Beckingham Palace?
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Introduction
Paolo Nutini asked ‘Jenny don’t be hasty’. Sadly, any request for ‘Jeremy, don’t be hasty’ fell on deaf ears this week. Now the UK appears at a crossroads re its punching power to attract global #wealth.
As per an earlier post, Jez also created a new #CGT rate for higher rate taxpayers – 24% on sale of residential #property.
But don’t worry, we’re told that Jeremy ‘won’t be stingy’ and that he’ll pay at his own, personal rate of 28% when he sells up.
Eh?
Well, obviously, not through his #tax return. He can’t just use a diff rate or fudge the numbers.
I am sure that’s not the plan. He’s a smart, honest cookie even amongst the current crop of top Tory talent.
Patriot gains
One assumes that he’ll be making a ‘patriotic payment’.
I wrote about these back in 2020. I’ll add a link shortly in the comments (if I do it now I will be punished by the #LinkedIn Gods – heaven forfend I want to share information rather than a selfie).
This was after Simon Pegg – of Hot Fuzz and Mission Impossible fame – insisted that millionaires, like him, should pay more tax.
He added his name to a magnificently named band of celebs called Millionaires Against Pitchforks who released a letter at the #Davos Economic Forum.
It must be said, I cannot find hide nor hair of this organistion. But its work is carried on via Patriotic #Millionaires who, in a similar stunt, delivered a letter at this year’s event.
But I digress.
Certainly in the UK, the likes of Pegg, don’t need to wait for the global elite to move on this.
Anyone who would ‘gladly pay more tax’ can do so.
They can make a ‘Patriotic Payment’ – a voluntary payment used to pay down the enormous national debt.
According to 2019 figures from the Debt Management Office, around 200 such payments totaling £8.3m have been made since the TURN OF THE CENTURY!
I note that the prof services firm RSM UK obtained figures for the year to 31 March 2023 under an FOI request. They found that there had “been a general decline in such donations over the last 10yrs from a ‘high’ of 17 in the year to 31 March 2021 to just six donations in the year to 31 March 2023.”
In terms of the pounds shillings and pence, we see it looks very much like pennies.
RSM state that: “what’s more surprising is that… the six donations in the year to 31 March 2023 amounted to only £47,249, up from a paltry £2,108 the year before.”
Why the poor show?
Could it be that the UK’s patriotic millionaires’ talk exceeds their trousers?
Or is it because the payments are used to service the national debt leading to the feeling that one is chucking cash down a pit?
What if the payments went in to the general pot and used directly for:
✅ the NHS?
✅ Environmental causes?
✅ Providing social care?
What if you could choose?
Would this make a difference?
Conclusion
Anyway, we will soon see the level of Patriotic Payments swell as and when Mr Hunt comes to sell his properties.
So, again, Jeremy, don’t be stingy.
If you have any comments or queries on this article then please get in touch.
