Skip to comments.Six percent of UK's wealthiest pay less than 10 percent tax - data
Posted on 04/15/2012 4:51:53 PM PDT by Oldeconomybuyer
(Reuters) - Some six percent of Britain's wealthiest people used tax reliefs to reduce their tax bills to less than 10 percent, according to data published by Britain's finance ministry on Monday, which it said highlighted the need to make the tax system fairer.
In Britain, anyone earning up to 34,370 pounds is liable to income tax of 20 percent, while those earning over 150,000 pounds must pay 50 percent, though that is set to fall to 45 percent from April 2013.
The Treasury figures show that 3 percent of people with earnings of between 1 and 5 million pounds paid less than 10 percent tax in the 2010-11 financial year.
That proportion increased to 4 percent of those with an income of 5 million -10 million pounds and 6 percent of those with an income of above 10 million pounds.
(Excerpt) Read more at uk.reuters.com ...
Judge Learned Hand:
“Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one’s taxes. Over and over again the Courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible. Everyone does it, rich and poor alike and all do right, for nobody owes any public duty to pay more than the law demands.”
No matter who it is or where it is......Why doesn’t anyone EVER talk about government cutting back on spending???
Here in the states. Married. Kids. Double income. 25% Federal income tax. ;(
if you’re in the UK... move to the isle of man
10% tax with a £100,000 cap
I’d move, but as a US citizen, they still expect me to pay US fed taxes on all worldwide income. no real savings for me.
Thanks Vintage Freeper for posting this:
Are you including social security and medicare in that 25%?
Ummm maybe they only paid 10% because they earned and disposed of their of their wealth as the state wished. For demagogues, yesterdays tax incentives for responsible/sustainable behavior or todays tax loop holes.