HMRC Is Shite

HMRC Is Shite
Dedicated to the taxpayers of Britain, and the employees of Her Majesty's Revenue and Customs (HMRC), who have to endure the monumental shambles that is HMRC.

Wednesday, 9 December 2009

Thought For The Day

WTF

Good luck to HMRC in trying to levy a "bankers' bonus tax", in the event that Darling implements one in his "Pre Budget Report" today.

Disregarding the fact that taxing one specific "class" of worker is contrary to the concept of taxes being non discriminatory, the tax will be unworkable:

1 There will be a wholesale exodus of banks, other financial institutions and individuals from the UK.

2 What is the definition of a "banker"? Those who currently fall into Darling's definition of "banker" will simply have their employment status/title changed, to eg "admin clerk".

3 Pay rises will be backdated to mop up the bonus pool.

The tax will be shot to pieces, and HMRC will be forced to waste valuable time and resources trying to "pin a tail on the donkey" of the bankers.

Tax does have to be taxing.

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5 comments:

  1. Why has nobody pointed out that the government is receiving 40% of every bonus already? Or have i got that wrong?

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  2. The 40% comes out of the employees bonus (if they are higher rate). This tax is on the banks not the employee. I think the idea is to discourage the employer from paying the bonuses by charging them 50% and that has to come out of their profits. But like Ken said I'm sure the banks will find a way around it.

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  3. Perhaps so if taxed under PAYE. But most Directors' bonuses are tax-free under PAYP - Pay As You Please!!!

    ReplyDelete
  4. They're all thieving bastards and have bankrupted me and the rest of the UK. I say lock 'em all up and throw away the key!

    ReplyDelete
  5. The banks don't have to find a way out of this, they just charge the customers more money.

    The banks have not nearly bankrupted the UK, the government did so through excessive public spending, crazy policies and poor handling of the banking situation.

    Socialism and capitalism don't mix. Free the capitalists to make money and tax them (without damaging the economy and therefore jobs) proportionately to pay for some public services. Easy.

    Trevor Scott

    ReplyDelete