Breaking News: Big Tax Changes in the UK

[@KevinTalbotTV]

Glad I left that sinking ship

[@JohnDavies-bj9mz]

Best thing I ever did was to leave the UK and move to Thailand (no not for the Sex trad) Thailand has given me a great life 26 years teaching English (now retired). Met a lovely lady now married bought a house I could never have afforded back home now live very comfortably on my UK pension.

[@Dahni555]

How do you have a UK pension if you worked abroad for 26 years?

[@volontercoins4459]

I agree that you leave UK

[@knowledgeseeker5499]

I wish I could leave too. UK taxes are way too much and can never be fixed with fair taxation

[@Bazchu1]

I’m moving Dubai in July, done with this dump of a country

[@NiceterCoolster]

It’s disgusting. Punishing people for climbing up. I thought IRS was bad but it looks like cake compared to corrupt UK and Europe. No wonder jihadis at the bottom like welfare - they pay no taxes. We need a 10-12 percent flat tax across the board. With this rich will still ot more since it’s a percentage. But it’s much more fair.

[@guyclone2651]

Seems like a trend going on here with taxes, lots of areas of favorable taxes are disappearing. What is next? A world wide tax system?

[@PixPete]

That is exactly the plan. No where to go, no where to run, unless you can get off the planet. Maybe Mars is an option after all.

[@JazenValencia]

Yes. They want a 15% world wide tax, so if you pay 9% in the UAE, you must remit another 6% to the UN.

[@alexlizogub1]

You don't know what you are talking about @@JazenValencia

[@MrAmhara]

I don’t think so. There is less cooperation among the world’s countries. Not more.

[@ukrnatal]

Read Agenda 21 & Agenda 2030. They're not only going to tax us to death, they're also taking away farms, taking all Wild land (under the 'green' policies), and removing our right to travel or have cars (ULEZ)

[@jesselivermore9285]

"Those with the broadest shoulders should contribute a bit more". They talk about wealth like it was dished out at birth and no one had a say in how wealthy they became as if wealth were similar to genetics. Wealth comes to those who work smarter and harder and sacrifice more. People who do whatever they need to do to become wealthy shoyld not have to shoulder the burden of taking care of people who didnt give a shit about success. There are people that go through life hating capitalism and hating money, but apparently everyone else needs to support them with their money. Im not a fan. The only fair rate of tax is a flat rate. If everyone pays 30% then the more you make the more you pay. Anything beyond that is medieval oppression by the state.

[@Governemntistheproblem]

Absolutely. This kind of comments "those with the broadest shoulders" is appaling. Making money is a sacrifice. It costs not only blood, sweat, and tears, but also time, health and sometimes a risk to one own capital. Now they want to flatter those who sacrificed to give free money to the lazy bums who watch netflix and play video games all day by discussing their "shoulder width!"... why arent those who pay more taxes recognized by society, have right of way in traffic? Have priority in public spaces? Why arent they called lord by the benefitors of their largesses? Why arent bridges and roads named after them? Why do they have to have broad shoulders and protect people unrelated to them with nothing in return?

[@TanzaBoy6684]

That wont work cos it will desensitise people in investing their capital to form a business. The best option is to abolish tax on income and do a 20% tax on businesses. The gov must ensure all businesses are paying their tax with no hacks or loopholes. Cos if this continues then businesses will runaway elsewhere to other countries.

[@ukrnatal]

Because those privileges have all already been snatched away by government office holders, MPs, Lords, who own hundreds of millions all stashed away in off shore havens, shell companies and trusts (see: Panama Papers, Wikileaks)

[@aarya_ai]

"There are people that go through life hating capitalism and hating money, but apparently everyone else needs to support them with their money." This is why I left the UK a decade ago. Paying 50%+ in taxes, seeing people who know how to game the benefits system living in a nicer home than me! It was bad then, looks even worse now.

[@BigNate82]

Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult

[@gee3883]

Tax aside, most people I know would leave the UK in a heartbeat. It's falling apart no matter where you look. I'm English by the way.

[@flurinjenal374]

Wait, at 13:11, can I come from Switzerland to the UK for the first four years, declare to pay my Swiss gains in the UK instead of in Switzerland, don't pay taxes on those in the UK but also not in Switzerland anymore?

[@gc12gladiator]

They will regret dropping the non domiciled status. Just wait.

[@OffshoreCitizen]

How do you see this situation developing?

[@gc12gladiator]

@@OffshoreCitizen Most of the actual non doms will leave the U.K. and not many will bite for the new regime as everybody knows that rules and regulations could change again anytime. There is no more trust in a country which has not fiscal visibility and stability. To top it all off, elections will be triggered in May and Labour will win. Tories have shot themselves in the foot trying to steer the boat towards the left. In doing so they estranged their electorate.

[@rossmilne9835]

Working as a Wealth Manager in the UK, it will be very interesting to see these clients come to our shores and take advantage of UK investment wrappers such as ISA’s and Pensions schemes. In terms of the pension, I would imagine some wealthier clients might find it attractive that they could reinvest investment income into a UK domiciled pension fund which falls outside one’s estate in even the UK and can be passed free of IHT to the generations which follow. Oh and also some specific types of scheme can purchase commercial property…

[@danielforde-pogson]

Tax is voluntary. You do not have to comply with any of this legislation. Domicile or not. The government is YOUR servant.

[@ukrnatal]

Where did you learn law? At Sovereign project/Commonlawcourt/Eldonthian's? I'd be interested to know..... really!

[@mootsiee]

So do the Uk residents pay for those who come for 4years and can leave benefitting from 0% tax ?

[@benitomussolinki7155]

Sounds like this would benefit Americans who want to take advantage of FEIE for 4 years by living in UK with a remote job

[@flurinjenal374]

Great video! 4:02 best news of today. Does that also apply for people new to the UK but already in the UK (less than 4 years) when the changes take effect?

[@flurinjenal374]

Ah, yes: 7:03

[@donovanmic]

If you could get UK citizenship during the 4 year tax holiday, you could move to Ireland under Ireland-UK agreement and then claim non-dom status in Ireland.

[@stevemyers2092]

Northern Ireland yes....not south. North is part of the UK, South is a different country and since they opted out of the EU - you can no longer just wander anywhere in the EU and live/work.

[@amelial3517]

Impossible to gain U.K. citizenship in 4 years. It’s 5 to 6 years to citizenship

[@G3Z44]

Not non dom related but just Another sign of broken Britain - the tax rates are crazy and the benefits are minimal - no support for businesses or entrepreneurs at all so no reward risk ratio and may as well just work for the government as they get more out of it than any entrepreneur, wealth maker or companies do. Disgrace

[@aarya_ai]

So true, and crazy given that a Tory govt has been in power for the past decade. For all the talk of them being the party that will instil an 'aspirational' mindset, it's total BS.

[@yvr2002rtw]

Somehow whenever I travel to the UK, I keep meeting other foreigners from other countries. Local born and raised British people seem to be rather rare in the UK these days!

[@HKFunster]

When I go back, the majority of people I meet are local born and raised British, the percentage of those born outside is 14% approx, so the bal of 86% is hardly rare . Perhaps you should get out and about a little more?

[@roberthooker4970]

New Zealand ,Canada and Oz will have similar issues. It is affecting politics and daily life is richer.

[@roberthooker4970]

​@@HKFunsterslowly change with the birth rate.

[@Adolf_Ottomania]

​@@HKFunsterwhere do you live?? Sounds like not in uk 😂

[@karlweiss7560]

Time to move out of the UK

[@OffshoreCitizen]

Let us know in case you need any help with that ;)

[@Adolf_Ottomania]

​​@@OffshoreCitizenare you jeleous 😂? and you are not even british, you are asian?

[@gerardsitja]

Need more money to dump to Ukraine? How much of our taxes are been used to buy guns to kill people in the wars going currently around the world? I do not remember voting for any of this uses on my taxes!? Also... Why pay taxes!? If they need money they can just print it. (As they been also doing it) I can't heat the house for my family to be barely comfortable as the price for electricity went up so much it will cost us the whole monthly salary just to pay the electric bill. How can we thrive in this environment!? UK it's dying rapidly...

[@Bambotb]

All countries where population and benefits are high is a shithole you should run away from

[@richardbrown9344]

Its every persons duty to evade taxes...

