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The Isle of Man is not in the UK

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Re: The Isle of Man is not in the UK

#101

Post by tomatocracy »

nikanj wrote: post #87
lawlessone wrote: post #78

Earlier quoted context omitted.

>The final bill came to about fifty quid, I'm thinking you weren't really who they wanted to target anyway.

Sometimes it feels like the taxman is very keen on targeting Joe Ordinary who saved fifty quid, and completely ignoring the billionaires who evaded tens of millions in taxes.

It might feel like that but fortunately it isn’t true. People and companies who earn above a certain amount get a ‘relationship manager’ at HMRC and also get classified as low/medium/high compliance risk by them.

I think there are rules they consider ‘intended loopholes’ (like the fact that you can designate a different house your main residence every 9 months and effectively benefit from two primary residence allowances for CGT, or the ability to transfer assets between spouses tax free), many of which benefit richer people/larger companies more than poorer/smaller ones, and others they consider ‘unintended consequences’ which they do go after in a number of ways - all the way through to effectively retrospective changes to the law (like the Loan Charge).

Re: The Isle of Man is not in the UK

#102

Post by simonh »

peteretep wrote: post #95
marcus_holmes wrote: post #68

Earlier quoted context omitted.

I lived for four years in the IoM, had an amazing time (until Bushy's closed anyway). But in the process, I opened an IoM bank account to pay my salary into. I carried on using this account for years afterwards (it was with the IoM branch of a UK bank). I benefited from not paying any tax on the interest on my savings account, because tax haven. Not a huge perk, but a nice one anyway. And then, in the wake of the tax…

> Getting super smart about taxes, especially by using loopholes and tax havens, can be counter-productive. Unexpected tax demands are not fun. Sure. However, getting slightly smart about it, and not -- for example -- paying tax in a country you are demonstrably not living in, is probably a good idea.

Unless you’re an American living abroad, in which case it’s tax evasion.

Re: The Isle of Man is not in the UK

#103

Post by tomatocracy »

lawlessone wrote: post #81
pavlov wrote: post #59

Earlier quoted context omitted.

After living in the UK for a year and encountering this tax system firsthand, I'm convinced that one of the main reasons for Brexit is that rich people in England are worried that EU tax harmonization could one day take away their sweet loopholes and convenient neighborhood tax havens. I've personally benefitted from the system as a "resident non-domiciled" foreign citizen. But on the whole it's not fair to British t…

> I'm convinced that one of the main reasons for Brexit is that rich people in England are worried that EU tax harmonization it's coming January 2020, the UK is terrified of it as they own overseas tax havens all over the world. https://www.consilium.europa.eu/en/policies/anti-tax-avoidan...

There’s a constitutional problem with that though.

Most of these territories are internally self governing including in respect of tax law, and Westminster has long since ceased legislating for them. Going back to Westminster acting as a colonial power is something which they are strongly opposed to themselves.

Re: The Isle of Man is not in the UK

#104

Post by ummwhat »

twic wrote: post #79
laurieg wrote: post #6

Earlier quoted context omitted.

Mornington Crescent is a station the you only stop at going one direction on the London underground. If you go in the other direction it disappears. Here it's being used as a short-hand for a complex situation/set of rules. The usage is probably drawn from the fact there was a comedy radio programme in the UK that played a ridiculous game involving many sets of convoluted rules upon rules and the name of the game was…

> Mornington Crescent is a station the you only stop at going one direction on the London underground. If you go in the other direction it disappears. I'm not sure if this is a valiant attempt to confuse Americans, but this isn't true. Trains stop in both directions. A reason it might not seem like that is that there are two branches of the Northern line running in parallel between Euston and Camden Town, and Morning…

You just demonstrated why "Mornington Crescent" is good shorthand for "a preponderance of edge cases and tribal knowledge"

Re: The Isle of Man is not in the UK

#105

Post by simonh »

pavlov wrote: post #59
peteretep wrote: post #15

Isle of Man has zero percent corporate tax on (most) money earned outside the Isle of Man, which includes money earned in the UK. If you're a non-resident citizen of the UK, you can deposit your dividends from your Isle of Man company in your UK bank account, tax free. For the time being, IOM companies have GB VAT numbers, and a banking system that integrates seamlessly with the UK one, as well as a postal system (qu…

