Richy Rich Paying An Additional 106.000 Pounds A Year In The UK

David Cameron Has Decided: UK's Millionaires Will Pay An Additional Tax

What seemed a mere rumor became reality. British Prime Minister, David Cameron has decided an additional tax of millionaires, who will have to pay additional 106,000 pounds each a year. It is true that, using various legal tricks to avoid taxes, and immigration, could thwart the government plans to increase budgetary revenues. According to a survey by the company Grant Thornton UK, a British resident who annually earns one million pounds in 2013 the state will pay more than £ 106,462 compared with fiscal year 2009-2010. Of this amount, about 80,000 resulting from a tax of 50% applied, starting this year, higher ones. The rest of the new targets set by the Executive pension contributions, the withdrawal of benefits for children and other charges.

“As taxes increase, the less revenue. Several solutions are used to reduce revenues and increase capital gains, taxed at up to 28%, “said Robert Hiscox, who has made, as president of Hiscox insurance group, 1.1 million pounds in 2009 . The British government reduced the tax implications of pensions and increased four-fifths of compulsory social contributions. According to authorities, the measures taken, including the biggest social spending cuts in 1945, are correct and will lead to a reduction in its budget deficit to 2% of GDP by 2015, over 10% today.

In January, a report from KPMG’s office charged the London note that taxes are the most punitive compared with other major global financial centers such as New York or Hong Kong. “Most affected are people with higher incomes. Therefore, there is a risk that, on this background, business people decide that there are better places than the United Kingdom where they can promote the work, estimated Mike Warburton, chartered accountancy firm Grant Thornton.

In turn, Director of Standard Chartered Bank, Peter Sands, believes that London is likely to become a “last resort” for managers who are able to choose. Moreover, banks HSBC Holdings and Barclays warned that if they leave the UK a government committee will decide next year that should be separate consumer division operations with securities.11