U.K. Prepares For Deep Budget Cuts

The "spend and stimulate until the economy grows" crowd are forgetting two words: credit rating. If the other western economies cut spending and the US doesn't, our credit rating will be cut. This is despite the reserve currency status.
 
Quote from peilthetraveler:

Yeah, now the good people of england who are not so good at math will now be able to be sure that they are paying the correct amount of VAT and not being "cheated" by the government.

I cant even imagine that anyone would ever want to move to the UK with that type of taxation going on.
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Sadly, that type of tax is par for the course in W Europe. Luckily there are some low tax places and E Europe has mostly gone to flat taxes in the 10-20% range.
 
Quote from southall:

Profits from spread betting the financial markets are still tax free, regardless of how much you make :D
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That is the most amazing loophole and even more amazing they haven't closed it yet, but I'd be surprised if it sticks around for long. The main problem is trying to do size on spread bets without getting raped on slippage. It's great for long-term trades though.
 
Quote from Ghost of Cutten:

That is the most amazing loophole and even more amazing they haven't closed it yet, but I'd be surprised if it sticks around for long. The main problem is trying to do size on spread bets without getting raped on slippage. It's great for long-term trades though.
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The guy who started spread betting is the largest supporter of the Conservative Party. So I doubt it would happen.
 
Quote from southall:

Profits from spread betting the financial markets are still tax free, regardless of how much you make :D

Also the first 10k per year of capital gains are still tax free, and if you open a joint trading account with your partner the first 20k a year is free from capital gains tax.


so the small guys still gets some tax breaks.. but not good news for established traders who make more than 50k a year
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There are ways round it. First they could set a company and then only live in the country 182 of the year the year they want to take drawings. In addition to that they could put the capital in a EFRBS and pay less tax. They could look at QNUPS - QROPS. As long as they don't mind waiting to get payment.
 
Quote from Ghost of Cutten:

That is the most amazing loophole and even more amazing they haven't closed it yet, but I'd be surprised if it sticks around for long. The main problem is trying to do size on spread bets without getting raped on slippage. It's great for long-term trades though.
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the government collects their fair share of tax on spreads bets.

but its the losers that fund the taxes, not the winners :D and there are many more losers!

the spread bet companies book most trades, dont hedge them and make a big profit from net client losses. these losses effectively get paid to the government as betting duty, corporation tax, dividend tax, aswell as the payroll taxes that are paid to the employees of spread bet firms.

So the State does quite well out of the spread betting industry. Taxing the punters is likely to kill the golden goose.
 
Quote from southall:

Profits from spread betting the financial markets are still tax free, regardless of how much you make :D

Also the first 10k per year of capital gains are still tax free, and if you open a joint trading account with your partner the first 20k a year is free from capital gains tax.


so the small guys still gets some tax breaks.. but not good news for established traders who make more than 50k a year
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Move to Switzerland. Tax cuts waiting for you.
 
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