UK’s 50 richest families hold more wealth than 50% of population, analysis finds

So 50 families hold over 50% of the wealth yet it takes 300,000 people to contribute just 30%.

There’s the issue.

 

There’s a very big difference between paying income tax and holding wealth though.

 

I would venture there's probably also a difference between what such people would be due to pay, based on their income, and what they actually end up paying once their accountants have gone to work.

 

Thought this was Barnsley Billionaire Society am I in the wrong page??

 

What you find is that accountants generally offer proactive tax advice to clients. Though the big 6, now big 4, did like to recruit certain people from government with expertise of certain laws. Find loopholes. Sell those loopholed services to clients, then second the individuals back into government to advise on tax.

There's a whole other layer of 'financial advisors' who proactively approach high net worth individuals with schemes that aggressively reduce tax. I even knew of a private jet company back in the day who would literally fly clients around either side of midnight and land again in order for them to qualify for non dom status and keep domiciled days minimised.

I don't think it's as bad as it used to be, but while ever there is money to be made from getting the rich to limit paying taxes, such people will always try and find a way to do it.

 

Its an absolute disgrace and should be called out for what it is. As simple as that. If society is so skewed that wealth is so concentrated in so few hands we should be having a conversation about it as well as a conversation on how to fund services and institutions that are important to all our citizens. Our society is comprised of c.70 million not 50 families.

 

Great concern for me is the direction of travel too

if anyone is interested in this check out Gary’s economics podcast and YouTube videos

Interesting chap.

 

There will be some who defend that massive gap, but if you following that take to its logical conclusion then they'd probably defend them have 95% of the wealth too.

 

I don't understand how you could think that is a defence, it's an illustration that the current approach is causing an ever growing gulf in terms of wealth. It demonstrates that we need to do something differently.

 

He's actually making the argument for making it a more balanced society.

I'll happily pay 50% on say £500k a year.

(although this was about wealth not income tax, which is another argument)

 

are you suggesting you shouldn’t hold wealth?

 

When I mention the royals and them not paying IHT - why does it get washed over?

this is a family who’s wealth is from the state, yet people who have actually earned their money are derided for protecting what they’ve built up

 

no, I’m suggesting you’re conflating two issues.

 

apologies , you’re right , I have

 

I've said multiple times that they should be subject to inheritance tax.

 

Sorry mate, just seen this, I always struggle to get decent WiFi when I’m in the middle of the med on my yacht…we all know how annoying that is

 

Duke of Westminster inhereted his Dad's fortune of £1bn when he died and didn't pay a penny in IHT.

 

Er, £9.5bn (2016). Current wealth £9.884bn now, according to the Sunday Times.

 

When you have over nine billion, I wonder what has value any more? How many mansions, posh cars and race horses can you have? Money seems to be different at different levels. The stuff that we use to buy every day essentials seems to be different to government debt. If you said that individual wealth was capped at, say, one billion and spread the rest among the population, would we be better off, or would prices rise to meet the new found wealth?
If the money was used to provide services would the cost of services rise to meet the money available?
A redistribution of wealth will never happen, of course, because money buys power and unless there is a revolution you’ll never get it out of the hands of the billionaires.
If there were a revolution, like the one in Russia, you will finish up with a different, or some of the same set of billionaires.
It’s the human condition I’m afraid and that’s how economists make their money. Yes, it’s unfair, but so what?

 

Sorry my mistake he paid no tax on £9bn.