be prepared not to keep as much of it.
I don't get the principled aspect of it - what is the issue with 'unearned' income that would warrant extra tax. Even leaving aside our tax skullduggery, wouldn't this incentivise people chasing quick (volatile) capital gains rather than getting an income from an investment?
Leave a comment:
-
Originally posted by expat View PostOf course it is. But any profit they make on it, like interest or dividends, has not already been taxed.
Leave a comment:
-
Originally posted by expat View Posthence more taxation necessary. That way everyone is looked after. Only the government can do this.
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 ?
Leave a comment:
-
Originally posted by Cyberman View PostThat's the Labour answer. Instead of not wasting the exhorbitant taxes they get, just raise more taxes. Explain what you mean by unearned income that is currently untaxed, because as far as I am concerned, money that people invest is money that they have earned and already paid tax on.
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.
Leave a comment:
-
Originally posted by Cyberman View PostThat's the Labour answer. Instead of not wasting the exhorbitant taxes they get, just raise more taxes. Explain what you mean by unearned income that is currently untaxed, because as far as I am concerned, money that people invest is money that they have earned and already paid tax on. Then they get done for capital gains tax, inheritance tax, dividends tax, stamp duty, and tax on their pension etc.
Personally, I think that after 30-40 years of working and paying tax, people are entitled to retire, and not into poverty. Unfortunately not many in the private sector have a pension of any note and this means further burdens on other taxpayers.
Leave a comment:
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: