integrity Posted July 2, 2015 Share Posted July 2, 2015 I don't fully understand what the issue is with local property owning companies paying 20% tax. I need to pay 20% tax on the income I obtain from the property I rent out. I'm not sure what is issue is with others doing the same? But you could say that for any business at all. An accountant, a shopkeeper. Anything. In any case, a shareholder will pay 20% on the distribution income from a limited company. In fact, I'll take it from the horses mouth. Eddie Teare says it will make no difference to anyone as it is only a matter of timing as to when the tax is paid. So in other words, Eddie Teare has managed to find £3million from nowhere. Everyone a winner. Which is a bit like Tony Brown declaring the New Hospital "didn't cost the taxpayer a penny". Because it was paid for out of the National Insirance fund. Is it, that if they were charged 20% they would bugger off? After all, they're hardly here for the weather. It depends on who you mean. A limited company with say 2 or 3 flats? Not everyone who has a limited company is rubbing shoulders with Dan Tynan and Seamus Nugent you know. So what's the issue then? Clearly we are not going to get a flood of property sales on island because they need to pay tax at 20% now rather than later. And in reality with deductable allowances/expenses the net effect is less anyway. Ok, ok, the actual issue isn't about the property tax (that can wait, or can be continued in perhaps an existing thread). The actual issue of this thread is how can a man be elected OUT of the House of Keys BY the House of Keys to do a job that is supposed to SCRUTINISE the House of Keys and yet, as a Member of the Legislative Council, continue to do the job as a political member...but even then get elected OFF the Legislative Council (ostensibly a job that is a revising chamber) BY the House of Keys and yet be requested by the Minister of the Treasury to continue doing the job. Allow me a wee swearie: WTF? If this isn't a cast iron example to show that the current function of the Legislative Council is a joke - a highly expensive joke at that - then nothing is. It is also a shameful example that Minister Teare and his bossman Chief Minister Allan Bell (who appoints the members of Departments) have stuck two big fat fingers up to the principle of democracy and the people of the Isle of Man. And that includes you and me. Karran the leading reformer in the political system on the Isle of Man yet again is blocked by the establishment, as they continue to protect the interests of the few. A forensic examination over the last thirty years of our parlimentary records will show an Executive that has continually denied to reform our systems of government as to do so would deny the few to prosper over the majority. Our children and future generations will reap the harvest of degenerate ruling class. 4 Link to comment Share on other sites More sharing options...
Please sign in to comment
You will be able to leave a comment after signing in
Sign In Now