randyandy Posted January 24 Share Posted January 24 (edited) 34 minutes ago, finlo said: Does the cost of food and utilities vary inline with those three scenarios? Utilities are fairly static across the UK. We currently are pretty lucky with how low our electricity is. Food is relatively static across the UK. Cost of living is mainly determined by housing costs. Think house prices, rental costs, Home insurance, rates/council tax Edited January 24 by randyandy Quote Link to comment Share on other sites More sharing options...
Apple Posted January 24 Share Posted January 24 When all the subsidies drop out and the impact of this years budgets become clearer there may be some hard choices for those on lower incomes. Quote Link to comment Share on other sites More sharing options...
AOR Posted January 24 Share Posted January 24 (edited) Inheritance Tax is an interesting aspect here. We often learn about these things once it is too late. OK, so it will only affect those - or rather the beneficiaries of those - leaving more than the UK Inheritance Tax Free threshold of £325,00 but it needs to be considered. Along with the concept of domicile. (Hah! so you think you're Manx do you, and not subject to UK IHT.......?). Big subject. Potentially lots of wonga to be lost/gained too. Edited January 24 by AOR 1 Quote Link to comment Share on other sites More sharing options...
Lilly Posted January 25 Share Posted January 25 3 hours 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. Actually in some cases rates/council tax are lower or equivalent in Uk as single person qualify for 25% discounts. Also water rates can be as little as £190 for a year, there are many social tariffs in place for other bills for the low earners in the UK. My rates for my property on the IOM l anticipate will go up in April and be on par with the UK if not higher. After also watching Martin Lewis money program tonight l would certainly be financially better off in UK, although it would be a difficult decision to leave my family behind. Quote Link to comment Share on other sites More sharing options...
Lilly Posted January 25 Share Posted January 25 3 hours ago, randyandy said: Utilities are fairly static across the UK. We currently are pretty lucky with how low our electricity is. Food is relatively static across the UK. Cost of living is mainly determined by housing costs. Think house prices, rental costs, Home insurance, rates/council tax My house insurance in the IOM is 3 times what it would cost in the UK and yes l know this to be fact, l have for many years purchased this locally but l won't be this year l plan on buying online. Quote Link to comment Share on other sites More sharing options...
Lilly Posted January 25 Share Posted January 25 2 hours ago, AOR said: Inheritance Tax is an interesting aspect here. We often learn about these things once it is too late. OK, so it will only affect those - or rather the beneficiaries of those - leaving more than the UK Inheritance Tax Free threshold of £325,00 but it needs to be considered. Along with the concept of domicile. (Hah! so you think you're Manx do you, and not subject to UK IHT.......?). Big subject. Potentially lots of wonga to be lost/gained too. But it's complicated as l'm sure the IHT rule was changed in 2016? l think there is a three year tax rule with UK on IHT, l'm not sure whether its to do with domicile or residency. I could be totally wrong about this and have misunderstood, apologies if l have. Quote Link to comment Share on other sites More sharing options...
mad_manx Posted January 25 Share Posted January 25 7 hours ago, genericUserName said: Most couples here earning average incomes will be paying about the same in income tax as they would be in England. But if only one of you is working you are better off here..UK does not allow you to pay tax together.. Over here you get the tax free allowance as a family.. 3 Quote Link to comment Share on other sites More sharing options...
mad_manx Posted January 25 Share Posted January 25 7 hours ago, genericUserName said: Most couples here earning average incomes will be paying about the same in income tax as they would be in England. But if only one of you is working you are better off here..UK does not allow you to pay tax together.. Over here you get the tax free allowance as a family.. Quote Link to comment Share on other sites More sharing options...
mad_manx Posted January 25 Share Posted January 25 3 hours ago, Lilly said: My house insurance in the IOM is 3 times what it would cost in the UK and yes l know this to be fact, l have for many years purchased this locally but l won't be this year l plan on buying online. Unless your house is non standard you should not be paying more than £200 or so per year for an average house here.. I'm paying around £140 a year for a 4 bed semi . Local insurers often charge many multiple of this.. Quote Link to comment Share on other sites More sharing options...
GD4ELI Posted January 25 Share Posted January 25 7 hours ago, finlo said: Does the cost of food and utilities vary inline with those three scenarios? I'm in a desirable area (TR11 5LR - Google it). TR11 5LR - Google Maps Food - no if you shop at ASDA etc., beer can be expensive in the south-west @ £5 a pint. Utility prices do vary across the country, water is low here, electricity a bit higher. Also add on the issues people on the rock have with mail order, Facebook often full of this at times. Quote Link to comment Share on other sites More sharing options...
P.K. Posted January 25 Share Posted January 25 8 hours ago, woolley said: I'm glad I never decided where to live on the basis of money. I live here because I love the place. When money's tight love flies out the window... Old Inuit proverb. In fact you love it so much you have a place in Spain...! Quote Link to comment Share on other sites More sharing options...
P.K. Posted January 25 Share Posted January 25 1 hour ago, GD4ELI said: I'm in a desirable area (TR11 5LR - Google it). TR11 5LR - Google Maps Food - no if you shop at ASDA etc., beer can be expensive in the south-west @ £5 a pint. Utility prices do vary across the country, water is low here, electricity a bit higher. Also add on the issues people on the rock have with mail order, Facebook often full of this at times. The area is only desirable because living near you folks qualify for a reduction in their rates... 4 Quote Link to comment Share on other sites More sharing options...
GD4ELI Posted January 25 Share Posted January 25 Just now, P.K. said: The area is only desirable because living near you folks qualify for a reduction in their rates... Second word is 'off', first word I'll leave to your imagination . 3 Quote Link to comment Share on other sites More sharing options...
GD4ELI Posted January 25 Share Posted January 25 2 minutes ago, P.K. said: The area is only desirable because living near you folks qualify for a reduction in their rates... Horrible 1 Quote Link to comment Share on other sites More sharing options...
P.K. Posted January 25 Share Posted January 25 Those buildings right on the foreshore are very much at risk from global warming... 1 Quote Link to comment Share on other sites More sharing options...
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