Which is fair enough but at least currently is the implication a 52% tax rate in the new band which differs in Scotland due to not raising the 40% threshold?
So what does this mean for NI, normally employee NI would drop to 2% when higher tax band reached to offset some of the jump from 20% to 40% in income tax. Does this mean those in Scotland will pay higher rates of NI and tax at the same time giving a band at over 50% between NI and Income tax?
Does this strategy now work as well with the introduction of the 3% Stamp Duty surcharge on the whole purchase price by the second entity when it is transferred on completion of the building works?
People buying property in a poor state to either renovate and sell or retain and rent will be unfairly penalised. Many of those properties are of a type which very few first time buyers would ever consider purchasing...at least until someone else has bought and renovated them that is.
Secondly by putting in the bulk purchase criteria this cuts out those very same first time buyers this is supposed to be helping. If sales from portfolio landlords end up being in lots of 16 or up what first time buyer has a chance to buy them, answer none, they are actually excluded from any oppertunity to compete for the property.
It gets even more confusing, I am aware of places which have normal employment contracts and then a separate contract for providing out of hours cover. The separate contract is subject to different terms but does this still get caught under the ruling as requiring to be paid when on holiday an not providing any cover?
Politicians espousing the adoption of a "Moral Tax Code" strikes me as a more than a little hypocritical when they are happy to go to extreme lengths to protect our borders to prevent the importation of Tobacco or Alcohol on which duty (tax) has not been paid. The tax take, per HMRC`s 2014 annual accounts, for each of these is roughly £10Billion ie £20Billion in total and when ever they face a challenge to help reduce the impact on the NHS of smoking and alcohol related illness their response is not to restrict supply (or even ban the sale of these products) but to increase the tax knowing full well that people addicted to both will continue to find ways to continue their consumption. I am all for a moral tax code but we do not live in a universal utopian society and so its down to those we elect to do the best they can to represent all of the Citizens on this Country given that every decision they take is more than likely to have a knock on effect in numerous unexpected areas. If politicians and others continue to conflate the Tax Code of this Country with morality then it opens the way for every Citizen to take the same moral stance in deciding whether they should pay tax on the basis that the Government is, say, supporting a foreign regime not to their liking. My thoughts are hire some decent "lawyers" who know what they are about to draft legislation that is not riddled with holes and then beef up HMRC both in numbers and in training to implement the letter of the law. I don't see eye to eye with Mrs Hodge on many issues but when she states :-
“The success of international efforts to tackle tax avoidance depends on all countries being prepared to play by the same rules, and not adopting a two-faced approach where they sign up to OECD standards in principle, but try and undercut one another in practice,”
I find myself in some sympathy with her and that's a first for me.
You do know that her family business has a turnover of 2.1 Billion in the UK pays 0.01% in tax through similar methods to those companies she is referring to? I would say the prize for Hypocrisy goes to Margret Hodge more than listening to much she has to say.
My answers
Which is fair enough but at least currently is the implication a 52% tax rate in the new band which differs in Scotland due to not raising the 40% threshold?
Strange thing is none of the press appear to have picked up on it then.
Maybe not in everyday mainstream usage but as a poll of one, I know what both mean.
So what does this mean for NI, normally employee NI would drop to 2% when higher tax band reached to offset some of the jump from 20% to 40% in income tax. Does this mean those in Scotland will pay higher rates of NI and tax at the same time giving a band at over 50% between NI and Income tax?
Does this strategy now work as well with the introduction of the 3% Stamp Duty surcharge on the whole purchase price by the second entity when it is transferred on completion of the building works?
Attacks those who buy renovate and sell or rent
People buying property in a poor state to either renovate and sell or retain and rent will be unfairly penalised. Many of those properties are of a type which very few first time buyers would ever consider purchasing...at least until someone else has bought and renovated them that is.
Secondly by putting in the bulk purchase criteria this cuts out those very same first time buyers this is supposed to be helping. If sales from portfolio landlords end up being in lots of 16 or up what first time buyer has a chance to buy them, answer none, they are actually excluded from any oppertunity to compete for the property.
Separate Contracts
It gets even more confusing, I am aware of places which have normal employment contracts and then a separate contract for providing out of hours cover. The separate contract is subject to different terms but does this still get caught under the ruling as requiring to be paid when on holiday an not providing any cover?
Sympathy??
You do know that her family business has a turnover of 2.1 Billion in the UK pays 0.01% in tax through similar methods to those companies she is referring to? I would say the prize for Hypocrisy goes to Margret Hodge more than listening to much she has to say.
Definition of a video game
Is there a definition of what the criteria to be classed as a video game is? For example some educational apps might be in somewhat of a grey area.
Under Reliefs section here
http://www.hmrc.gov.uk/ated/basics.htm#9