Author Topic: Britain's Tax - Even more planned in the budget!  (Read 2813 times)

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The Prophet

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Britain's Tax - Even more planned in the budget!
« on: March 14, 2012, 09:00:35 am »
Of all the taxes collected in the UK, 44% is raised from income tax, 20% from businesses, 30% from consumption (Vat and duty) and 5% from land and property.
It is said that the top 1% pay 28% of the income tax raised.

Around 100,000 properties avoid Stamp Duty in offshore havens. There are plans to have 1% levy or 'Mansion tax' on all homes worth more than £2 million. 
There are also plans to limit tax relief on personal pension contributions for higher earners, especially those earning more than £150,000.


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Less tax results in less tax avoidance
« Reply #1 on: August 13, 2012, 08:27:47 am »
The more straightforward a tax system is and the lower the taxes the less avoidance there is. In the Isle of man which has no Capital Gains, Stamp Duty or Inheritance Tax with one income tax at 20%, there are no avoidance schemes at all.