10 Sep
3:39pm, 10 Sep 2024
17,779 posts
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jda
Loopholes are tax minimisation measures that were not envisaged or intended by the lawmakers. The tax-exempt status of an ISA wasn't a loophole, it was the deliberate intent to give a modest tax bung to those rich enough to take advantage of it.
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10 Sep
3:46pm, 10 Sep 2024
4,483 posts
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Cheg
I know what tax avoidance (legal) and tax evasion (illegal) are. But on this forum the two have often been conflated. Same with loophole being used broadly.
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10 Sep
4:01pm, 10 Sep 2024
33,065 posts
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Johnny Blaze
jda wrote: Loopholes are tax minimisation measures that were not envisaged or intended by the lawmakers. The tax-exempt status of an ISA wasn't a loophole, it was the deliberate intent to give a modest tax bung to those rich enough to take advantage of it. 100%. ISAs are entirely legal. |
10 Sep
4:17pm, 10 Sep 2024
6,399 posts
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paulcook
Looks like only 1 Labour MP - Jon Trickett - as well as 5 others already suspended for voting against child poverty, voted against the government.
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10 Sep
4:32pm, 10 Sep 2024
22,990 posts
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rf_fozzy
Cheg - the only one of those things I can do is put money (not much) in an ISA. I don't even know what most of those ways to avoid tax are.... ...which given I qualified my statement by saying that if you need an accountant or tax planner to explain it.... Most of those things you described can only be taken advantage by a company director. Which automatically excludes most people and thus clearly benefits a certain wealthy class of person avoid paying tax. This might be my ignorance, but the tax code is ridiculously complex with loopholes and exemptions that the vast majority of people cannot and will not have access to. These I suggest could be eliminated. Unless you can explain why they shouldn't? |
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10 Sep
4:36pm, 10 Sep 2024
22,991 posts
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rf_fozzy
For me, the taxation system should be more progressive than it is now, but also much more straightforward. I'd also be tempted to scrap bands and instead have a smooth function where tax increases smoothly with income rather than a sudden jump from 20 to 40% at an arbitrary threshold and becomes 100% at some level. And for all income to be taxed equally - including bonuses and other similar income. |
10 Sep
4:44pm, 10 Sep 2024
32,778 posts
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macca 53
I’m old enough to remember Purchase Tax being used to selectively tax those who could afford expensive “stuff” - so yes you can buy a “Chelsea Tractor*” but it will carry an additional levy; ditto second homes [it could even be staged so that (compatitively) greener versions paid a lower level of tax] |
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10 Sep
5:06pm, 10 Sep 2024
33,066 posts
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Johnny Blaze
I recall that Rory Stewart had the temerity to vote against one of Cammo's policies and he got 5 years on the backbenches for his trouble.
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10 Sep
5:18pm, 10 Sep 2024
6,400 posts
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paulcook
ION, Mel Stride out, so it's basically though unsurprisingly, 1 of 4 tired and the same faces. Of which, I read last week Cleverley polls best vs Starmer as "who would the better PM" though even he was miles behind. |
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10 Sep
5:31pm, 10 Sep 2024
33,067 posts
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Johnny Blaze
Mel Stride out of the scout troup leadership contest.
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