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Wealth exodus
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"The Adam Smith Institute estimates that each millionaire who left would have paid at least £393,957 in income tax, resulting in a substantial shortfall of £528 million in tax revenue, equivalent to the income tax take of over 528,000 average taxpayers." The "average taxpayer" pays just £1,000 a year? Pull the other one. | |||
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"Not sure where you copied and pasted this old news from. It's been widely debunked. " I know, I do laugh when people try to use this bolox as cause for not taxing wealth 😂 | |||
"Not sure where you copied and pasted this old news from. It's been widely debunked. " It wasn't debunked. It was queried a few months ago, and has since been shown to be largely true. https://www.independent.co.uk/voices/london-property-non-dom-wealth-tax-b2793594.html The trend is real. | |||
"Not sure where you copied and pasted this old news from. It's been widely debunked. It wasn't debunked. It was queried a few months ago, and has since been shown to be largely true. https://www.independent.co.uk/voices/london-property-non-dom-wealth-tax-b2793594.html The trend is real. " There's an article in the byline times that explains why the media narrative is misleading. | |||
"Found it. Adam Smith institute. 'nuff said." Known for it's balance and neutrality... Advocating free market, neoliberalist ideologies, lower tax for rich people and deregulation. I could go on but the best one is they back Lettuce Liz 😂 | |||
"According to AI " Careful with AI. Here was our prompt: Explain why the uk is not really losing high net worth individuals in 2025 and how there will not be a negative impact on tax revenue. The response: UK HNWI Exodus in 2025: A Taxing Narrative Debunked London, UK – Contrary to headline-grabbing reports predicting a mass departure of high-net-worth individuals (HNWIs) from the United Kingdom in 2025, a deeper analysis of the data and official forecasts suggests a more nuanced reality. The narrative of a significant "wealth exodus" negatively impacting UK tax revenues is largely unsubstantiated and overlooks key factors, including the questionable methodology of prominent migration reports and the revenue-positive nature of recent tax reforms. The primary source for the dramatic HNWI outflow figures is a report by investment migration consultancy Henley & Partners. However, independent analysis by organisations such as Tax Policy Associates has cast serious doubt on the report's methodology, labelling its figures as potentially "fabricated" and "not to be trusted." The critique highlights inconsistencies in the data, such as an improbable distribution of even and odd numbers and a failure to account for significant changes in wealth definitions year-on-year. This suggests that the widely cited figures of tens of thousands of millionaires leaving the UK may be a significant overstatement. At the heart of the debate are the UK government's recent changes to the taxation of non-domiciled individuals (non-doms). The reforms, set to take full effect in 2025, will abolish the current remittance basis of taxation and introduce a new residency-based system. While these changes will increase the tax burden for some long-term resident non-doms, the UK's own Office for Budget Responsibility (OBR) forecasts that the reforms will be a net positive for the Exchequer. The OBR's analysis acknowledges that there will be some behavioural response to the tax changes, with a minority of non-doms choosing to leave the UK. However, their modelling indicates that the increased tax revenue from the majority who remain will more than offset the losses from those who depart. The OBR projects the non-dom tax reforms to raise a net £2.7 billion a year by 2028-29. The new tax regime for non-doms is designed to be more equitable and to encourage investment within the UK. Individuals new to the UK will still benefit from a four-year period where they do not pay UK tax on foreign income and gains. For those who stay longer, the changes incentivise bringing wealth into the UK to be taxed, rather than keeping it offshore. Furthermore, transitional arrangements, such as a temporary repatriation facility, are designed to encourage the remittance of existing foreign income and gains at a reduced tax rate. Beyond the non-dom reforms, other fiscal policies are also contributing to a stable or increasing tax take from high earners. The freezing of income tax and National Insurance thresholds until 2028, a policy of "fiscal drag," is quietly pulling more people into higher tax brackets and increasing the overall tax revenue. The OBR has stated that these frozen thresholds are the single largest factor contributing to the rising tax-to-GDP ratio. Projections for the 2024-25 fiscal year already show an increase in the number of additional rate taxpayers. Therefore, the assertion that the UK is facing a damaging flight of its wealthiest residents in 2025, leading to a decline in tax revenue, is not supported by a thorough examination of the available evidence. The sensationalist migration figures are contested, and official forecasts from the OBR indicate that the government's tax reforms are poised to increase, not decrease, revenue from high-net-worth individuals. While some HNWIs may choose to relocate, the overall impact on the UK's public finances is expected to be positive, challenging the simplistic narrative of a wealth exodus. ------------------ Your prompt will give you what you ask for. | |||
