Tories are still lying *******s

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Originally Posted by jamie_1875

What do you mean the truth? The truth is they have lost tax revenue as a result.

"In 2022 Norway increased wealth tax to 1.1%, expected to bring in an additional $146M annual tax revenue.

Individuals with a net worth of $54B left the country, led to a $594M loss in annaul tax revenue.

A net decrease of $448M+"

What did you mean by the truth? Was the Guardian article incorrect, if so where?

https://www.brusselsreport.eu/2024/0...arning-signal/

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The arithmetic is wrong :wink:

It's a net decrease of $740m

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Originally Posted by jamie_1875

https://www.theguardian.com/world/20...rises-slightly
"A record number of super-rich Norwegians are abandoning Norway for low-tax countries after the centre-left government increased wealth taxes to 1.1%.

More than 30 Norwegian billionaires and multimillionaires left Norway in 2022, according to research by the newspaper Dagens Naeringsliv. This was more than the total number of super-rich people who left the country during the previous 13 years, it added. Even more super-rich individuals are expected to leave this year because of the increase in wealth tax in November, costing the government tens of millions in lost tax receipts"

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At one point in the second half of the 20thC you couldn't take all your wealth out of the UK. Perhaps Norway could introduce something similar? :dunno:

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Originally Posted by lapsedhibee

At one point in the second half of the 20thC you couldn't take all your wealth out of the UK. Perhaps Norway could introduce something similar? :dunno:

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Norway's tax laws are similar to the UK's, in that there is a general principle that residents are taxed on their worldwide income, no matter where that income originates.

Land is the big one as it can’t be moved. Tax land at 1% and other assets at 0.5%. UK could do with a move away from land as a store of wealth anyway.


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Originally Posted by CropleyWasGod

The arithmetic is wrong :wink:

It's a net decrease of $740m

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I did copy and paste, I blame the author! But it's worse then in terms of lost tax revenue.

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Originally Posted by CropleyWasGod

Norway's tax laws are similar to the UK's, in that there is a general principle that residents are taxed on their worldwide income, no matter where that income originates.

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Presumably the fleeing billionaires are no longer Norwegian residents though, so they would escape that?

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Originally Posted by jamie_1875

I did copy and paste, I blame the author! But it's worse then in terms of lost tax revenue.

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If they get something that basic wrong, it casts doubt on everything else they claim.

I'd be interested in seeing whether anyone else on that thread (I don't do X) called them out on that, and what their response was.

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Originally Posted by lapsedhibee

Presumably the fleeing billionaires are no longer Norwegian residents though, so they would escape that?

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I'd expect so :agree:

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Originally Posted by jamie_1875

"In 2022 Norway increased wealth tax to 1.1%, expected to bring in an additional $146M annual tax revenue.

Individuals with a net worth of $54B left the country, led to a $594M loss in annaul tax revenue.

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This is bollocks. Even if we assumed (a crazy assumption but bear with me) that all the expected additional tax revenue was to come from those few who left the country, it would mean that they left the country due to a tax of 0.27% of their net assets.

Personally I wouldn't want such mean spirited people in my country.

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Originally Posted by grunt

This is bollocks. Even if we assumed (a crazy assumption but bear with me) that all the expected additional tax revenue was to come from those few who left the country, it would mean that they left the country due to a tax of 0.27% of their net assets.

Personally I wouldn't want such mean spirited people in my country.

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It's a selfishness I'll never understand.

Which is probably why I'll never be motivated by money.

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Originally Posted by grunt

This is bollocks. Even if we assumed (a crazy assumption but bear with me) that all the expected additional tax revenue was to come from those few who left the country, it would mean that they left the country due to a tax of 0.27% of their net assets.

Personally I wouldn't want such mean spirited people in my country.

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You have to assume the selfishness when planning and remember that there are massive positives for these people in living in a safe stable place which protects individual property rights like Norway. Or the UK.


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Originally Posted by grunt

Personally I wouldn't want such mean spirited people in my country.

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Originally Posted by Jones28

It's a selfishness I'll never understand.

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One billionaire quoted as 'having no choice' but to move to Switzerland, the poor lamb.

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Originally Posted by lapsedhibee

One billionaire quoted as 'having no choice' but to move to Switzerland, the poor lamb.

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You have to feel sorry for him/ her. Those who have to choose between food or heat have it easy

https://www.skatteetaten.no/en/rates/wealth-tax/


The way that the Norwegian wealth tax is calculated. One for the accountants.

The 1.1% is on assets exceeding 1.5m as I read it.

What is it we're talking about here? Income tax or wealth tax? If you've got a British asset that generates money for you then you pay tax on that to the UK, regardless of where you live surely? Can you imagine someone having a Chinese asset and when China comes calling for their tax revenue and the person goes "oh Sorry Xi, I live in Switzerland now so I won't be paying". How would that go for them?

