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"The Adam Smith Institute estimates that each millionaire who left would have paid at least £393,957 in income tax, resulting in a substantial shortfall of £528 million in tax revenue, equivalent to the income tax take of over 528,000 average taxpayers." The "average taxpayer" pays just £1,000 a year? Pull the other one. | |||
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"Not sure where you copied and pasted this old news from. It's been widely debunked. " I know, I do laugh when people try to use this bolox as cause for not taxing wealth 😂 | |||
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"Not sure where you copied and pasted this old news from. It's been widely debunked. " It wasn't debunked. It was queried a few months ago, and has since been shown to be largely true. https://www.independent.co.uk/voices/london-property-non-dom-wealth-tax-b2793594.html The trend is real. | |||
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"Not sure where you copied and pasted this old news from. It's been widely debunked. It wasn't debunked. It was queried a few months ago, and has since been shown to be largely true. https://www.independent.co.uk/voices/london-property-non-dom-wealth-tax-b2793594.html The trend is real. " There's an article in the byline times that explains why the media narrative is misleading. | |||
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"Found it. Adam Smith institute. 'nuff said." Known for it's balance and neutrality... Advocating free market, neoliberalist ideologies, lower tax for rich people and deregulation. I could go on but the best one is they back Lettuce Liz 😂 | |||
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"According to AI " Careful with AI. Here was our prompt: Explain why the uk is not really losing high net worth individuals in 2025 and how there will not be a negative impact on tax revenue. The response: UK HNWI Exodus in 2025: A Taxing Narrative Debunked London, UK – Contrary to headline-grabbing reports predicting a mass departure of high-net-worth individuals (HNWIs) from the United Kingdom in 2025, a deeper analysis of the data and official forecasts suggests a more nuanced reality. The narrative of a significant "wealth exodus" negatively impacting UK tax revenues is largely unsubstantiated and overlooks key factors, including the questionable methodology of prominent migration reports and the revenue-positive nature of recent tax reforms. The primary source for the dramatic HNWI outflow figures is a report by investment migration consultancy Henley & Partners. However, independent analysis by organisations such as Tax Policy Associates has cast serious doubt on the report's methodology, labelling its figures as potentially "fabricated" and "not to be trusted." The critique highlights inconsistencies in the data, such as an improbable distribution of even and odd numbers and a failure to account for significant changes in wealth definitions year-on-year. This suggests that the widely cited figures of tens of thousands of millionaires leaving the UK may be a significant overstatement. At the heart of the debate are the UK government's recent changes to the taxation of non-domiciled individuals (non-doms). The reforms, set to take full effect in 2025, will abolish the current remittance basis of taxation and introduce a new residency-based system. While these changes will increase the tax burden for some long-term resident non-doms, the UK's own Office for Budget Responsibility (OBR) forecasts that the reforms will be a net positive for the Exchequer. The OBR's analysis acknowledges that there will be some behavioural response to the tax changes, with a minority of non-doms choosing to leave the UK. However, their modelling indicates that the increased tax revenue from the majority who remain will more than offset the losses from those who depart. The OBR projects the non-dom tax reforms to raise a net £2.7 billion a year by 2028-29. The new tax regime for non-doms is designed to be more equitable and to encourage investment within the UK. Individuals new to the UK will still benefit from a four-year period where they do not pay UK tax on foreign income and gains. For those who stay longer, the changes incentivise bringing wealth into the UK to be taxed, rather than keeping it offshore. Furthermore, transitional arrangements, such as a temporary repatriation facility, are designed to encourage the remittance of existing foreign income and gains at a reduced tax rate. Beyond the non-dom reforms, other fiscal policies are also contributing to a stable or increasing tax take from high earners. The freezing of income tax and National Insurance thresholds until 2028, a policy of "fiscal drag," is quietly pulling more people into higher tax brackets and increasing the overall tax revenue. The OBR has stated that these frozen thresholds are the single largest factor contributing to the rising tax-to-GDP ratio. Projections for the 2024-25 fiscal year already show an increase in the number of additional rate taxpayers. Therefore, the assertion that the UK is facing a damaging flight of its wealthiest residents in 2025, leading to a decline in tax revenue, is not supported by a thorough examination of the available evidence. The sensationalist migration figures are contested, and official forecasts from the OBR indicate that the government's tax reforms are poised to increase, not decrease, revenue from high-net-worth individuals. While some HNWIs may choose to relocate, the overall impact on the UK's public finances is expected to be positive, challenging the simplistic narrative of a wealth exodus. ------------------ Your prompt will give you what you ask for. | |||
