Jump to content

Better off in UK


Moghrey Mie
 Share

Recommended Posts

1 minute ago, P.K. said:

Those buildings right on the foreshore are very much at risk from global warming...

Really? In March with strong east wind and very high tide we can get a lot of overtopping, some houses can no longer be insured.

Link to comment
Share on other sites

9 hours ago, Roger Mexico said:

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. 

I believe the conversation as it’s a person I trust. If you add in things like company cars and reducing pension tax relief offsets for higher earners many people end up with negative tax codes which drag it further down. Maybe he rounded his salary down a bit but either way you’d have to be earning more than double that here to pay the same tax. Not sure why the Daily Mail is relevant to a conversation with a friend.

Edited by offshoremanxman
  • Haha 1
Link to comment
Share on other sites

10 hours ago, Moghrey Mie said:

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?.

 

 

Why should anyone convince you, just bugger off!!

  • Thanks 2
  • Sad 1
Link to comment
Share on other sites

1 minute ago, Hoops said:

Which will make those up the hill a bit beach-side properties.

😉

They're quite a bit up the hill. Mostly rock cliffs round here with some sand cliffs, just like the IOM. Climate change will be very interesting.

Link to comment
Share on other sites

10 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.

Love doesn’t pay your rent. 

  • Sad 1
Link to comment
Share on other sites

4 minutes ago, Amadeus said:

Love doesn’t pay your rent. 

It is too expensive over here, but we have peace of mind, our kids can go out and we know they'll be safe. We lived in New Cross when Millwall played up the road, trust me, this place has benefits. There's work. I get to live close to a beach. Kids go to their local schools where the standard is decent, both in teaching and behaviour. I don't commute for hours, unless the DoI is mindlessly fvvcking around.

  • Like 5
Link to comment
Share on other sites

The Financial advantages are very simple.

No capital taxes and a possible tax cap. So, for example, let's say you have net assets of £10m then the whole of that sum can/will be passed on to your kids without inheritance tax. Similarly if you sell a long term investment in a big company making a capital gain of £1m then you will not pay any tax on the gain. 

Better off people who have an annual income exceeding about  £1m can cap their income tax at a maximum. 

Link to comment
Share on other sites

2 minutes ago, NoTail said:

The Financial advantages are very simple.

No capital taxes and a possible tax cap. So, for example, let's say you have net assets of £10m then the whole of that sum can/will be passed on to your kids without inheritance tax. Similarly if you sell a long term investment in a big company making a capital gain of £1m then you will not pay any tax on the gain. 

Better off people who have an annual income exceeding about  £1m can cap their income tax at a maximum. 

I’d abolish the tax cap if I were made king of the Island, but I do agree with no IHT and CGT. 
 

There are no financial advantages to being here unless you are a high earner. 

  • Like 5
Link to comment
Share on other sites

The only two advantages the island has over the rest of the UK, in my opinion...

 

Having raised four kids over here, it is very safe for those with young children (even letting them walk to their grandad's just around the corner, on their own, when they were younger), peace of mind and all that.

Now that all the kids are grown up, I'm at the age where I am starting to enjoy the peace and quiet the island offers.

 

Apart from those two reasons, I cannot think of anything else (especially for those in their teens until the mid-30s, nothing to do on the island, bar visit "town" and it's very few pubs, nothing else to keep them entertained). Where my wife's and my wages are at, we would be much better off across, but we always decided that money isn't everything, and to see our kids grow in a safe place, with very happy childhoods, was all that it was about for us.

 

  • Like 7
Link to comment
Share on other sites

17 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

No they wouldn't. The tax-free allowance is higher here, and there's a 10% band that you don't get in the UK. The UK also haven't increased the threshold that the 40% rate kicks in at for donkey's years. I reckon I pay about £100/month less tax/NI here, and I'm not on megabucks. It's more for my wife who would hit the 40% rate in the UK (but wouldn't have if they'd uplifted it in line with inflation). There's also little things like the fact mortgage interest is tax-deductible here- it isnt in the UK.

Rates, too. My rates in the UK were slightly higher than here but they didn't include water, which was another £400.

Edited by Ringy Rose
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...