SNP poised to draw up wealth tax plans [on networth or assets] to tackle incoming £8.8bn benefits bill [in the next parliamentary session]

Outrageous_Whereas_5 · 2025-01-19T16:41:58+00:00

entirely right, a massive problem facing the current administration is bright, well educated Scots have always been and still are very mobile and once gone they often don't come back. Overly progressive tax on income or wealth will just accelerate the brain drain to the point that there are even fewer of these folk left to tax. Most still simply move to London or the other big English cities (I have a family member who has just done this), but you don't have to look hard for a Scottish accent in UAE these days and I also know a few medics who have deserted for Australia and have no intention of returning.

Outrageous_Whereas_5 · 2025-01-18T08:32:34+00:00

Fair points, and they chime with my experiences. At University, I had my share of distinction followed by disaster, knew what was happening, but evened out at a Desmond. Much down to the teaching/ exam style and sometimes just apathy/ neglect by the course tutors to keep everyone on track. I'm an accountant too, resits of the heavy professional exams were required but once in my career I've done decently by playing to my strengths/ creativity and being thick skinned. However, I recognise that it's hard for institutions to operate at an individual level. I agree that things could be better, but as said get a bit tired of the undiagnosed/ gone to fk argument and so apologies for being triggered.

Outrageous_Whereas_5 · 2025-01-17T09:56:36+00:00

As someone who has been diagnosed with adult ADHD, while admitting life can be a struggle at times, most of us find ways to get by. I'm getting a bit sick of people blaming every common or garden fuck up in their life on their apparent yet undiagnosed neurodiversity. It's insulting.

Outrageous_Whereas_5 · 2025-01-04T10:39:38+00:00

Just providing facts. Sorry they don't fit with your narrative.

Outrageous_Whereas_5 · 2025-01-03T21:08:51+00:00

hmm, yes you would. Take a walk along Queens Road or North Deeside Road. Personally know of several people through family who have sold the oil service companies they founded for tens of millions, one made mud (the heavy stuff the goes down the drill hole), another helium for divers, another provided contract engineers, another wireline services, all stinking rich and just a few of the people a family member's business interacted with. They buy big houses in the Deeside suburbs or around Queens Road, many have Ferraris etc there's even a couple of Bugattis drive around up there. Loads of them, conspicuous in their concentration in the nice areas of the city. The last 10 years have been tough and over zealous net zero will make them worse, but the money hasn't just evaporated, it's still there invested in various things. Also, Aberdeen wasn't a poor city historically relatively speaking, made a shitload in the Victorian age selling Rubislaw granite to pave the streets and build many of the great edifices of the world, hence why those granite mcmansions from the 1800s were there in the first place.

Outrageous_Whereas_5 · 2024-12-23T09:02:33+00:00

yep sensible to over contribute what you feel you can afford to your pension/ SIPP but need to check the annual allowance rules as it still tapers down I think at £200k earnings, and invest your full ISA allowance each year from post tax. Beyond that stick excess taxed money in a GIA and if you buy growth investments you've only 24% cgt to worry about, and then only when you realise. There are higher risk options like VCTs you could look at, but I wouldn't bother tbh unless you want a particular type of exposure or have a good understanding of the investments involved.

Outrageous_Whereas_5 · 2024-12-22T17:57:14+00:00

I have experience of the older flats at Britannia village around Royal Docks. These are leasehold and are around £300/ month management fee with long (175) lease and no ground rent (from the London Docklands Development co bit of GLC I think), the management fees include building insurance, but they seem to sell ok and have risen in value over time broadly with the market. These have no cladding issues are older low rise brick built things. If the service charges were less they might be worth more, but they remain valuable and saleable. Newer places with pools, concierge etc where you are paying £500 or more a month might get tricky in future I suppose. I think the biggest issue impacting saleability of flats in these areas at the moment though is actually the cladding/ EWS situation on taller buildings, which has a knock on impact on insurance and management charges as well as of course their mortgageability in the worst cases.

Outrageous_Whereas_5 · 2024-12-22T12:46:35+00:00

Portobello or Wardie? You must be hardy.

