Potential ISA Limits

[XFool]

DC pensions should be included in your estate, IHT paid and the funds released as cash. Perpetual SIPPs are daft

Just a quick quote of this post (with which I agree), given the recent budget.

[EthicsGradient]

Sharesoc produced an article on this matter; see https://www.lemonfool.co.uk/viewtopic.php?f=11&p=577370#p577364

The top 1% of earners pay almost 30% of all income tax, and that increases to 50% when looking at the top 5% of earners. So it’s worthwhile making an effort to make sure that those people stay in the UK and pay their taxes here. That unfortunately appears not to be the case, as the Telegraph recently reported that the “ultra-wealthy are deserting the UK”.

How much more in tax do the remainder have to pay to fill the hole left by the 5% richest paying 50% of the income tax-take self-exiling? A pretty scary thought for many (remainder 95%)!

Wouldn't it be better to set attraction policies, where the 5% number paying half of the tax-take are doubled in number? Opps! That was LT/KK's policies that everyone seemingly so hated, to instead much more prefer the Sunak/Hunt approach of waste/stolen/flight of capital. Under such S/H preference its little wonder that ISA's might be restricted to £100K maximums and anything above being taxed at regular rates (that in turn will tend to be higher rates).

I imagine that with the mess of S/H and the apparent certainty of a Lab dictatorial Executive in 18 months/whatever time, its less a case of the 5% pondering 'if', and more a case of 'when/where' they might self-exile. As one of those, I'd simply say don't worry about potential ISA limits, just exile to somewhere where the long arm of HMRC falls short.

The government in setting those push away policies, are also obligingly offering assistance. All it takes is to paddle out in a dingy from Dover, and when the Coast Guard come alongside just say 'me no speak inglish, me clam asylum' ... and the next you'll know is that they've put you up in a hotel all free of charge, subsidised to the collective tune of £2.2 Billion/year by taxpayers and might even jet you off to a hotel in continental Africa (Rwanda).

The "5%" are not "self-exiling" - it's the ultra-rich (non-doms, especially) who may do that, It's not even the 1%. The Telegraph article said it was 1,500 individuals in 2022 - so 0.0025% of adults, roughly.

If you want to double the 5%, then that's about 3 million high-paying jobs you need to attract to the UK. Good luck, especially now we're outside the EU.

"say 'me no speak inglish, me clam asylum' .." - Christ, it's as if the 1930s never ended for you, isn't it?

[1nvest]

If you want to double the 5%, then that's about 3 million high-paying jobs you need to attract to the UK. Good luck, especially now we're outside the EU.

"say 'me no speak inglish, me clam asylum' .." - Christ, it's as if the 1930s never ended for you, isn't it?

In contrast to your Fawlty Towers preference for Manuel - extreme/total dependence upon the EU and its 5% of global population, in disregard of there being a much more broader/diverse world out-there, such as the 2 billion+ Commonwealth of nations population that don't insist on freedom of movement of capital, people, goods being unconditionally/inseparable ... except if NI LOL.

MP's earn what, £80K basic wage, and are permitted and commonly claim another £80K/year in expenses. Whilst being in the top 5% requires a £80K/year salary, £40/hour. Have you recently tried engaging a plumber, builder etc. for less than that? Fortunately being outside of the EU and we're more inclined to train/pay those rates to our own, rather than a former soviet union living in a low cost of living country migrating to the UK to do the work for half that price/pay, before sending/taking most of the money home to live comfortably there, whilst the UK is left with untrained stuck at homes that have to be supported by taxpayers. Better if domestic UK plumbers/builders trainees left college (now called uni's) and developed into such work/positions such that they contributed as part of the 5%, and reduced the otherwise tax burden that they might have evolved into depending upon.