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"Not sure where you copied and pasted this old news from. It's been widely debunked. It wasn't debunked. It was queried a few months ago, and has since been shown to be largely true. https://www.independent.co.uk/voices/london-property-non-dom-wealth-tax-b2793594.html The trend is real. There's an article in the byline times that explains why the media narrative is misleading." Is byline times accurate? Doesn't get great trustworthy ratings ? Who knows ? If I had millions I'd leave without a doubt, why would I pay the scroungers even more | |||
"According to AI Careful with AI. Here was our prompt: Explain why the uk is not really losing high net worth individuals in 2025 and how there will not be a negative impact on tax revenue. The response: UK HNWI Exodus in 2025: A Taxing Narrative Debunked London, UK – Contrary to headline-grabbing reports predicting a mass departure of high-net-worth individuals (HNWIs) from the United Kingdom in 2025, a deeper analysis of the data and official forecasts suggests a more nuanced reality. The narrative of a significant "wealth exodus" negatively impacting UK tax revenues is largely unsubstantiated and overlooks key factors, including the questionable methodology of prominent migration reports and the revenue-positive nature of recent tax reforms. The primary source for the dramatic HNWI outflow figures is a report by investment migration consultancy Henley & Partners. However, independent analysis by organisations such as Tax Policy Associates has cast serious doubt on the report's methodology, labelling its figures as potentially "fabricated" and "not to be trusted." The critique highlights inconsistencies in the data, such as an improbable distribution of even and odd numbers and a failure to account for significant changes in wealth definitions year-on-year. This suggests that the widely cited figures of tens of thousands of millionaires leaving the UK may be a significant overstatement. At the heart of the debate are the UK government's recent changes to the taxation of non-domiciled individuals (non-doms). The reforms, set to take full effect in 2025, will abolish the current remittance basis of taxation and introduce a new residency-based system. While these changes will increase the tax burden for some long-term resident non-doms, the UK's own Office for Budget Responsibility (OBR) forecasts that the reforms will be a net positive for the Exchequer. The OBR's analysis acknowledges that there will be some behavioural response to the tax changes, with a minority of non-doms choosing to leave the UK. However, their modelling indicates that the increased tax revenue from the majority who remain will more than offset the losses from those who depart. The OBR projects the non-dom tax reforms to raise a net £2.7 billion a year by 2028-29. The new tax regime for non-doms is designed to be more equitable and to encourage investment within the UK. Individuals new to the UK will still benefit from a four-year period where they do not pay UK tax on foreign income and gains. For those who stay longer, the changes incentivise bringing wealth into the UK to be taxed, rather than keeping it offshore. Furthermore, transitional arrangements, such as a temporary repatriation facility, are designed to encourage the remittance of existing foreign income and gains at a reduced tax rate. Beyond the non-dom reforms, other fiscal policies are also contributing to a stable or increasing tax take from high earners. The freezing of income tax and National Insurance thresholds until 2028, a policy of "fiscal drag," is quietly pulling more people into higher tax brackets and increasing the overall tax revenue. The OBR has stated that these frozen thresholds are the single largest factor contributing to the rising tax-to-GDP ratio. Projections for the 2024-25 fiscal year already show an increase in the number of additional rate taxpayers. Therefore, the assertion that the UK is facing a damaging flight of its wealthiest residents in 2025, leading to a decline in tax revenue, is not supported by a thorough examination of the available evidence. The sensationalist migration figures are contested, and official forecasts from the OBR indicate that the government's tax reforms are poised to increase, not decrease, revenue from high-net-worth individuals. While some HNWIs may choose to relocate, the overall impact on the UK's public finances is expected to be positive, challenging the simplistic narrative of a wealth exodus. ------------------ Your prompt will give you what you ask for." Sounds like great news. The rich are paying more tax. Zero chance of any incoming tax increases for the rest of us in October. | |||
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"The top 1% of earners pay 28.5% of income tax receipts, you don't want to lose too many of them" What was their % of earnings? To add context to this 28.5% figure. | |||
"The top 1% of earners pay 28.5% of income tax receipts, you don't want to lose too many of them What was their % of earnings? To add context to this 28.5% figure. " I'm sure google or Grok can give you all you need but the tax bands are available on the HMRC website. | |||
"The top 1% of earners pay 28.5% of income tax receipts, you don't want to lose too many of them What was their % of earnings? To add context to this 28.5% figure. I'm sure google or Grok can give you all you need but the tax bands are available on the HMRC website." But here you go The top 1% of earners in the UK pay a significant portion of their salary in taxes, but the exact percentage depends on their income level and sources. Here's a breakdown ¹ ²: - *Income Level*: The top 1% of earners in the UK have a pre-tax income of at least £173,952 per year, with some estimates suggesting £180,984 or more. - *Tax Brackets*: These high earners fall into the UK's higher tax brackets, paying: - 40% income tax on earnings above £50,271 - 45% income tax on earnings above £125,140 - *Effective Tax Rate*: Considering income tax and National Insurance contributions, the effective tax rate for top earners can be substantial. For example, someone earning £181,000 per year might pay around £68,000 in taxes, which is approximately 37.6% of their gross income. - *Taxes Paid*: The top 1% of income tax payers contribute around 28-29% of all income tax revenue in the UK. Keep in mind that tax rates and brackets can change, and individual circumstances may affect the actual tax paid. Additionally, income sources like dividends and partnerships can impact tax liabilities ³. | |||
"The top 1% of earners pay 28.5% of income tax receipts, you don't want to lose too many of them What was their % of earnings? To add context to this 28.5% figure. I'm sure google or Grok can give you all you need but the tax bands are available on the HMRC website." It's a bit meaningless without that info though. If the top 1% of earners earn 2% of the earnings, and pay 28.5% that's a huge amount of taxation. If they earn 60% of the earnings and pay 28.5%, that's piss poor. | |||
" If the top 1% of earners earn 2% of the earnings, and pay 28.5% that's a huge amount of taxation. If they earn 60% of the earnings and pay 28.5%, that's piss poor." Not necessarily disagreeing, but why is that logical, really? An argument could be made either way. Perhaps once someone has contributed an immense amount to public coffers, they should not be taxed as highly. The premise that higher earners should be taxed at ever increasing rates ad infinitum shouldn't necessarily be a given, on principle alone. | |||
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"If these figures are true ,,, they aren't very patriotic these rich folks are they ??????" The non-doms, you mean? | |||
"If these figures are true ,,, they aren't very patriotic these rich folks are they ?????? The non-doms, you mean?" Yes Who are the less patriotic ? Them that live here and don't pay their taxes here ? Or Them that's made their money here and do a runner ??? | |||
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"Not sure where you copied and pasted this old news from. It's been widely debunked. It wasn't debunked. It was queried a few months ago, and has since been shown to be largely true. https://www.independent.co.uk/voices/london-property-non-dom-wealth-tax-b2793594.html The trend is real. " based on a slow housing market and addresses being changed on linkedin? doesn't prove that the wealthy have left at all. besides, they don't pay tax on income anyway .... but their wealth on the other hand. ie their assets are very difficult to move abroad, so no problem at all taxing them. this is a non story. | |||
"non domiciles = economic migrants who don't contribute ..." They do contribute. They pay tax on their UK earnings, just like everybody else. | |||
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"Not sure where you copied and pasted this old news from. It's been widely debunked. It wasn't debunked. It was queried a few months ago, and has since been shown to be largely true. https://www.independent.co.uk/voices/london-property-non-dom-wealth-tax-b2793594.html The trend is real. based on a slow housing market and addresses being changed on linkedin? doesn't prove that the wealthy have left at all. besides, they don't pay tax on income anyway .... but their wealth on the other hand. ie their assets are very difficult to move abroad, so no problem at all taxing them. this is a non story." Are you suggesting that the trend isn't real or that it's real but doesn't matter? | |||
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"Somalis bettering themselves by moving to the UK to spend a life living on benefits in social housing in London: poor things, we must welcome them. " --------------------------------------------------- Mo Farah and other hard working, contributing Somalian born individuals might disagree with your statement. | |||
" If the top 1% of earners earn 2% of the earnings, and pay 28.5% that's a huge amount of taxation. If they earn 60% of the earnings and pay 28.5%, that's piss poor. Not necessarily disagreeing, but why is that logical, really? An argument could be made either way. Perhaps once someone has contributed an immense amount to public coffers, they should not be taxed as highly. The premise that higher earners should be taxed at ever increasing rates ad infinitum shouldn't necessarily be a given, on principle alone." I'm not arguing either way. Just pointing out that the info provided without context doesn't tell us very much | |||
"The top 1% of earners pay 28.5% of income tax receipts, you don't want to lose too many of them What was their % of earnings? To add context to this 28.5% figure. I'm sure google or Grok can give you all you need but the tax bands are available on the HMRC website. It's a bit meaningless without that info though. If the top 1% of earners earn 2% of the earnings, and pay 28.5% that's a huge amount of taxation. If they earn 60% of the earnings and pay 28.5%, that's piss poor." The formula for income tax is pretty easy to find, have you looked | |||
"The top 1% of earners pay 28.5% of income tax receipts, you don't want to lose too many of them What was their % of earnings? To add context to this 28.5% figure. I'm sure google or Grok can give you all you need but the tax bands are available on the HMRC website. It's a bit meaningless without that info though. If the top 1% of earners earn 2% of the earnings, and pay 28.5% that's a huge amount of taxation. If they earn 60% of the earnings and pay 28.5%, that's piss poor. The formula for income tax is pretty easy to find, have you looked " Why are you talking about the income tax formula? That's not related to the point I made. | |||
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"Not sure where you copied and pasted this old news from. It's been widely debunked. It wasn't debunked. It was queried a few months ago, and has since been shown to be largely true. https://www.independent.co.uk/voices/london-property-non-dom-wealth-tax-b2793594.html The trend is real. based on a slow housing market and addresses being changed on linkedin? doesn't prove that the wealthy have left at all. besides, they don't pay tax on income anyway .... but their wealth on the other hand. ie their assets are very difficult to move abroad, so no problem at all taxing them. this is a non story. Are you suggesting that the trend isn't real or that it's real but doesn't matter?" an article from the independent newspaper that merely speculates is not evidence of anything other than wild surmise. here is some more wild surmise from the sister newspaper of the independent from 10 or so days earlier than surmises the opposite https://inews.co.uk/news/politics/wealth-tax-super-rich-uk-3791214 if we listened to the handful of paranoid fearmongers on every issue then nothing would get done about anything at all ever | |||
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"https://www.theguardian.com/news/2025/jul/07/non-doms-labour-super-rich-leaving-the-uk This guardian article gives more context. If a quarter of people who claim non-dom decide to leave UK, the tax gains which OBR predicted would become zero. If even more people leave, it would have negative impact on tax receipts. The question is whether a quarter of them would really leave the UK. All the studies are based on surveys done over a small number of people, which are usually hard to trust. In about a couple of years, we can see how many people really left because of this." Will it stop people moving to the UK in the future though? | |||
"https://www.theguardian.com/news/2025/jul/07/non-doms-labour-super-rich-leaving-the-uk This guardian article gives more context. If a quarter of people who claim non-dom decide to leave UK, the tax gains which OBR predicted would become zero. If even more people leave, it would have negative impact on tax receipts. The question is whether a quarter of them would really leave the UK. All the studies are based on surveys done over a small number of people, which are usually hard to trust. In about a couple of years, we can see how many people really left because of this. Will it stop people moving to the UK in the future though?" highly doubtful ... with the life that they and their family get to enjoy here compared to other countries, taxing their wealth is such a marginal increase that they won't be detered in any way. | |||
