Quote:
Originally Posted by ianch99
You misunderstand my point. I am not suggesting taxing your money twice and again, this point does not apply to 95+% of the population unless your net worth is in the tens of £millions 
If you have large amounts of capital, assets, etc. that increase in value or generate income then you should pay tax on these increases at the rate everyone else does. Why should a multi millionaire/billionaire have an effective tax rate of a fraction of, for example, a nurse or care worker. |
It does not take earning tens of millions to get you taxed twice.
You could be earning 35k per year and get RSU’s in a startup and you’re getting hit for tax on the RSU’s NI AND employers NI
To answer your question re millionaire vs nurse
The millionaire has zero personal tax allowance and pays tax on every penny of their paye income at varying rates (so that’s 45% on 850k of their earnings)
A nurse earning £40k per year pays 0 zero tax on the first £12.5k and 20% on the rest
The millionaire has paid £382,500 JUST at the 45% level
Just how much do you want ????