[@KevinTalbotTV]

Vote with your feet and leave, best thing I ever did

[@olgamelo5227]

The Elitists and Globalists don't care about the herd. They consider us beneath them. Andrew Goodwin has spoken and written extensively about this phenomema. As you mentioned, there's money to finance wars, which is a form of money laundering. There's also money to spend on asylum seekers and illegal immigrants. The elitists want cheap labour , however, these unskilled people don't contribute to the system and cost the taxpayer. There's the boats mafia, the so-called charities who profit with illegals. Last year net migration was 750,000 as opposed to 75,000. The tax payer can't access the services they paid for. And yes, the Elitists are profiting with the energy crisis created by them!!! Have you watched the American journalist Tucker Carlson Interview with Puttin? That will explain why we can't pay our gas and electricity bills. 😒

[@herambaanjaneya2041]

Everything you say about the U.K. is entirely true Gerard! You are NOT alone! Millions of us are similarly suffering and the British State just laughs at us! Somehow you will need to find a way to sustain yourself and your loved ones overseas where energy costs are far cheaper and more reasonable and the state far less intrusive and more benign!

[@jannikhansen9833]

Well... It made the decision of London vs Dubai a lot easier... -> 🇦🇪 Great video as always!!

[@OffshoreCitizen]

Thanks! Feel free to reach out in case you need any help with the Dubai move :)

[@lorenk.775]

Dubai and UAE in general still has sharia based laws, not even allowed to hug or touch your girlfriend or wife in public! Add to that the 45 to 50 celsius summer months and sometimes desert storms in the winter. Still would you choose Dubai? Why not one of the territories of Britain instead?

[@lorenk.775]

​@OffshoreCitizen Frankly i'm surprised not in a good way that you chose Dubai over Montenegro or Cyprus or any of the British territories etc. Just bcoz you may pay lower taxes there doesn't make it a better place. and they have still sharia based laws. no public displays of affection allowed towards even your spouse etc, not even hugging. that's just sadistic, as most of middle east.

[@aarya_ai]

@@lorenk.775 Plus some horrific cases of detainment of innocent people for months in Dubai jails.. just because some Emirati got annoyed with someone and decided to file a police report. And the abuse of Indian migrant labourers is tragic. Everyone turns a blind eye because you can't say anything critical about the rulers without risking jail. UAE is a gilded prison.

[@stormbear7330]

In the UK, airports will test facial recognition technology at the country’s ‘eGates’. This will allow the country to follow in the footsteps of Singapore, Australia and Dubai. Passports to be faded out!

[@faisalejaz3326]

Dear, just explain one thing that the vat tax would be on total sales value or fba and refferel fees, or total profit made by sales on amazon? How can i calculate my vat tax as a across border seller. Thanks

[@thegeniusfool]

It was indeed too good to be true…. Now let’s see how long fixed rate taxes (Italy, Greece…) are allowed by the jealous bullies.

[@PurpleRhodesFinance]

So the next question for UK govt is: For UK domicile of origin and UK domicile people who have left the UK, will they finally be able to escape Inheritance Tax, without having to do a number of complicated things? Let's see what the consultations bring. Watch this space. . . Also, I see there was talk of abolishing IHT a while ago, which often happens shortly before elections, but nothing ever happens. Not many peoples' estates actually pay it, in the end, so it wouldn't cost them that much to abolish it.

[@andrewbeaumont3864]

I see this as a trap for the incoming Labour (Socialist) administration, since it steals their thunder on non-Doms. As to how it effects Inheritance Tax, unless the outgoing Tory (Capitalist) administration outright abolishes Inheritance tax with immediate effect (possible, but unlikely), then Labour will crank it back up because they hate people with wealth.

[@mva6044]

End of non-dom program == not attractive. Yeah, great 4 years. I'd rather go with the flat tax in Switzerland and/or Italy. Key question: will these changes apply to other UK-related juristictions that are not technically part of the UK? Such as Isle of Man, Channel Islands, etc? If not directly affecting those juristictions, I could see a big exodus of the wealthy expats into those areas (& Gibraltar?) and perhaps Ireland would welcome them with open hands too? What an idiotic move by those pandering politicians. Neil McCoy-Ward will have a field-day with this news.

[@andrewbeaumont3864]

The Isle of Man and Channel Islands (Jersey, Guernsey, Sark, etc.) are self-governing crown dependencies with their own legislatures that are not subject to the UK Parliament. So it has zero effect on them.

