House Value vs Boat Value

[Momac]

The Covid debt has to be paid out of income tax rate increases with the tax free amount not leaving people on the minimum wage any worse off. That is the only way .

Income tax used to be much higher than it is now. People survived that so they will survive it again.

https://en.wikipedia.org/wiki/History_of_taxation_in_the_United_Kingdom#:~:text=UK income tax has changed over the years.&text=The highest rate of income,through the 1950s and 60s.

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[Greg2]

The Covid debt has to be paid out of income tax rate increases with the tax free amount not leaving people on the minimum wage any worse off. That is the only way .

Income tax used to be much higher than it is now. People survived that so they will survive it again.

https://en.wikipedia.org/wiki/History_of_taxation_in_the_United_Kingdom#:~:text=UK income tax has changed over the years.&text=The highest rate of income,through the 1950s and 60s.

I’m looking for a good brickie in case they bring the window tax back! ?
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[andy59]

No problem with general tax increases as long as the big Tech Co's and Corporations that have done well through the pandemic are given a good look at Small business on the high street are on their knees, the pandemic has been the perfect storm to small business and a massive boost to the big corporations, imho.

 

[Zing]

No problem with general tax increases as long as the big Tech Co's and Corporations that have done well through the pandemic are given a good look at Small business on the high street are on their knees, the pandemic has been the perfect storm to small business and a massive boost to the big corporations, imho.

Yes. A tax on big tech. The enemy of the people. The silencers of free speech, freedom and Trump. They deserve their retribution. Let it be a truly painful tax.

 

[RJJ]

2 a penny in London, you know that

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Where we are, a 4 bed 2000 sq ft terrace is going for £1.5m.

That's the outer part of zone 2.

Doesn't mean anyone's got disposable income or wealth, until they sell it. I would say the appropriate metric is boat: equity value in house, which for us is 10%.

 

[gordmac]

WEALTH TAX
It is strongly rumoured there is a wealth tax coming to help pay for the pandemic spending 1% per year for 5 years on anyone who has wealth of over £500000 which will include houses
Doesn’t sound good

Interesting idea but not really practical. How could someone's wealth be assessed? They could revalue all properties in the country and if that led to a more equitable council tax regime that would be good but I doubt that will happen. Anyway we have a Tory government, they won't bite the hand that feeds them.

 

[Farmer Piles]

Sounds right and morality right , and I am happy to pay .

I can see the logic but it would really hurt me and thousands of farmers around the country. Asset rich but cash poor and working hard to grow food for our urban population. To have to find an extra £20k per annum on top of my current tax bill and declining revenue would be a hard blow. Especially as I have turned 60 and find 90 hour weeks increasingly hard going.

 

[andy59]

Yes. A tax on big tech. The enemy of the people. The silencers of free speech, freedom and Trump. They deserve their retribution. Let it be a truly painful tax.

Nowt to do with free speech, freedom & trump, more about pandemic driven windfall and creative offshore accounting

 

[Momac]

I can see the logic but it would really hurt me and thousands of farmers around the country. Asset rich but cash poor and working hard to grow food for our urban population. To have to find an extra £20k per annum on top of my current tax bill and declining revenue would be a hard blow. Especially as I have turned 60 and find 90 hour weeks increasingly hard going.

Fear not its probably not happening
Rishi Sunak rejects emergency wealth tax to cover £280billion Covid bill

 

[Farmer Piles]

I suspect that it was an idea being knocked around and because it made good headlines it got more coverage than it deserved.

 

[Zing]

Nowt to do with free speech, freedom & trump, more about pandemic driven windfall and creative offshore accounting

That‘s your justification for a tax, mine is as stated. There is another reason. They have and are still sucking large amounts out of our economy and making shed loads of money. They don’t pay much in relation to what they take. Taxes have to follow the money and they are where the big money is. I hope now we are free of EU constraints we can tax them very, very heavily. A quantum change is needed.

 

[Zing]

I can see the logic but it would really hurt me and thousands of farmers around the country. Asset rich but cash poor and working hard to grow food for our urban population. To have to find an extra £20k per annum on top of my current tax bill and declining revenue would be a hard blow. Especially as I have turned 60 and find 90 hour weeks increasingly hard going.

Farms and trading businesses are usually exempted. Don’t worry, unless you intend to become a gentleman farmer in your retirement.

 

[Greg2]

That‘s your justification for a tax, mine is as stated. There is another reason. They have and are still sucking large amounts out of our economy and making shed loads of money. They don’t pay much in relation to what they take. Taxes have to follow the money and they are where the big money is. I hope now we are free of EU constraints we can tax them very, very heavily. A quantum change is needed.

Not wishing to descend into a Lounge type discussion but leaving aside your other points silencing Trump is not a bad thing in my book ?

 

[Whippersnapper]

Kind of a silly question, everyone makes different choices and determinations. We are very conservative with what we will spend on a depreciating asset. In reality the biggest issue for us looking forward is running costs once income declines in retirement. For me the metrics would be boat : net worth and boat annual costs : income. That would make us about 3% and 5% respectively.

 

[ProDave]

You’ve either got a very big house or a very small boat.....or both

£300K house, <£3K boat.

It is rather odd that old small boats with flappy bits and a stick, are very much cheaper than old small power boats. A friend paid a lot more for an open 18ft Orkney power boat than we did for this sail boat.

 

[gordmac]

Open fishing boats are quite expensive. Old sail boats are hard to give away!