This seems relevant

https://yorkshirebylines.co.uk/polit...r-the-country/

More taxes? Yes please! Patriotic Millionaires want to do more for the country

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Originally Posted by grunt

This seems relevant

https://yorkshirebylines.co.uk/polit...r-the-country/

More taxes? Yes please! Patriotic Millionaires want to do more for the country

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It’s not the millionaires who are the problem

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Originally Posted by The_Exile

What is it we're talking about here? Income tax or wealth tax? If you've got a British asset that generates money for you then you pay tax on that to the UK, regardless of where you live surely? Can you imagine someone having a Chinese asset and when China comes calling for their tax revenue and the person goes "oh Sorry Xi, I live in Switzerland now so I won't be paying". How would that go for them?

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UK tax law has it that a UK resident is liable for the tax due on their worldwide income. Norway has the same, as mentioned above, as do many other countries.

So, if you, as a UK resident, have an apartment in downtown Shanghai that you rent out, you are due UK tax on it. There are mechanisms in place to make sure that you don't pay tax twice, but the basic principle remains. Unless China deducts tax at source from rental income, the tax is payable in the UK.

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Originally Posted by lapsedhibee

One billionaire quoted as 'having no choice' but to move to Switzerland, the poor lamb.

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Shame. I hope they overheat their swimming pool and get their baws burnt.

"Nothing is more Badenoch than holding a press conference and then complaining that people are asking you questions." :greengrin

https://cdn.bsky.app/img/feed_thumbn...mdhytbioy@jpeg

awk last weeks news but just another case of Tory corruption, investigated for the 3rd time, how long does it take to jail him/them the ******DS Tory peer investigated for third time by Lords watchdog over ‘VIP lane’ contracts | House of Lords | The Guardian


carol vorderman from November over 1,000,000 pallets of useless PPE destroyed, 8/9 Billion pounds worth, but i bet the ******g money wasn't returned Carol Vorderman on X: "The Tory PPE Scandals continue 1,049,700 PALLETS of useless PPE have now been destroyed (about £8/9 BILLION) WTAF And not a single person or politician has been charged with corruption or waste of our public money Our system is …… ��������" / X probably a small line in the Tory-owned press for a day then forgotten about

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Originally Posted by cabbageandribs1875

awk last weeks news but just another case of Tory corruption, investigated for the 3rd time, how long does it take to jail him/them the ******DS Tory peer investigated for third time by Lords watchdog over ‘VIP lane’ contracts | House of Lords | The Guardian


carol vorderman from November over 1,000,000 pallets of useless PPE destroyed, 8/9 Billion pounds worth, but i bet the ******g money wasn't returned Carol Vorderman on X: "The Tory PPE Scandals continue 1,049,700 PALLETS of useless PPE have now been destroyed (about £8/9 BILLION) WTAF And not a single person or politician has been charged with corruption or waste of our public money Our system is …… ��������" / X probably a small line in the Tory-owned press for a day then forgotten about

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Different rules simple as. Not corrupt at all. Can remember Britain used to patronisingly scoff at other countries corruption. Absolutely no longer

The only half decent Scottish Tory, Jamie Greene, has quit describing Russell Findlay as Trump-esque and in a grotesque dance with Farage. Not sure what took him so long to realise that.

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Originally Posted by Hiber-nation

The only half decent Scottish Tory, Jamie Greene, has quit describing Russell Findlay as Trump-esque and in a grotesque dance with Farage. Not sure what took him so long to realise that.

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In days gone by, Scottish Tories were generally to the left of their English colleagues. They usually came across as decent people, with views that resonated with a lot of Scots.

Greene is in that mould. Sadly, I can't see a party home for him in the current climate, and he may be lost to mainstream politics.

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Originally Posted by CropleyWasGod

In days gone by, Scottish Tories were generally to the left of their English colleagues. They usually came across as decent people, with views that resonated with a lot of Scots.

Greene is in that mould. Sadly, I can't see a party home for him in the current climate, and he may be lost to mainstream politics.

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Labour Party?[emoji6]


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Originally Posted by Ozyhibby

Labour Party?[emoji6]


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:greengrin

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Originally Posted by CropleyWasGod

In days gone by, Scottish Tories were generally to the left of their English colleagues. They usually came across as decent people, with views that resonated with a lot of Scots.

Greene is in that mould. Sadly, I can't see a party home for him in the current climate, and he may be lost to mainstream politics.

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Turned up at the Lib Dems.


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Originally Posted by Ozyhibby

Turned up at the Lib Dems.


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What a snake :greengrin

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Originally Posted by JimBHibees

Different rules simple as. Not corrupt at all. Can remember Britain used to patronisingly scoff at other countries corruption. Absolutely no longer

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meet the newest Lord


Lord Gove of Dodgeville


https://pbs.twimg.com/media/GoNsvIeX...name=4096x4096

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Originally Posted by cabbageandribs1875

meet the newest Lord


Lord Gove of Dodgeville


https://pbs.twimg.com/media/GoNsvIeX...name=4096x4096

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What a surprise. This outgoing Prime Minister honours list thing can get right to ****. I'm sure Sir James Cleverly and Lord Alister Jack wouldn't agree with me :rolleyes: