| Great article re. Our crazy tax system - or why do turkeys vote for Christmas on 12:07 - Jun 15 with 731 views | Swansea_Blue |
The IFS Tax Lab linked to in that article is well worth a look for ignoramuses like me. |  |
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| Great article re. Our crazy tax system - or why do turkeys vote for Christmas on 12:40 - Jun 15 with 682 views | SuperKieranMcKenna |
The Tax Lab link was Interesting, although the opinion piece whilst making some good points, was hugely condescending. |  | | |
| Great article re. Our crazy tax system - or why do turkeys vote for Christmas on 12:46 - Jun 15 with 667 views | chicoazul |
Has anyone else noticed Rishi Sunak has disproportionately enormous hands? |  |
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| Great article re. Our crazy tax system - or why do turkeys vote for Christmas on 12:53 - Jun 15 with 647 views | HARRY10 |
Private and Independent schools, as well as famous colleges have been blagging this for years by claiming to be 'charities, as
" Most independent schools across the country are registered charities, which gives them certain tax exemptions. Universities and some sixth form colleges also have the same privileges.
In order to exercise these, the schools have to provide a ‘public benefit’ - but its up to individual schools how they go about doing this and there are no set requirements. "
But as stated elsewhere the 'great unwashed' regard this as OK, they are 'our betters' after all.
Nearer to home Trinity College, Cambs owns Felixstowe docks which among other lands (02 arena) etc make it worth around £1.4 billion (no finer a port, some wag might suggest).
It's investment fund recently included shares in Arconic, manufacturer of the faulty cladding on Grenfell Tower - which some might suggest makes it a business ,and should be treated accordingly. The country is riddled with these anomalies, whereby if you can afford the right lawyers, tax accountants you will pay a sum so described as it might be thought a stately home ...., Farque Hall.
But don't expect those who could benefit the most from a bit of this largese being levelled down - down to them. They are too busy getting angry about how 'woke' is going to ruin their lives, their second hand car, their mortgaged/rented house and the ever growing fragility of their job situation......something I very my doubt is anything that troubles the fellows at Trinity College.
Not so much living off the fat of land, but off the thick of the land. | | | |
| Great article re. Our crazy tax system - or why do turkeys vote for Christmas on 12:58 - Jun 15 with 627 views | Darth_Koont |
It’s as up-to-date, forward-thinking, fair and democratic as everything else in the UK. |  |
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| Great article re. Our crazy tax system - or why do turkeys vote for Christmas on 13:29 - Jun 15 with 566 views | Durovigutum |
| Great article re. Our crazy tax system - or why do turkeys vote for Christmas on 12:07 - Jun 15 by Swansea_Blue |
The IFS Tax Lab linked to in that article is well worth a look for ignoramuses like me. |
Our income taxes are a joke. NI hides an effective basic tax rate of 32%, the upper income tax rate of 40% ties to a fall in NI to 1% meaning 41% is the next tier. Earn over 50k and be married and have kids and between 50 and 60k you pay 55+% as they take away child benefit, but have two 50k household incomes and you keep all of the benefit. Between 100 and 120k you pay 60% tax as they taper your tax free income to zero before finally evening out at 45%.
All those saying the rich should pay more don't get the wild fluctuations and inequity throughout the system, especially the <20k salary range, or that in places the "not particularly rich" take a pounding. |  | | |
| Great article re. Our crazy tax system - or why do turkeys vote for Christmas on 13:33 - Jun 15 with 562 views | SuperKieranMcKenna |
| Great article re. Our crazy tax system - or why do turkeys vote for Christmas on 13:29 - Jun 15 by Durovigutum |
Our income taxes are a joke. NI hides an effective basic tax rate of 32%, the upper income tax rate of 40% ties to a fall in NI to 1% meaning 41% is the next tier. Earn over 50k and be married and have kids and between 50 and 60k you pay 55+% as they take away child benefit, but have two 50k household incomes and you keep all of the benefit. Between 100 and 120k you pay 60% tax as they taper your tax free income to zero before finally evening out at 45%.
All those saying the rich should pay more don't get the wild fluctuations and inequity throughout the system, especially the <20k salary range, or that in places the "not particularly rich" take a pounding. |
Agreed, although I doubt many of the 'very rich' are on PAYE. | | | |
| Great article re. Our crazy tax system - or why do turkeys vote for Christmas on 14:51 - Jun 15 with 513 views | Crawfordsboot |
| Great article re. Our crazy tax system - or why do turkeys vote for Christmas on 12:53 - Jun 15 by HARRY10 |
Private and Independent schools, as well as famous colleges have been blagging this for years by claiming to be 'charities, as
" Most independent schools across the country are registered charities, which gives them certain tax exemptions. Universities and some sixth form colleges also have the same privileges.
In order to exercise these, the schools have to provide a ‘public benefit’ - but its up to individual schools how they go about doing this and there are no set requirements. "
But as stated elsewhere the 'great unwashed' regard this as OK, they are 'our betters' after all.
Nearer to home Trinity College, Cambs owns Felixstowe docks which among other lands (02 arena) etc make it worth around £1.4 billion (no finer a port, some wag might suggest).
It's investment fund recently included shares in Arconic, manufacturer of the faulty cladding on Grenfell Tower - which some might suggest makes it a business ,and should be treated accordingly. The country is riddled with these anomalies, whereby if you can afford the right lawyers, tax accountants you will pay a sum so described as it might be thought a stately home ...., Farque Hall.
But don't expect those who could benefit the most from a bit of this largese being levelled down - down to them. They are too busy getting angry about how 'woke' is going to ruin their lives, their second hand car, their mortgaged/rented house and the ever growing fragility of their job situation......something I very my doubt is anything that troubles the fellows at Trinity College.
Not so much living off the fat of land, but off the thick of the land. |
Regarding Charities, and in particular Independent Schools, it is not that simple.
Independent Schools that operate as registered Charities are unable to register for VAT. Therefore unlike state schools VAT on their operating costs are not recoverable. Charitable status per se does not bring a huge net financial benefit.
Setting aside the rights or wrongs of the Independent sector I believe the clamour around Charitable status as misguided. On the other hand little is heard about the huge benefit the sector gained by being able to include their teaching staff in the state sector teachers pension scheme. The scheme is not funded as such and teachers and their employers simply pay an annual notional contribution rate to the treasury, which then funds teachers pensions. For years the contribution rate was woefully underfunding pension liabilities. In other words the taxpayer picked up the tab for Independent sector underfunding. |  | | |
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