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"Not sure where you copied and pasted this old news from. It's been widely debunked. It wasn't debunked. It was queried a few months ago, and has since been shown to be largely true. https://www.independent.co.uk/voices/london-property-non-dom-wealth-tax-b2793594.html The trend is real. There's an article in the byline times that explains why the media narrative is misleading." Is byline times accurate? Doesn't get great trustworthy ratings ? Who knows ? If I had millions I'd leave without a doubt, why would I pay the scroungers even more | |||
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"According to AI Careful with AI. Here was our prompt: Explain why the uk is not really losing high net worth individuals in 2025 and how there will not be a negative impact on tax revenue. The response: UK HNWI Exodus in 2025: A Taxing Narrative Debunked London, UK – Contrary to headline-grabbing reports predicting a mass departure of high-net-worth individuals (HNWIs) from the United Kingdom in 2025, a deeper analysis of the data and official forecasts suggests a more nuanced reality. The narrative of a significant "wealth exodus" negatively impacting UK tax revenues is largely unsubstantiated and overlooks key factors, including the questionable methodology of prominent migration reports and the revenue-positive nature of recent tax reforms. The primary source for the dramatic HNWI outflow figures is a report by investment migration consultancy Henley & Partners. However, independent analysis by organisations such as Tax Policy Associates has cast serious doubt on the report's methodology, labelling its figures as potentially "fabricated" and "not to be trusted." The critique highlights inconsistencies in the data, such as an improbable distribution of even and odd numbers and a failure to account for significant changes in wealth definitions year-on-year. This suggests that the widely cited figures of tens of thousands of millionaires leaving the UK may be a significant overstatement. At the heart of the debate are the UK government's recent changes to the taxation of non-domiciled individuals (non-doms). The reforms, set to take full effect in 2025, will abolish the current remittance basis of taxation and introduce a new residency-based system. While these changes will increase the tax burden for some long-term resident non-doms, the UK's own Office for Budget Responsibility (OBR) forecasts that the reforms will be a net positive for the Exchequer. The OBR's analysis acknowledges that there will be some behavioural response to the tax changes, with a minority of non-doms choosing to leave the UK. However, their modelling indicates that the increased tax revenue from the majority who remain will more than offset the losses from those who depart. The OBR projects the non-dom tax reforms to raise a net £2.7 billion a year by 2028-29. The new tax regime for non-doms is designed to be more equitable and to encourage investment within the UK. Individuals new to the UK will still benefit from a four-year period where they do not pay UK tax on foreign income and gains. For those who stay longer, the changes incentivise bringing wealth into the UK to be taxed, rather than keeping it offshore. Furthermore, transitional arrangements, such as a temporary repatriation facility, are designed to encourage the remittance of existing foreign income and gains at a reduced tax rate. Beyond the non-dom reforms, other fiscal policies are also contributing to a stable or increasing tax take from high earners. The freezing of income tax and National Insurance thresholds until 2028, a policy of "fiscal drag," is quietly pulling more people into higher tax brackets and increasing the overall tax revenue. The OBR has stated that these frozen thresholds are the single largest factor contributing to the rising tax-to-GDP ratio. Projections for the 2024-25 fiscal year already show an increase in the number of additional rate taxpayers. Therefore, the assertion that the UK is facing a damaging flight of its wealthiest residents in 2025, leading to a decline in tax revenue, is not supported by a thorough examination of the available evidence. The sensationalist migration figures are contested, and official forecasts from the OBR indicate that the government's tax reforms are poised to increase, not decrease, revenue from high-net-worth individuals. While some HNWIs may choose to relocate, the overall impact on the UK's public finances is expected to be positive, challenging the simplistic narrative of a wealth exodus. ------------------ Your prompt will give you what you ask for." Sounds like great news. The rich are paying more tax. Zero chance of any incoming tax increases for the rest of us in October. | |||
