HMRC doesn’t know how many UK billionaires pay tax or how much they cough up

11 comments

1. Why would HMRC know who is and isn’t a billionaire?

   It doesn’t keep a record of everyone’s assets and potentially how much they’re worth.

2. And consequently nobody knows what would happen if they left because nobody can say if they pay the right amount of tax now. But it’s much easier to keep tax focussed on us in the middle.

3. We’ll see the data come through in the next 18 months and the full damage of what Labour have done will be revealed.

   There are so many wealthy people who have left / are leaving.

4. Are they saying this because they don’t know who is a billionaire and the headline has been spun to make it look like they are clowns?

5. Yet they’ll hound me for my self assessments every year.

6. This is the problem though, we should be, straight up, taxing wealth not income. The assets the rich own are vast, they’ve been gobbling up the housing, which is why prices are continuing to rise, I can’t remember when we last had a housing crash in the market. It used to be a cycle of boom and bust. It’s not sustainable.

7. The issue is around fairness. Maybe they do pay taxes yet our tax system is focused too much on the middle class. I suspect the wealth they generate by buying goods in this country that the middle class cannot afford is a good enough reason to not talk about taxing the rich more. Other issue, if you keep taxing the middle class they have less spending power which is also a bad thing.

8. And yet if I missed a penny they’d be all over me like a rash.

9. They’ll no even less now.

   A massive overgrown civil service with its employees sitting back chilling on eBay all day and they wonder why it can’t function.

10. The very rich hide all their wealth through different schemes, offshore accounts etc. They have accountants that know all the tricks.

    The state will always go for the easiest targets, which is PAYE middle earners. 

    Much like the police will go after the easiest targets, which is why we are seeing a free for all on ASB and shoplifting.

11. But they know when I’ve underpaid by 90 quid and have no issue with changing my tax code several times a year?!

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