Jump to content

Better off in UK


Moghrey Mie
 Share

Recommended Posts

Watching Martin Lewis on Money Programme makes me realise i would be better off living in the UK where I could have an ISA (£20,000 maximum), the first £1,000 on any interest I earn would be tax free and I could Rent a Room with an allowance of  £7,500 tax free per year.

 

Please convince me -What are the financial advantages of living in the Isle of Man?.

 

 

  • Like 2
Link to comment
Share on other sites

6 minutes ago, Moghrey Mie said:

But pensioner unable to purchase ISA and paying tax on interest earned on savings might be worse off here.

Except, of course, the pensioner will still have the tax free personal allowance. Meaning that tax won't actually kick in until they earn £14.5K. £29K for a couple.

Edited by genericUserName
  • Like 1
Link to comment
Share on other sites

I think the financial advantages are long gone, the vibrancy is gone as discussed elsewhere. People have to make their own choices about what they enjoy about living here, but for many that I know personally, they have left. I think it's familiarity and the TT and MGP that keeps me here. 

  • Like 4
Link to comment
Share on other sites

Just now, offshoremanxman said:

It depends what your income is it’s as simple as that. I’d imagine most people on £35K or less especially would be better off in the UK for a number of reasons. 

Last time I worked it out, people on £50K pay about the same as they would in UK. 

Obviously we pay lower rates / council tax. But cost of living is much higher.

  • Haha 1
Link to comment
Share on other sites

6 minutes ago, genericUserName said:

Last time I worked it out, people on £50K pay about the same as they would in UK. 

Obviously we pay lower rates / council tax. But cost of living is much higher.

Cost of living is higher than somewhere shit, about the same as somewhere decent, and less than somewhere desirable 

Edited by randyandy
  • Like 3
Link to comment
Share on other sites

9 minutes ago, genericUserName said:

Last time I worked it out, people on £50K pay about the same as they would in UK. 

Obviously we pay lower rates / council tax. But cost of living is much higher.

Around that figure is probably right. I was talking to a mate in the UK who paid £80K in tax last year on a salary of about £150K a year which is a very good salary. In the IOM you’d have to earn about £400K to pay that in tax. But as we saw today about 50% of people in the UK now receive more in benefits than they pay in terms of taxes. So if you’re a lower earner it’s far far better. It’s only starting to make sense living here if you’re earning £50-100K or more. 

Link to comment
Share on other sites

16 minutes ago, offshoremanxman said:

I was talking to a mate in the UK who paid £80K in tax last year on a salary of about £150K a year which is a very good salary.

Well according to the UK government's own website, you'd only be  paying about £54,000 tax and NI on an annual salary of £150,000 (with only basic allowances).  So your mate may have not been telling the complete truth.  But then if you believe what you read on the front page of the Daily Mail, you'll believe anything. 

  • Like 4
Link to comment
Share on other sites

34 minutes ago, randyandy said:

Cost of living is higher than somewhere shit, about the same as somewhere decent, and less than somewhere desirable 

Does the cost of food and utilities vary inline with those three scenarios?

Link to comment
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...
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...