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"As touched upon by many. Wealthy people aren’t employed and are not earning wealth through a salary. They accumulate wealth via assets and dividends and in comparison to PAYE (tax collected through employment) they pay a very low rate of tax, if any at all. The top percentile of earners are PAYE and are not the cohort for comparison to the multi millionaires and billionaires. " If you look at Forbes list of the top 20 UK based billionaires its a mix of industrialist, landlords, fund managers, bankers, builders, gambling. They are not passive investors, but business leaders and entrepreneurs who run businesses providing services to us all and employment to many. I'm not sure if this 'idle rich' notion is largely a myth. | |||
"As touched upon by many. Wealthy people aren’t employed and are not earning wealth through a salary. They accumulate wealth via assets and dividends and in comparison to PAYE (tax collected through employment) they pay a very low rate of tax, if any at all. The top percentile of earners are PAYE and are not the cohort for comparison to the multi millionaires and billionaires. If you look at Forbes list of the top 20 UK based billionaires its a mix of industrialist, landlords, fund managers, bankers, builders, gambling. They are not passive investors, but business leaders and entrepreneurs who run businesses providing services to us all and employment to many. I'm not sure if this 'idle rich' notion is largely a myth." i'm not sure anybody is accusing people of being idle. these business leaders and entrepenuers are hardly going to liquidate their business's because of a 1-2% tax on their personal assets. | |||
"As touched upon by many. Wealthy people aren’t employed and are not earning wealth through a salary. They accumulate wealth via assets and dividends and in comparison to PAYE (tax collected through employment) they pay a very low rate of tax, if any at all. The top percentile of earners are PAYE and are not the cohort for comparison to the multi millionaires and billionaires. " Maybe you can educate me how to get cash to support a "wealty" lifestyle from a company without paying tax ? | |||
"As touched upon by many. Wealthy people aren’t employed and are not earning wealth through a salary. They accumulate wealth via assets and dividends and in comparison to PAYE (tax collected through employment) they pay a very low rate of tax, if any at all. The top percentile of earners are PAYE and are not the cohort for comparison to the multi millionaires and billionaires. If you look at Forbes list of the top 20 UK based billionaires its a mix of industrialist, landlords, fund managers, bankers, builders, gambling. They are not passive investors, but business leaders and entrepreneurs who run businesses providing services to us all and employment to many. I'm not sure if this 'idle rich' notion is largely a myth." Still don't understand what wealth is do you? | |||
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"As touched upon by many. Wealthy people aren’t employed and are not earning wealth through a salary. They accumulate wealth via assets and dividends and in comparison to PAYE (tax collected through employment) they pay a very low rate of tax, if any at all. The top percentile of earners are PAYE and are not the cohort for comparison to the multi millionaires and billionaires. Maybe you can educate me how to get cash to support a "wealty" lifestyle from a company without paying tax ?" Do you know how Elon musk brought twitter? I'll use this example because it's always talked about how hes "only" worth half a trillion and doesn't have it in liquid money... So how did he do it? | |||
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"As touched upon by many. Wealthy people aren’t employed and are not earning wealth through a salary. They accumulate wealth via assets and dividends and in comparison to PAYE (tax collected through employment) they pay a very low rate of tax, if any at all. The top percentile of earners are PAYE and are not the cohort for comparison to the multi millionaires and billionaires. If you look at Forbes list of the top 20 UK based billionaires its a mix of industrialist, landlords, fund managers, bankers, builders, gambling. They are not passive investors, but business leaders and entrepreneurs who run businesses providing services to us all and employment to many. I'm not sure if this 'idle rich' notion is largely a myth. Still don't understand what wealth is do you?" The list is from Forbe's 'wealth-tracking platform' (their words). But what would the world's premier publication on business, finance and investing kn0w about wealth eh? | |||
