Jump to content
Manx Forums, Live Chat, Blogs & Classifieds for the Isle of Man

Recommended Posts

Thanks CT.

You could, of course, ask Dandara! They may or may not answer but their silence could be interpreted as, they don't know/correlate the figures or, they don't want you to know!

BTL, does provide rental accommodation but the suspicion is that the rents are covering the owners mortgage and therefore more than a  mortgage would cost the renter.

  • Like 1

Share this post


Link to post
Share on other sites

Interesting that the Prom Flats ( apartments ) are rarely seen as being for sale. Neither agents boards in the windows or sales in the newspapers column.

Do the conditions of sale prohibit this? Is there a buy back condition in the leasehold? So no one knows if these flats are holding their value!

Share this post


Link to post
Share on other sites
13 minutes ago, thesultanofsheight said:

Thanks can you please explain how the triple lock works on a flat rate state pension payment? The interest rate position is worrying as most pensioners are just eroding their savings as interest is less that their living requirements. Long term you’re going to be picking up the tab for a huge number who will end up being on means tested support once their savings are exhausted. 

Neither here nor across is the new single tier state pension ‘flat rate’ although it is ‘single tier’. For the last three years across - which as you know is relevant for many here - the state pension has increased by

Annual increases

The new State Pension increases each year by whichever is the highest:

  • earnings – the average percentage growth in wages (in Great Britain)
  • prices – the percentage growth in prices in the UK as measured by the Consumer Prices Index (CPI)
  • 2.5%

The New Manx State Pension started in April 2019 so people will experience directly the first annual rise here this April. 
 

You make good point about potential income support claims. However the number of pensioners claiming has reduced slightly in the last few years, but it might be that more could and should be claiming.

Edited by Chris Thomas
  • Like 1

Share this post


Link to post
Share on other sites
1 minute ago, Chris Thomas said:

Neither here nor across is the new single tier state pension ‘flat rate’ although it is ‘single tier’. For the last three years across - which as you know is relevant for many here - the state pension has increased by

Annual increases

The new State Pension increases each year by whichever is the highest:

  • earnings – the average percentage growth in wages (in Great Britain)
  • prices – the percentage growth in prices in the UK as measured by the Consumer Prices Index (CPI)
  • 2.5%

The New Manx State Pension started in April 2019 so people will experience directly the first annual rise here this April. 

Sorry I meant the aspiration is flat rate as has been already announced. That is the established long term objective isn’t it? To de-link pensions from earnings. 

Edited by thesultanofsheight
  • Like 1

Share this post


Link to post
Share on other sites
13 minutes ago, Kopek said:

Thanks CT.

You could, of course, ask Dandara! They may or may not answer but their silence could be interpreted as, they don't know/correlate the figures or, they don't want you to know!

BTL, does provide rental accommodation but the suspicion is that the rents are covering the owners mortgage and therefore more than a  mortgage would cost the renter.

The survey would either be sampled or it could be comparing information from several datasets I guess. There is no single source with that information.

  • Thanks 1

Share this post


Link to post
Share on other sites
On 1/21/2020 at 1:01 PM, Donald Trumps said:

Would the Cabinet Office or the Tynwald Select Committee on Poverty know the answer?

Tynwald Select Committee has no data on this - it merely asks Economic Affairs. Economic Affairs have Household Income and Expenditure Survey data every five years or so, and some controlled access to anonymous and aggregated tax and benefits data.

On 1/21/2020 at 1:08 PM, Holte End said:

Bet they can say who are the  top ten earners.

Economic Affairs do not know who the top ten earners are.

Share this post


Link to post
Share on other sites

There is, of course, a single ( nearly ) source and that is Dandara.

Share this post


Link to post
Share on other sites
5 minutes ago, Chris Thomas said:

Economic Affairs do not know who the top ten earners are.

Surely those who are formally tax capped are, de facto, the highest tax generators as nobody opts to pay more tax than they have too? There’s about 40 of them left? Surely after that they can work it out on total amount of tax paid in a tax year?

Edited by thesultanofsheight

Share this post


Link to post
Share on other sites

 

On 1/16/2020 at 4:24 PM, TheTeapot said:

Wonder where the grant money now goes? I wish they'd just fucking admit it.

Also, how do I find out who of the new MHKs voted to increase the rate?

Grants come from general revenue, as does most public service financing. So healthcare mostly, then infrastructure, education etc.. 

Look at Hansard - all votes are recorded. 

Share this post


Link to post
Share on other sites
2 minutes ago, thesultanofsheight said:

Surely those who are formally tax capped are, de facto, the highest earners as nobody opts to pay more tax than they have too? Surely after that they can work it out on total amount of tax paid in a tax year?

I imagine some who could opt for tax cap don’t exercise that option. Economic Affairs doesn’t have any access to personal tax information, by law, so it does not know who any of the tax cappers are.

  • Like 1

Share this post


Link to post
Share on other sites
3 minutes ago, Chris Thomas said:

I imagine some who could opt for tax cap don’t exercise that option. Economic Affairs doesn’t have any access to personal tax information, by law, so it does not know who any of the tax cappers are.

I think it’s unlikely to be honest.- once your income hits a certain level your tax advisor is going to tell you to invoke the tax cap. You don’t need to access personal data. You need to ask the tax office how many tax cappers do we have and what is their average annual income? That’s anonymized data as there’s enough of them for a cross section. 

Edited by thesultanofsheight
  • Like 1

Share this post


Link to post
Share on other sites
On 1/14/2020 at 11:32 PM, Non-Believer said:

@ChrisThomas: whilst you're honouring the forum, any sign yet of the 2019 FOM/MGP visitor statistics yet please?

These figures are not official,statistics, but are collected by Department for Enterprise.

  • Like 1
  • Haha 1

Share this post


Link to post
Share on other sites
5 minutes ago, thesultanofsheight said:

I think it’s unlikely to be honest.- once your income hits a certain level your tax advisor is going to tell you to invoke the tax cap. You don’t need to access personal data. You need to ask the tax office how many tax cappers do we have and what is their average annual income? That’s anonymized data. 

The number of tax cappers is published in Tynwald and Hansard reasonably regularly. It is just over 60 from memory. Here is a search of Tynwald answers which produced 22 questions and answers about tax cap http://www.tynwald.org.im/business/Pages/default.aspx?=&s=OPIndex&k=Tax cap&r=businesstype%3D"Question"AND&start1=1

Edited by Chris Thomas

Share this post


Link to post
Share on other sites
8 minutes ago, Chris Thomas said:

the number of tax cappers is published in Tynwald and Hansard reasonably regularly. It is just over 60 from memory.

Yes I was aware of that so you must assume they are our top 60 earners, and you might also assume that the tax office could homogeneously give you data as to what their average world wide income likely was? Because anyone who qualifies for the tax cap isn’t going to not claim it and pay more tax than they need to do. 

Edited by thesultanofsheight

Share this post


Link to post
Share on other sites
3 minutes ago, thesultanofsheight said:

Yes I was aware if that so you must assume they are our top 60 earners, and you might also assume that the tax office could homogeneously give you data as to what their average world wide income likely was? 

That sort of information has not been provided in Hansard when I have asked, with members like Mr Hooper and Mr Ashford asking similar questions. See 1831.pdf#search=%22Tax%20cap%22

  • Like 1

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...