After living in the UK for a year and encountering this tax system firsthand, I'm convinced that one of the main reasons for Brexit is that rich people in England are worried that EU tax harmonization could one day take away their sweet loopholes and convenient neighborhood tax havens. I've personally benefitted from the system as a "resident non-domiciled" foreign citizen. But on the whole it's not fair to British t…

I hear this theory a lot, but the fact is most of the support for Brexit came from low income households, and people in low skilled or manual work. Generally the higher the household income, the lower the support for Brexit, even at the higher income levels.

https://www.jrf.org.uk/report/brexit-vote-explained-poverty-...

Re: The Isle of Man is not in the UK

#106

Post by mxfh »

Stay_frostJebel wrote: post #86

> “Independence is a strong part of the character of the people of the island. We’re not part of the UK, or the British Isles – we’re Manx,” said Phil Gawne, a former politician on the island... Hmm. https://en.wikipedia.org/wiki/British_Isles > The British Isles are a group of islands in the North Atlantic off the north-western coast of continental Europe that consist of the islands of Great Britain, Ireland, the Is…

This terminology is the official UK POV and generally accepted elsewhere. It's not surprising that any self governed or separitist faction is challenging this.

See the last paragraph of the introduction of said Wikipedia article.

See also:

https://en.wikipedia.org/wiki/British_Isles_naming_dispute#W...

Re: The Isle of Man is not in the UK

#107

Post by peteretep »

simonh wrote: post #102
peteretep wrote: post #95

Earlier quoted context omitted.

> Getting super smart about taxes, especially by using loopholes and tax havens, can be counter-productive. Unexpected tax demands are not fun. Sure. However, getting slightly smart about it, and not -- for example -- paying tax in a country you are demonstrably not living in, is probably a good idea.

Unless you’re an American living abroad, in which case it’s tax evasion.

For that, there's FEIE, and moving your residence to Puerto Rico

Re: The Isle of Man is not in the UK

#108

Post by sgt101 »

nicoburns wrote: post #64
pavlov wrote: post #59

Earlier quoted context omitted.

After living in the UK for a year and encountering this tax system firsthand, I'm convinced that one of the main reasons for Brexit is that rich people in England are worried that EU tax harmonization could one day take away their sweet loopholes and convenient neighborhood tax havens. I've personally benefitted from the system as a "resident non-domiciled" foreign citizen. But on the whole it's not fair to British t…

This is my main reason for supporting the European Union. Individual countries aren't big enough to have serious power against tax-avoiding corporation/citizens. But the EU is.

like China!

Re: The Isle of Man is not in the UK

#109

Post by mercer »

nikanj wrote: post #87
lawlessone wrote: post #78

Earlier quoted context omitted.

>The final bill came to about fifty quid, I'm thinking you weren't really who they wanted to target anyway.

Sometimes it feels like the taxman is very keen on targeting Joe Ordinary who saved fifty quid, and completely ignoring the billionaires who evaded tens of millions in taxes.

https://news.ycombinator.com/item?id=21181664

Re: The Isle of Man is not in the UK

#110

Post by SteveSmith16384 »

simonh wrote: post #105
pavlov wrote: post #59

Earlier quoted context omitted.

After living in the UK for a year and encountering this tax system firsthand, I'm convinced that one of the main reasons for Brexit is that rich people in England are worried that EU tax harmonization could one day take away their sweet loopholes and convenient neighborhood tax havens. I've personally benefitted from the system as a "resident non-domiciled" foreign citizen. But on the whole it's not fair to British t…

I hear this theory a lot, but the fact is most of the support for Brexit came from low income households, and people in low skilled or manual work. Generally the higher the household income, the lower the support for Brexit, even at the higher income levels. https://www.jrf.org.uk/report/brexit-vote-explained-poverty-...

The low income households need someone to blame for their low income.
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