Temporary Tax on the Rich

[lastlid]

20% is the top rate of tax over here.

[gWaPito]

20% is the top rate of tax over here.

At the expense of living on IOM...naah..sooner pay 50% here on mainland

[lastlid]

At the expense of living on IOM...naah..sooner pay 50% here on mainland

Now that depends very much on what you are getting paid. There is a break even point. Cross that and it works well. Many people here move here for that reason. And some move here for enough time to qualify for Manx tax but still spend half their life in the UK. It works for a lot of people.

... given that many are reputed to have oodles of cash stashed away in offshore tax havens.

Arthur. Thats how some of em do it. Get the best of both worlds, legally. Wasnt it the last labour chancellor that was hopping up and down about that. And indeed Milliband has echoed the same.

"Ed Miliband declares war today on the UK's secretive offshore tax havens which he says could raise £2.4bn for the Exchequer and help to reduce the deficit.

As Ed Balls, the Shadow Chancellor, signals a major shift in economic strategy by admitting that a Labour government would be unable to reverse all of the coalition's cuts, Mr Miliband will expand on his theme of "fairness in tough times" by making those at the top of society contribute more.

In the Labour leader's sights are the Channel Islands and the Isle of Man, which shelter UK residents' cash which would otherwise have to be taxed by HM Revenue and Customs."

http://www.independent.co.uk/news/uk...d-6289938.html