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    I'm not sure why a tax on profits is particularly disgraceful.
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    Inheritance tax= crap.
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    (Original post by simeon)
    As I said, it's 28% over £150k profit and 21% for small businesses.

    http://www.hmrc.gov.uk/ctsa/ct_rate_band.htm
    Oh, no, I thought he meant total revenue from taxation.
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    The British are very found of their tax.
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    My dad just told me you only pay inheritence tax on inheritence over £300,000. So thats why he doesn't have to pay any from his mothers inheritence. I'll get hit when he dies though.

    Even though it's getting split 5 ways, they tax it first from say he leaves a mill, 700,000 will be taxed at 40% so thats 280,000 gone in tax, so 720,000 left divided by 5 ,which is 144,000 each.

    Not sure how much money he's got, just showing the working out of it.

    I did the maths totally wrong at first, embarrassing really.
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    tax is a very good thing IMO.

    The main 2 problems in this coutnry is that the tax system is WAYYYY to complex for the avg person and a lot of the money is probably spent inefficiently.
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    (Original post by Bagration)
    Oh, no, I thought he meant total revenue from taxation.
    Ah right, gotcha.
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    (Original post by Hugh-Jackman)
    My dad just told me you only pay inheritence tax on inheritence over £300,000. So thats why he doesn't have to pay any from his mothers inheritence. I'll get hit when he dies though.

    Even though it's getting split 5 ways, they tax it first from say he leaves a mill, 700,000 will be taxed at 40% so thats 280,000 gone in tax, so 720,000 left divided by 5 ,which is 144,000 each.

    Not sure how much money he's got, just showing the working out of it.

    I did the maths totally wrong at first, embarrassing really.
    It helps if your parents are still married. If you leave your entire estate to your spouse, no IHT is payable. Then when the spouse dies, instead of just £312k being tax free, you can now use the first spouse's tax-free band too, meaning the first £624k is tax free.
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    (Original post by Clubber Lang)
    tax is a very good thing IMO.

    The main 2 problems in this coutnry is that the tax system is WAYYYY to complex for the avg person and a lot of the money is probably spent inefficiently.
    No, the main problem with the tax system in this country is that there are numerous taxes which are completely unjust.

    Take the following example:

    Hard working person has achieved business success and is on £500k a year. With savings, they decide to invest within the UK.

    - Person decides to buy a property as a "buy-to-let"

    Fair enough.

    - Person has already been taxed 50% on most of their income

    So, they've already made a vastly above average contribution to tax coffers.

    - Spends the 50% they have left on property

    Fair enough. They worked hard to earn it and now want to make a sound investment. Stands to reason.

    - Must pay stamp duty on property

    Eh? Why on earth are the government involved in such a transaction? Sod off, you've had your share.

    - Purchases various fixtures and fittings in order to improve house. Is charged VAT on most purchases

    Oh cummon, you gotta be kidding? Enough with the tax already!

    - Then, if they sell the property on at a profit having invested in it and worked hard to do it up, they must pay capital gains tax on their profits

    Seriously, go fellate yourselves. Dare to be enterprising and make a decent investment and the government will take a chunk of that profit too...

    - Person finally dies

    Ah look, we taxed you to death! Well, now you're dead, I suppose we'd best take a bit more in inheritance tax!

    Sod off. You already taxed us on the money we earned to buy the damn place, then you taxed us to actually buy the damn place, then you taxed us to improve the damn place and now you want to tax us because we had the audacity to die? FFS.

    This is why people go to tax havens and invest offshore; meaning the UK doesn't see a penny. Congratulations government; your short sightedness and greed drove the most productive members of society away. Good going.
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    (Original post by Mr_Steve_Stifler)
    It's ******* hard to do to be honest, government are really clued up on this one.
    Indeed, with Parliament so clued up on how to do it themselves, it's no surprise that they catch others out.
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    (Original post by Sync)
    No, the main problem with the tax system in this country is that there are numerous taxes which are completely unjust.

    Take the following example:

    Hard working person has achieved business success and is on £500k a year. With savings, they decide to invest within the UK.

    - Person decides to buy a property as a "buy-to-let"

    Fair enough.

    - Person has already been taxed 50% on most of their income

    So, they've already made a vastly above average contribution to tax coffers.

    - Spends the 50% they have left on property

    Fair enough. They worked hard to earn it and now want to make a sound investment. Stands to reason.

    - Must pay stamp duty on property

    Eh? Why on earth are the government involved in such a transaction? Sod off, you've had your share.

    - Purchases various fixtures and fittings in order to improve house. Is charged VAT on most purchases

    Oh cummon, you gotta be kidding? Enough with the tax already!

    - Then, if they sell the property on at a profit having invested in it and worked hard to do it up, they must pay capital gains tax on their profits

    Seriously, go fellate yourselves. Dare to be enterprising and make a decent investment and the government will take a chunk of that profit too...

    - Person finally dies

    Ah look, we taxed you to death! Well, now you're dead, I suppose we'd best take a bit more in inheritance tax!

    Sod off. You already taxed us on the money we earned to buy the damn place, then you taxed us to actually buy the damn place, then you taxed us to improve the damn place and now you want to tax us because we had the audacity to die? FFS.

    This is why people go to tax havens and invest offshore; meaning the UK doesn't see a penny. Congratulations government; your short sightedness and greed drove the most productive members of society away. Good going.
    Fair points, I don't really agree with CGT and IT. But I do agree with VAT - but maybe not at such a high rate.

    Its better than no taxes, or better than wanting to provide services and not having enough money to do it.

    If we had better services like the NHS for example then I am sure people would be glad to pay their taxes.
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    (Original post by Elipsis)
    I am in the process of starting up a business, here is just a quick summary of all the tax I will be paying:

    Import tax: 22.5%
    VAT: 17.5%
    Corporation Tax: 30-40%
    Income Tax: 20-50%
    NI: 11%

    How ridiculous is that? I am paying tax on the same product like 4-5 times... the government really screws you from every angle.
    Yup, the government certainly makes sure that huge corporations maintain their monopolies, by excluding competition with their insane taxation.

    I think its really important that business and corporation taxes and regulations are massively cut, to give more people a chance to compete, ending the monopoly power of huge corporations. But alas the government are going to keep increasing taxes and even when the result is a monopoly, they'll blame it on the failures of the free-market and use it to justify more intervention. :rolleyes:
 
 
 
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