The Labour Party. All discussion here please

[Longcol]

7 minutes ago, Robin-H said:

Income and wealth are different things. You can be wealthy and have a limited 'income'. Steve Jobs was paid $1 a year as CEO of Apple. 

And the increase in the value of his assets counted for nothing 😎

 

The rich have been getting richer.

[Robin-H]

8 minutes ago, Longcol said:

And the increase in the value of his assets counted for nothing 😎

 

The rich have been getting richer.

That's not really true. 

 

I'm not 100% sure how it works in America, but in the UK if you want to liquidate stocks you pay tax on that, so the more money he wanted to liquidate as the value of his stocks increased, the more tax he would pay. 

[Pettytom]

3 minutes ago, Robin-H said:

That's not really true. 

 

I'm not 100% sure how it works in America, but in the UK if you want to liquidate stocks you pay tax on that, so the more money he wanted to liquidate as the value of his stocks increased, the more tax he would pay. 

That’s also not really true.

 

If you liquidate stocks in the UK, you pay GGT, over and above £12 000 pa profit.

 

So you can liquidate a large amount of stocks, without paying any tax at all.

 

A very large amount if you have a good accountant 

[Anna B]

12 hours ago, Robin-H said:

That's not really true. 

 

I'm not 100% sure how it works in America, but in the UK if you want to liquidate stocks you pay tax on that, so the more money he wanted to liquidate as the value of his stocks increased, the more tax he would pay. 

Really? For the super-rich, paying tax seems to be optional.

[hobinfoot]

34 minutes ago, Anna B said:

Really? For the super-rich, paying tax seems to be optional.

If they the super rich aren’t paying their taxes how come 28% of taxes are paid by 1% ? Don’t get me wrong I’m sure not all of them are paying the full amount owed.

[Anna B]

33 minutes ago, hobinfoot said:

If they the super rich aren’t paying their taxes how come 28% of taxes are paid by 1% ? Don’t get me wrong I’m sure not all of them are paying the full amount owed.

To me, that just shows how obscenely rich they are, and you generally don't get that rich without a bit of skullduggery and tax dodging somewhere down the line.

Edited November 23, 2019 by Anna B

[Robin-H]

14 hours ago, Pettytom said:

That’s also not really true.

 

If you liquidate stocks in the UK, you pay GGT, over and above £12 000 pa profit.

 

So you can liquidate a large amount of stocks, without paying any tax at all.

 

A very large amount if you have a good accountant 

If you pay CGT on liquidation of stocks over £12,000pa, how can I liquidate a large amount of stocks without paying any tax at all unless I sell them for a loss or they wipe their face? 

[Pettytom]

1 hour ago, Robin-H said:

If you pay CGT on liquidation of stocks over £12,000pa, how can I liquidate a large amount of stocks without paying any tax at all unless I sell them for a loss or they wipe their face? 

You pay tax on the capital gain, not in the sake price. A good accountant should be capable of spreading that gain over a number of years.

 

So you could liquidate large amounts of shares and pay little, or no CGT.

[Robin-H]

8 minutes ago, Pettytom said:

You pay tax on the capital gain, not in the sake price. A good accountant should be capable of spreading that gain over a number of years.

 

So you could liquidate large amounts of shares and pay little, or no CGT.

I understand that, but with regards to what was being the discussed (the super rich) a £12,000 profit limit is nothing. 

 

You can't make more than £12,000 profit a year from the sale of shares before having to pay tax. Yes, you could liquidate a large number of shares and pay little to no tax, but you can't liquidate a large value of shares without paying tax, unless that value is less than £12,000 more than you paid for it, which isn't going to help the super rich much. 

[ECCOnoob]

4 hours ago, Anna B said:

To me, that just shows how obscenely rich they are, and you generally don't get that rich without a bit of skullduggery and tax dodging somewhere down the line.

Yeah yeah and the poorer members of society never do any of that right? hmmmm.

 

Never see any market traders dealing in cash only - how much of that going through the books officially....

 

How many punters are out there are hiring their electricians in joiners and builders offering you a nice little discount for cash payment only.

 

Oh yes you never ever see poor people buy knock-off and stolen goods out of suitcases from Jim Bob down at number 32 who has 'contacts'.   

 

Never see them buying clearly fake designer or import specials of high value items for a third of the price and vat free

 

You never saw them a few years ago going on day trips to Calais filling their cars to the brim with cheap booze praying that they wouldn't be picked out in the customs line.

 

You never see small and sole traders scouring through their personal expenditure finances and picking out all and everything they can try it on and put through the business to get tax relief....

 

Yeah right.h  Theres no moral high ground that you seem to think. 

 

Sure the amounts may be smaller but it's still all relative.

 

Edited November 23, 2019 by ECCOnoob