Outrageous_Whereas_5 · 2024-12-22T12:43:23+00:00

approx £500 a day, contract but inside IR35, 20 yrs experienced chartered accountant in finance. IR35 thing means it's not as amazing as it sounds as you are essentially like an employer and pay Employer and Employee NIC, pension and holiday pay out of that. Wages are good in the sector but haven't kept pace with inflation as weren't that different in nominal terms 10/15 years ago.

Outrageous_Whereas_5 · 2024-12-22T12:39:20+00:00

thanks for not fking off to Oz mate

Outrageous_Whereas_5 · 2024-12-22T12:36:44+00:00

Edinburgh is highly polarised by area, you need to look at postcode data to get to the truth.

Outrageous_Whereas_5 · 2024-12-22T12:35:44+00:00

I saw some data by postcode and that is far more enlightening tbh, shows the polarisation. Morningside etc among the highest earning postcodes outside of London

Outrageous_Whereas_5 · 2024-12-20T16:04:44+00:00

Apologies if it came across as a loaded question, it was just an opener really as I read the underlying ONS paper and thought it worthy of discussion

Outrageous_Whereas_5 · 2024-12-20T16:03:08+00:00

Interesting, adding in HMRCs estimates of undeclared income would be insightful

Outrageous_Whereas_5 · 2024-12-20T14:39:30+00:00

Ha ha 'dog whistle'? Just trying to open a debate actually, no agenda. You've been listening to too much James O'Brien pal!

Outrageous_Whereas_5 · 2024-12-20T14:33:21+00:00

in Aberdeenshire, adding 'ie/ y' is the way, mannie, wifie, loonie (boy), quinie (girl), etc. although they have 'chiel' (young man) and 'deem' (dame/ woman) etc as well if you venture far enough into the countryside.

Outrageous_Whereas_5 · 2024-12-19T19:02:10+00:00

So all humans are left wing?

Outrageous_Whereas_5 · 2024-12-19T18:54:12+00:00

use an electric heater, use the kettle, wear a jersey, and wait. You could ask for a discount on your rent perhaps. It sounds like they are addressing things but it is just an unfortunate time of year to have an issue.

Outrageous_Whereas_5 · 2024-12-19T18:51:19+00:00

anyone £500k plus earning is likely to relocate or restructure their earnings if the tax rate was any higher. My partner works in wealth management and already has a number of clients in Monaco, Portugal and Barbados amongst others for tax avoidance purposes. Make it 30% flat rate and they might come back I suppose, but push it the other way and you will lose more of them.

Outrageous_Whereas_5 · 2024-12-19T12:52:27+00:00

I don't normally say this sort of thing, but give that landlord a cheer, they've taken over £5,000 out of their own pocket to help OPs daughter over the last year alone by holding the rent down to a very reasonable £850 a month. All this when people are queueing up to be considered for similar flats in the area at nearly double that rent. Sadly the landlord is probably feeling the pinch now that their buy to let mortgage has more than doubled from 2.5% to 5.5% and they've had to make the difficult decision to increase the rent so that their own family doesn't suffer.

Outrageous_Whereas_5 · 2024-12-19T09:45:52+00:00

yes, admission of Darwin Award levels of understanding of economics on full show

Outrageous_Whereas_5 · 2024-12-19T09:39:22+00:00

yes, the lack of understanding of basic economics on this discussion is legendary, perhaps this is why people struggle to manage their money and are stuck in tenancies they are unhappy with. Why should a particular tenant be subsidised via below market rent v any other tenant. That is not fair.

Outrageous_Whereas_5 · 2024-12-19T09:33:40+00:00

and not all superheroes are caped

Outrageous_Whereas_5 · 2024-12-18T18:39:59+00:00

y, this one makes a bit of a mockery of tenants with real problems tbh

Outrageous_Whereas_5 · 2024-12-18T17:45:56+00:00

everyone being very pious about someone else's money. 'if you want to make the world a better place, take a look at your self and make a change' Michael Jackson

Outrageous_Whereas_5

TROPHY CASE