Millionaires, good or bad?

[The_DADDY]

Self made millionaires are good. A little known fact many years ago I had property worth in the region of 1.1 million quid combined but as is the case with me my luck run out and I lost it all..

 

 

 

 

 

 

I've not been able to look at a monopoly board since 😪

[cressida]

Never mind @The_DADDY it showed it could be done,  you need a business partner next time.

[peak4]

4 hours ago, El Cid said:

 

I have a SIPP which gives me a legal tax advantage, how many ordinary people would invest their money in a bank in Jersey that offered a higher interest rate and tax-free?

4 hours ago, Al Bundy said:

All of them.

But some would come on the internet and say it's wrong for appearance sake. 

I'm sure you can provide proof of your claim.
Personally, I haven't invested in offshore bank accounts to avoid tax, though I do have a couple of non-UK bank accounts which had a higher interest rate at the time, but with UK tax paid.
I also invest in NS&I, which is a direct investment in our own country.
Why do some folk project thoughts onto other people who demonstrably do not hold those values?

[Al Bundy]

5 hours ago, peak4 said:

I'm sure you can provide proof of your claim.
Personally, I haven't invested in offshore bank accounts to avoid tax, though I do have a couple of non-UK bank accounts which had a higher interest rate at the time, but with UK tax paid.
I also invest in NS&I, which is a direct investment in our own country.
Why do some folk project thoughts onto other people who demonstrably do not hold those values?

Why would I need proof, it's just my opinion and I know I am right.

 

Why you so bothered, something to hide?

😉

[El Cid]

https://www.investopedia.com/articles/managing-wealth/042916/offshore-banking-isnt-illegal-hiding-it.asp

 

It would be easy if you are a foreign national with assets abroad for funds/profits to go directly into your offshore account. The fact that they exist shows that people use them, that is why we had non-DOMS, because they can easily hide their wealth.

[Slighty batty]

35 minutes ago, El Cid said:

https://www.investopedia.com/articles/managing-wealth/042916/offshore-banking-isnt-illegal-hiding-it.asp

 

It would be easy if you are a foreign national with assets abroad for funds/profits to go directly into your offshore account. The fact that they exist shows that people use them, that is why we had non-DOMS, because they can easily hide their wealth.

When I got divorced we split our assets 50/50 and I was awarded a pension fund in the UK. The pension company wouldn’t transfer it into my name, they said I had to close the account and open a new one. I contacted several pension companies in the UK but none of them wanted to do business with me because I lived in the Netherlands. I wrote to a load of Dutch companies but only one bothered to reply, they said it wouldn’t be interesting to bring the funds to Holland because I’d have to pay 60% tax. I wasn’t even sure if I’d still be living in holland when I retired, so eventually I invested in an offshore fund in Guernsey. Now that I’ve started drawing down on the funds I’m of course paying Dutch tax on that pension, but it’s only at 25%. So yes, these offshore accounts are for ordinary people, not just millionaires, and it’s not all about hiding wealth, it’s just common sense. 

[spilldig]

17 hours ago, ECCOnoob said:

 

Why? 

 

Lots of ordinary non-millionaires take steps to legally avoid / reduce their tax liabilities. They place things into trusts, they gift things out to their children, they sign up to pension schemes, they put their savings into ISA accounts, they utilise accountants to claim various allowances on business expenditures, charitable donations, they  take advantage of tax-free shopping facilities, they will make sure they maximise their personal spousal and residency band rates....

 

Tax avoidance is legal. If people don't like that, they can campaign to their MPs and parliament to change the law. However, until such time as they do, no one has a right to be criticising anyone else about using legal tax avoidance. 

 

Quite rightly, millionaires will have the most interest in taking such measures because they are at risk of having the biggest tax liability.  But it's all relative. If ordinary people can freely use tax avoidance / tax reduction measures without criticism, why do people think they're the right to criticise those with wealth. They are simply doing exactly the same just on a bigger scale.   

 

Seems like those critics are just showing pure jealousy. 

Agreed, also the more money people spend the more VAT they pay and that is a progressive tax.

[rogets]

Friend of mine left his wage slip on the sideboard next to the window, and as he went outside to fetch in his shopping, I took his wage slip and had a look, after earning £380 gross he paid about £65 in tax leaving him with £315 net, this was a couple of years ago

 

To me, to make things fair I think the rate you start to pay tax should be £20,000 per annum and to then pay 15% on anything above that, that to me would be a much fairer system

Spoiler

   

 

[rogets]

So if you earn £25,000 per annum you would only pay around £750 per year in tax

[El Cid]

4 hours ago, rogets said:

Friend of mine left his wage slip on the sideboard next to the window, and as he went outside to fetch in his shopping, I took his wage slip and had a look, after earning £380 gross he paid about £65 in tax leaving him with £315 net, this was a couple of years ago

 

To me, to make things fair I think the rate you start to pay tax should be £20,000 per annum and to then pay 15% on anything above that, that to me would be a much fairer system

 

Most people would vote to lower their own tax rates, a 15% tax rate would be good for millionaires.