Conservative Party Mulls Turning Britain Into A Tax Haven

January 17. 2017

Britain As A Tax Haven

A published report in the London Mirror newspaper revealed, British Chancellor, Philip Hammond, of the Conservative party, is hinting Britain "could become a tax haven" due to Brexit. It would be one thing for rich people to hide their money in Britain, but it is far more financially beneficial to maintain the current tax level on private citizens, having the taxable income outright. Britain's lovely neighbor Ireland has a 5% percent tax rate for the rich in the business sector. Ireland is viewed as a tax haven of sorts, but the nation still has economic challenges that lower business taxation has not remedied.

One can gain some interest off holding others money in the same manner banks operate. However, when you can tax the money outright at the standard rate, it is much better for the state and nation as a whole. Britain would be at a disadvantage lowering the personal income tax rate, as that would mean less revenues for the state, which pays for the NHS, the salaries of teachers and police, roadwork and council housing for those in financial straits ect. Unless the state keeps the tax rate at the current level for locals and institutes a special, lower tax rate for wealthy foreigners using Britain as a tax haven, there would be tax revenue problems. 

Business Tax

Britain employing a more competitive business tax rate for foreign companies would lure more international money into a city that provides a unique lifestyle many wealthy people enjoy. London certainly has the retail/office space to accommodate more business. Foreign companies also function in the role of hiring locals, buying domestic goods and services to run their businesses and they pay VAT on their sales.

Brexit

Concessions can be negotiated, such as Europeans in Britain now, who are from European Union member states, can remain in the United Kingdom indefinitely, in exchange for Britain having access to the single market. I am not of the belief it is in the best interest of Britain or the European Union to complicate and restrict trade between both parties. Restricting or discontinuing trade between both parties is a lose-lose situation for both sides. Why turn away a paying customer over a political dispute. It is not in the public's best interest on either side.

There are Britons who employ many people in the United Kingdom at companies with business interests in the European Union. They will lose revenue and which spells less taxable income for the State. There are businesspeople/companies in the European Union with financial interests in Britain, who will lose money that is taxable revenue for EU states, if trade channels are closed or partially restricted.

The NHS

As proposed on this site last week, the British government could institute a special NHS tax of 5-20 pence on all purchases in Britain, even labeling receipts as such to create national pride in helping the historic medical institution that all Britons need at some point or another. The money can be successfully raised on a regular basis through non-intrusive and fair taxation one would not really feel at the register, as it's only a few pence per purchase.

Asset Forfeiture And Seizure

As stated on the site previously, the British government could ramp up collection of assets belonging to serious criminals and use it to pay for items such as police salaries. Fines and restitution levied against serious criminals could be higher. They go to jail for a time and their lavish homes, cars and swollen bank accounts are waiting for them upon release. It stands to reason, if you make your money from selling narcotics such as cocaine or via engaging in violent crimes, you should be required to forfeit all assets via whopping fines, forfeitures and seizures, to help pay your debt to society. I'm not referring to people with simple traffic violations, ect. I'm referring to hardened criminals in organized crime and all elements of the drug trade.

Labour Politician Jeremy Corbyn

Labour politician Jeremy Corbyn's vision for Britain is that of a third world socialist nation with strains of communism. I know people who think as he does in the international community. They want a fairer society, especially where the poor are concerned. And there's nothing wrong with helping the poor. It is admirable. However, to take a disproportionate amount of money in taxes from the rich, punishing them for being successful, is not fair either. Taxation must always be fair.

Corbyn seeks to overly tax the rich (80-100% of their income) via a maximum earnings wage cap, which will encourage mediocrity and less revenues. Corbyn wants to scrap the Trident missile defense system and other military programs, when Britain, particularly London, is a high value target for bloodthirsty criminals, who hate the West and all it stands for in the world (capitalism, free speech, free press, freedom of religion, freedom of choice in clothing/music/movies, which are all good, enjoyable things).

I do not think there is anything wrong with capitalism. As long as no one is being robbed or physically abused, buying and selling goods in a work atmosphere is productive and supports many families. Corbyn is British, but his mindset is in non-democratic socialism and communism. Some adopt this radical view after seeing the suffering of the poor. However, financially punishing the rich to terrible extremes, is not going to help the poor and middle class in Britain, a nation modeled on democracy, freedom of choice, creativity and entrepreneurship. 

There are foreign heads of state who were educated in London, then went on to govern third world nations that have socialist leanings and undercurrents, but they did not adopt the hardline socialism and communism Corbyn has espoused and is proposing for Britain. It has been a cycle of Corbyn making radical socialist and communist statements, some in Britain decry it, he retracts it, then a little time passes and he promotes said views again as his political platform. It is an indicator and forewarning of what will unfold if Corbyn gets into office as Prime Minister. He is going to push Britain into non-democratic socialism with strong undertones of communism and inadvertently plunge the nation into poverty.

I'm not slamming Corbyn. I think he is trying to help the poor, but the way he is attempting to go about it will lead to widespread poverty. We live in a troubled world where some have no respect for human life. Britain needs protection. We also live in a capitalism driven world, where even Britain's fellow superpower China, uses capitalism for the economic development and the enhancement of their nation. In China you can earn billions, but one must be discrete about it. Through capitalism based hard work, China has seen a tremendous economic boom. Britain needs to bring back that industrialism to its own nation.

If Corbyn taxes the life out of the rich, who would flee, who is going to pay for all his social programs. If Corbyn taxes the life out of the rich and they leave Britain for a more favorable tax rate, who is going to employ the middle class and the poor, who seek to work to put food on their tables.

Not everyone is going to be a wealthy entrepreneur and there is nothing wrong with that. Some people have a mind for it and some don't, which is fine. Some will create companies and others will work in them. Once again, that's perfectly fine. No country has a nation of nothing but bosses and billionaires.

For some, making it in society is being gainfully employed, owning their own home and financially taking care of their families - and you know what, that's a great dream and goal. Don't let anyone make you feel bad for not being a millionaire. Do the best with the talents you have been given in life. There's no shame in an honest day's work. If you are a boss, have a heart and treat your employees well. Give back to the community that has given so much to you.  

STORY SOURCE

Philip Hammond hints Britain could become a 'tax haven' as a result of Brexit

His comments came after Theresa May angered Remainers by pushing for a hard Brexit that will take us out of the single market and customs union

12:21, 15 JAN 2017 Updated12:44, 15 JAN 2017 - Philip Hammond says Britain may need to reinvent its economic model. Chancellor Philip Hammond said the UK could change its economic model towards a US-style low tax, low welfare one as a result of Brexit . His comments came after Theresa May angered Remainers by pushing for a hard Brexit that will take us out of the single market and customs union.

The PM’s comments, ahead of her speech on Tuesday, are likely to cause a further fall in pound. Mrs May is prepared for a “clean break” with the EU and has put ending free movement and withdrawing from the ECJ ahead of retaining access to the single market. Mr Hammond said: “If we have no access to the European market, if we are closed off, if Britain were to leave the European Union without an agreement on market access, then we could suffer from economic damage at least in the short-term. In this case, we could be forced to change our economic model.”

http://www.mirror.co.uk

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