"As touched upon by many. Wealthy people aren’t employed and are not earning wealth through a salary. They accumulate wealth via assets and dividends and in comparison to PAYE (tax collected through employment) they pay a very low rate of tax, if any at all. The top percentile of earners are PAYE and are not the cohort for comparison to the multi millionaires and billionaires. If you look at Forbes list of the top 20 UK based billionaires its a mix of industrialist, landlords, fund managers, bankers, builders, gambling. They are not passive investors, but business leaders and entrepreneurs who run businesses providing services to us all and employment to many. I'm not sure if this 'idle rich' notion is largely a myth. Still don't understand what wealth is do you? The list is from Forbe's 'wealth-tracking platform' (their words). But what would the world's premier publication on business, finance and investing kn0w about wealth eh?" I don't know about forbes, I never read that stuff. It's not relevant because I was talking about you, not a newspaper that gets their data from surveys. | |||
"As touched upon by many. Wealthy people aren’t employed and are not earning wealth through a salary. They accumulate wealth via assets and dividends and in comparison to PAYE (tax collected through employment) they pay a very low rate of tax, if any at all. The top percentile of earners are PAYE and are not the cohort for comparison to the multi millionaires and billionaires. Maybe you can educate me how to get cash to support a "wealty" lifestyle from a company without paying tax ? Do you know how Elon musk brought twitter? I'll use this example because it's always talked about how hes "only" worth half a trillion and doesn't have it in liquid money... So how did he do it?" How do you tax it? I will wait  | |||
" So how did he do it (" 1-Equity Financing through Tesla stock 2- Bank Loans 3 - Personal Contribution from his own wealth It’s very unlikely Elon is asset rich and cash poor " How do you tax it? I will wait "Tax the revenue Twitter generates from transactions raised in the uk If businesses don’t want to pay tax in the uk then don’t transact and/or operate in the uk. China wouldn’t let a business get away with it, why should the uk | |||
" So how did he do it ( 1-Equity Financing through Tesla stock 2- Bank Loans 3 - Personal Contribution from his own wealth It’s very unlikely Elon is asset rich and cash poor How do you tax it? I will wait
Tax the revenue Twitter generates from transactions raised in the uk
If businesses don’t want to pay tax in the uk then don’t transact and/or operate in the uk. China wouldn’t let a business get away with it, why should the uk"I thought we were talking about wealth not revenue.... 
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" I thought we were talking about wealth not revenue....
"Right, caught your drift now. If Elon theoretically was residing in the uk. He’d be subject to taxation rules on whichever means he draws his income. He partially funded his twitter purchase from a personal contribution. He’s obviously not asset rich and totally cash poor | |||
" I thought we were talking about wealth not revenue....
Right, caught your drift now.
If Elon theoretically was residing in the uk. He’d be subject to taxation rules on whichever means he draws his income.
He partially funded his twitter purchase from a personal contribution. He’s obviously not asset rich and totally cash poor"He’s not cash rich, most of his wealth is tied up in shares. Borrowing against them isn’t the same as having money in the bank. | |||
"As touched upon by many. Wealthy people aren’t employed and are not earning wealth through a salary. They accumulate wealth via assets and dividends and in comparison to PAYE (tax collected through employment) they pay a very low rate of tax, if any at all. The top percentile of earners are PAYE and are not the cohort for comparison to the multi millionaires and billionaires. If you look at Forbes list of the top 20 UK based billionaires its a mix of industrialist, landlords, fund managers, bankers, builders, gambling. They are not passive investors, but business leaders and entrepreneurs who run businesses providing services to us all and employment to many. I'm not sure if this 'idle rich' notion is largely a myth. Still don't understand what wealth is do you? The list is from Forbe's 'wealth-tracking platform' (their words). But what would the world's premier publication on business, finance and investing kn0w about wealth eh? I don't know about forbes, I never read that stuff. It's not relevant because I was talking about you, not a newspaper that gets their data from surveys. " Indeed, it's called a resource. You should try it. | |||
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" He’s not cash rich, most of his wealth is tied up in shares. Borrowing against them isn’t the same as having money in the bank. " Asset rich, cash poor loses meaning when someone can access hundreds of millions at a moment's notice. The fact that 98% of his wealth is tied up is borderline meaningless, when 2% of his wealth is enough to buy a small city (figures anecdotal, not representative). But yes, you're right | |||
" He’s not cash rich, most of his wealth is tied up in shares. Borrowing against them isn’t the same as having money in the bank. " Are you suggesting Elon has little to no money in the bank? Even after reportedly using personal contributions to partly fund the Twitter purchase.
And I’m sure he doesn’t have any assets owned that are providing a hefty passive income
As the money comes in, the wealthy invest more, and more, and more. Building that passive income.
Wealthy people have a healthy bank balance but they don’t sit on their laurels. They build the empire and get more and more passive income coming in. All of which is subject to lower rates of tax in comparison to PAYE, the effective rate is usually in the 20-30% range wit the help of good accountants.
Far less than the top percentiles of PAYE earners. The frustration of many is often that for what comes into their pocket is subject to a lower tax rate than others who have PAYE taken at source.
I can imagine Elon’s estate and passive income is a lot more than the combined majority of the UK population. Even his “cash poor” balance is likely more
But I’ll agree to disagree | |||
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"As touched upon by many. Wealthy people aren’t employed and are not earning wealth through a salary. They accumulate wealth via assets and dividends and in comparison to PAYE (tax collected through employment) they pay a very low rate of tax, if any at all. The top percentile of earners are PAYE and are not the cohort for comparison to the multi millionaires and billionaires. Maybe you can educate me how to get cash to support a "wealty" lifestyle from a company without paying tax ? Do you know how Elon musk brought twitter? I'll use this example because it's always talked about how hes "only" worth half a trillion and doesn't have it in liquid money... So how did he do it?" Are we taking about the UK ? I've no ides about Americans and their taxation. How would I take tax free money as income from my UK company or even my assets ? | |||
"As touched upon by many. Wealthy people aren’t employed and are not earning wealth through a salary. They accumulate wealth via assets and dividends and in comparison to PAYE (tax collected through employment) they pay a very low rate of tax, if any at all. The top percentile of earners are PAYE and are not the cohort for comparison to the multi millionaires and billionaires. Maybe you can educate me how to get cash to support a "wealty" lifestyle from a company without paying tax ? Do you know how Elon musk brought twitter? I'll use this example because it's always talked about how hes "only" worth half a trillion and doesn't have it in liquid money... So how did he do it? Are we taking about the UK ? I've no ides about Americans and their taxation. How would I take tax free money as income from my UK company or even my assets ?" Used it as an example, doesn’t matter he's American, that method works here too. I've explained above if you hadn't noticed. | |||
" He’s not cash rich, most of his wealth is tied up in shares. Borrowing against them isn’t the same as having money in the bank. Are you suggesting Elon has little to no money in the bank? Even after reportedly using personal contributions to partly fund the Twitter purchase.
And I’m sure he doesn’t have any assets owned that are providing a hefty passive income
As the money comes in, the wealthy invest more, and more, and more. Building that passive income.
Wealthy people have a healthy bank balance but they don’t sit on their laurels. They build the empire and get more and more passive income coming in. All of which is subject to lower rates of tax in comparison to PAYE, the effective rate is usually in the 20-30% range wit the help of good accountants.
Far less than the top percentiles of PAYE earners. The frustration of many is often that for what comes into their pocket is subject to a lower tax rate than others who have PAYE taken at source.
I can imagine Elon’s estate and passive income is a lot more than the combined majority of the UK population. Even his “cash poor” balance is likely more
But I’ll agree to disagree "The phrase “cash poor” in this context doesn’t mean he is skint, it means the vast majority of his wealth is illiquid. | |||
"https://www.theguardian.com/news/2025/jul/07/non-doms-labour-super-rich-leaving-the-uk This guardian article gives more context. If a quarter of people who claim non-dom decide to leave UK, the tax gains which OBR predicted would become zero. If even more people leave, it would have negative impact on tax receipts. The question is whether a quarter of them would really leave the UK. All the studies are based on surveys done over a small number of people, which are usually hard to trust. In about a couple of years, we can see how many people really left because of this. Will it stop people moving to the UK in the future though?" The rich ones? Most definitely. | |||
"As touched upon by many. Wealthy people aren’t employed and are not earning wealth through a salary. They accumulate wealth via assets and dividends and in comparison to PAYE (tax collected through employment) they pay a very low rate of tax, if any at all. The top percentile of earners are PAYE and are not the cohort for comparison to the multi millionaires and billionaires. Maybe you can educate me how to get cash to support a "wealty" lifestyle from a company without paying tax ? Do you know how Elon musk brought twitter? I'll use this example because it's always talked about how hes "only" worth half a trillion and doesn't have it in liquid money... So how did he do it? Are we taking about the UK ? I've no ides about Americans and their taxation. How would I take tax free money as income from my UK company or even my assets ? Used it as an example, doesn’t matter he's American, that method works here too. I've explained above if you hadn't noticed." The method you are explaining it simply borrowing against assets, which most people will do when taking a loan / mortgage.... | |||
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"As touched upon by many. Wealthy people aren’t employed and are not earning wealth through a salary. They accumulate wealth via assets and dividends and in comparison to PAYE (tax collected through employment) they pay a very low rate of tax, if any at all. The top percentile of earners are PAYE and are not the cohort for comparison to the multi millionaires and billionaires. Maybe you can educate me how to get cash to support a "wealty" lifestyle from a company without paying tax ? Do you know how Elon musk brought twitter? I'll use this example because it's always talked about how hes "only" worth half a trillion and doesn't have it in liquid money... So how did he do it? Are we taking about the UK ? I've no ides about Americans and their taxation. How would I take tax free money as income from my UK company or even my assets ? Used it as an example, doesn’t matter he's American, that method works here too. I've explained above if you hadn't noticed." I'm not sure what you've explained ? Elon musk bought Twitter, I want tax free cash from my company | |||
"I'd this about income tax, wealth tax or what " it's about the myth of the wealthy leaving the uk if mechanisms aimed at taxing wealth are introduced. it's widely accepted that these mechanisms would be triggered by those whose wealth exceeds 10 million. it's widely accepted that it has nothing to do with taxing peoples incomes, however some alarmists purposefully try to obfuscate things by deliberately conflating personal income with profits from business or ownership of assets etc. as somehow being one in the same, which they are clearly not. | |||
"I'd this about income tax, wealth tax or what it's about the myth of the wealthy leaving the uk if mechanisms aimed at taxing wealth are introduced. it's widely accepted that these mechanisms would be triggered by those whose wealth exceeds 10 million. it's widely accepted that it has nothing to do with taxing peoples incomes, however some alarmists purposefully try to obfuscate things by deliberately conflating personal income with profits from business or ownership of assets etc. as somehow being one in the same, which they are clearly not." None of what you said is "widely accepted". It has been proven practically time and again that the opposite is true. It's "widely accepted" only among the left wing circles. | |||
"As touched upon by many. Wealthy people aren’t employed and are not earning wealth through a salary. They accumulate wealth via assets and dividends and in comparison to PAYE (tax collected through employment) they pay a very low rate of tax, if any at all. The top percentile of earners are PAYE and are not the cohort for comparison to the multi millionaires and billionaires. Maybe you can educate me how to get cash to support a "wealty" lifestyle from a company without paying tax ? Do you know how Elon musk brought twitter? I'll use this example because it's always talked about how hes "only" worth half a trillion and doesn't have it in liquid money... So how did he do it? Are we taking about the UK ? I've no ides about Americans and their taxation. How would I take tax free money as income from my UK company or even my assets ? Used it as an example, doesn’t matter he's American, that method works here too. I've explained above if you hadn't noticed. The method you are explaining it simply borrowing against assets, which most people will do when taking a loan / mortgage.... " Ay?🤨 | |||
" None of what you said is "widely accepted". It has been proven practically time and again that the opposite is true. It's "widely accepted" only among the left wing circles." ... says one of the handful of the vocal minority | |||