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"The top 1% of earners pay 28.5% of income tax receipts, you don't want to lose too many of them" What was their % of earnings? To add context to this 28.5% figure. | |||
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"The top 1% of earners pay 28.5% of income tax receipts, you don't want to lose too many of them What was their % of earnings? To add context to this 28.5% figure. " I'm sure google or Grok can give you all you need but the tax bands are available on the HMRC website. | |||
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"The top 1% of earners pay 28.5% of income tax receipts, you don't want to lose too many of them What was their % of earnings? To add context to this 28.5% figure. I'm sure google or Grok can give you all you need but the tax bands are available on the HMRC website." But here you go The top 1% of earners in the UK pay a significant portion of their salary in taxes, but the exact percentage depends on their income level and sources. Here's a breakdown ¹ ²: - *Income Level*: The top 1% of earners in the UK have a pre-tax income of at least £173,952 per year, with some estimates suggesting £180,984 or more. - *Tax Brackets*: These high earners fall into the UK's higher tax brackets, paying: - 40% income tax on earnings above £50,271 - 45% income tax on earnings above £125,140 - *Effective Tax Rate*: Considering income tax and National Insurance contributions, the effective tax rate for top earners can be substantial. For example, someone earning £181,000 per year might pay around £68,000 in taxes, which is approximately 37.6% of their gross income. - *Taxes Paid*: The top 1% of income tax payers contribute around 28-29% of all income tax revenue in the UK. Keep in mind that tax rates and brackets can change, and individual circumstances may affect the actual tax paid. Additionally, income sources like dividends and partnerships can impact tax liabilities ³. | |||
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"The top 1% of earners pay 28.5% of income tax receipts, you don't want to lose too many of them What was their % of earnings? To add context to this 28.5% figure. I'm sure google or Grok can give you all you need but the tax bands are available on the HMRC website." It's a bit meaningless without that info though. If the top 1% of earners earn 2% of the earnings, and pay 28.5% that's a huge amount of taxation. If they earn 60% of the earnings and pay 28.5%, that's piss poor. | |||
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" If the top 1% of earners earn 2% of the earnings, and pay 28.5% that's a huge amount of taxation. If they earn 60% of the earnings and pay 28.5%, that's piss poor." Not necessarily disagreeing, but why is that logical, really? An argument could be made either way. Perhaps once someone has contributed an immense amount to public coffers, they should not be taxed as highly. The premise that higher earners should be taxed at ever increasing rates ad infinitum shouldn't necessarily be a given, on principle alone. | |||
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"If these figures are true ,,, they aren't very patriotic these rich folks are they ??????" The non-doms, you mean? | |||
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"If these figures are true ,,, they aren't very patriotic these rich folks are they ?????? The non-doms, you mean?" Yes Who are the less patriotic ? Them that live here and don't pay their taxes here ? Or Them that's made their money here and do a runner ??? | |||
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"Not sure where you copied and pasted this old news from. It's been widely debunked. It wasn't debunked. It was queried a few months ago, and has since been shown to be largely true. https://www.independent.co.uk/voices/london-property-non-dom-wealth-tax-b2793594.html The trend is real. " based on a slow housing market and addresses being changed on linkedin? doesn't prove that the wealthy have left at all. besides, they don't pay tax on income anyway .... but their wealth on the other hand. ie their assets are very difficult to move abroad, so no problem at all taxing them. this is a non story. | |||
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"non domiciles = economic migrants who don't contribute ..." They do contribute. They pay tax on their UK earnings, just like everybody else. | |||
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