Jump to content

Better off in UK


Moghrey Mie
 Share

Recommended Posts

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 by randyandy
Link to comment
Share on other sites

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. 

 

Link to comment
Share on other sites

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 by AOR
  • Like 1
Link to comment
Share on other sites

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.

Link to comment
Share on other sites

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. 

Link to comment
Share on other sites

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.

Link to comment
Share on other sites

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..

  • Like 3
Link to comment
Share on other sites

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..

Link to comment
Share on other sites

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..

 

Link to comment
Share on other sites

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.

Link to comment
Share on other sites

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...!

Link to comment
Share on other sites

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...

  • Haha 4
Link to comment
Share on other sites

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 :) .

  • Haha 3
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...