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Joined 1 year ago
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Cake day: June 14th, 2023

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  • Not the same - a bank needs it to be roughly right across a portfolio of loans, I need it to be exactly right for me.

    Property tax etc is an understood part of owing a property- an intrinsically valuable thing. I’m strongly in favour of land tax - it encourages the productive use of land. I can’t live in shares, and I can’t eat them. At some point I may make some actual money from them and at that point I should pay tax. I should not be taxed now on possible future gains, anymore than I should be taxed now on a possible pay raise if I get a promotion.

    Fairer and more effective tax is essential- and to advocate for it effectively a grasp of the basics is essential. Otherwise you’re counter productive. I feel I’ve made my points and shall withdraw




  • That’s my point - I’m not making any profit from my ownership of the shares. If I were I’d pay tax on it. All I have a bit of paper which might be worth some real cash in the future. It would become a liability if I had to pay a simple wealth tax on it.

    If I use the shares as collateral on a loan and they come good then I have to sell the shares to repay the loan (and pay tax on the sale). If they don’t then I suppose the loan company takes a loss, they’ll have factored that in on to the interest I pay. So probably won’t be so low interest

    I completely agree on the economy but and happily pay all the tax I should. But ‘wealth’ is not a simple concept- it comes in many forms, it’s not just a pile of bags of cash with a fat bloke in a top hat sitting on. Even measuring it is hard. So taxing it is really hard and inefficient, which is completely glossed over in these kinds of campaigns





  • Of the counter-productive effects? I have a bunch of shares in a private company that I was given for good performance and retention. At the latest share price from the latest funding round they’re worth more than enough to put me in the 0.5%. However, they’re not liquid - I can’t sell them unless the company floats or is bought. Under a simple wealth tax I’d have to pay many thousands of pounds of tax on them every year despite them having no realisable value. Just because something is an asset with a nominal value doesn’t mean it’s liquid or generating income. Obviously when (if) I sell the shares I’ll pay capital gains, or if they generate a dividend, income tax.