Jump to content

HMRC Income Tax Summary


Victor

Recommended Posts

Actually I did exaggerate a little bit because this site only reports a loss of £73.4 billion

 

http://www.ibtimes.co.uk/uk-tax-gap-widens-austerity-lack-avoidance-law-1466606

 

However the estimate is for a loss of £100+ billion by 2018 if the government don't take action.

 

 

Edited: My mistake I thought I had initially put £75 billion

Link to comment
Share on other sites

I think your thinking of the top 10% of the 90% Ink :lol:;  who actually will be paying their dues.  The top 10% who own the 90%, the really really rich will have banked their ill gotten gains in off shore accounts, out of reach of HMRC, and the rest of their assets will employ every legal loophole going to reduce their net payments to around 10%. In the words of Gerald Nabarro  ex-Tory MP;  you can get justice, if you can afford it ! The nearest this country has ever got to a fair re-distribution of wealth was from 1945 to 1979; since then, the wealth gap has widened.

Link to comment
Share on other sites

Considering that we are all in it together, the only people who haven't suffered during 5 years of austerity are the rich, who have actually become richer. If the National minimum wage had kept pace with the FTSE 100 CEO salaries since 1999 it would now be £19 per hour.

Link to comment
Share on other sites

I'm not saying the figures are wrong per se, but they are statistical figures which can be manipulated to give the result you want. For example the little graphic you put up about the amount of  benefit fraud against the amount of tax evasion - well obviously the amount involved in tax evasion must be far in excess of that of benefit fraud because there is a vastly larger amount collected in tax than is paid out in benefits. If there wasn't we would certainly be up to our necks in it! But thats statistics for you. Perhaps if the PTB were to simplify the tax system there wouldn't be so many loopholes for the unscrupulous to use.

Link to comment
Share on other sites

 - well obviously the amount involved in tax evasion must be far in excess of that of benefit fraud because there is a vastly larger amount collected in tax than is paid out in benefits. 

Correct, so you would expect a bigger effort to recoup the taxes rather than the fraud.

Link to comment
Share on other sites

Tax fraud can be seen as money we never had and so are less likely to miss it.... benefit fraud is money we have had and money that has been removed unlawfully

 

Now does the graphic above purely deal with evasion or avoidance as well I wonder?

Link to comment
Share on other sites

What's rather amusing at the moment is, despite the deficit not being significantly reduced, despite the remaining commitment to Gov expenditure; the Parties are now engaged in a pre-election bidding war, promising all sorts of spending initiatives. Meanwhile, the tax revenues required to pay for all this are dwindling, mainly due to our lower wage economy.  So, the politicians really need to make their minds up; either full on austerity with savage cuts to public services OR a radical approach to wealth re-distribution.

Link to comment
Share on other sites

Maybe the EU will bail us out for a few hundred billion....  

 

Of course that will never happen when they are more interested in funding motorways in French colonies in the Indian Ocean!

 

http://www.telegraph.co.uk/news/worldnews/europe/eu/10823040/EU-elections-2014-What-has-the-European-Union-done-for-us.html

Link to comment
Share on other sites

If you mean "everyone" had a home, with rents they could afford; had no probs getting jobs in local industries; had public transport and energy they could afford; and were beginning to take a regular holiday in the Med; and buying cars and TV sets (albeit Japanese) - then your right ! 

Link to comment
Share on other sites

Obs.... just seen an interview with a guy from Savills estate agents who have branches around the country and predominantly in London and South East. He was saying that the current levels of Stamp Duty last year in Chelsea & Kensington generated over £54,000,000.00 for the treasury..... more than Wales, Scotland, Northern Ireland, Yorkshire and the Humber (and another county that I can't remember) put together....... or would you prefer Labours crack-pot idea of taxing high value properties year on year?

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
×
×
  • Create New...