[@patienceisalpha]

Bloomberg article yesterday on some UK politician wanting to look into citizenship based taxation FYI.

[@volontercoins4459]

Uk is complicated tax regime, 8.7 billions which non dom pay in UK tacx each year???? where that numbers coms from.....???

[@LinusNorton]

Sorry for asking an idiot question, but if you're a non-dom paying %0 on income generated outside the UK, wouldn't you be paying tax where it is generated? Or where you are domiciled? I never really understood how this allowed you to be tax free. My guess is that a double taxation treaty means you don't have to pay the tax where it is generated on the basis you should pay it in the UK but then the non-dom status means you don't?

[@kdjeffery]

Mostly not: capital gains is levied where you are tax resident not where the gain was generated (some exceptions for real estate). The US levies a 30% withholding tax on non-resident alien’s dividend and bond income, but that can sometimes be reduced using a DTA. I have friends living in the UK as non-dom’s who’ve generated huge capital gains and paid zero tax by not remitting the funds to the UK.

[@sitespinner]

Under this new program, if I become resident in the UK and I serve clients who are outside the UK, do I qualify for the tax holiday for what I bill those clients?

[@earthrooster1717]

Could a UK passport holder return after being outside of the UK for more than 10 years, work as an web based contractor for a foreign company and do his online work from his new home in the UK and pay no tax for 4 years? Or, is it money made from foreign sourced income such as dividends, rent etc brought into the UK?

[@REALjackiehu]

Actually paying 20% capital gain tax is still acceptable. Switzerland and Luxembourg do not levy cgt, but they do the wealth tax (0.1% - 1% of total asset), which may be even worse. Singaporean PR is very hard nowadays, Caribbean islands❌, maybe UAE is the only option?

[@jonathanhart8046]

No wealth tax with a Swiss forfait.

[@matthewnirenberg]

Paying any capital gains is 100% unacceptable. What risk did the govt take? The govt didn't do anything to earn the gain so why the hell should they be entitled to any of it. You really need to fix your "tax slave" mindset - taxes are slavery and are NEVER justified beyond consumption/sales taxes. If Antigua & Barbuda or St Kitts & Nevis aren't an option, Vanuatu is a great option. Vanuatu is zero tax if you live there, that should enable you to earn enough money to buy a place in Monaco. Basically if you can't or don't want the Caribbean CBI programs, use Vanuatu as a stepping stone to Monaco.

[@lorenk.775]

​@@matthewnirenberg Monaco?! 😄😄 who the heck would really want to live or stay in that tiny overcrowded place for more than a few weeks at a time?!

[@davelawson2564]

@@matthewnirenberg you cannot get bank account in most countries if you have business in vanavatu / Belize etc

[@makmcqueen8634]

If you are an expat returning after 13-14 years does this also apply

[@crybananas]

What is considered foreign income? If I have a company or am a freelancer and have clients outside the UK, then I need to continue invoicing them from my previous residency and pay tx there or can I open a company in the UK and charge those non UK clients and not pay tax on that?

[@bigjohn1717]

Tax the biggest scam on the planet

[@legacyal3489]

If you live in the UAE and does not want to bring all your money to UAE, and wants to open an LLP in England and bring some of those earnings to England, do you have to pay taxes in the UK?

[@rgkh1503]

Thanks for the video. If for ex I move to the uk (i manage to get a visa) and become uk tax resident, I keep my job in France, i get my salary in France but then transfer the money to the Uk, I will not get taxed on that income either in the Uk or in France for 4 years considering the tax treaty ? Or does this work only for other types of revenues (eg dividends)? Thanks

[@blanksy_-]

but they allow tax free for 4 years ?? i moved to UK in 2023 basically its not too bad .. i earn dividends in Canada ( no income in UK ) and pay 15% tax auto .. .. now i am moving away from dividends and moving into growth funds ..then i just sell some units when i need income

[@jamesg6109]

Can you do more videos on the UK tax system and immigration for investors?

[@4ivar]

Thanks for the update!

[@OffshoreCitizen]

You are very welcome!

[@adrianpowell2526]

I don't think it legal to change domicile status as it is a birth right, and my International chartered accountant told me that it has been through the law courts that you can't be forced to change your domicile and it has to be of your own freewill. I am born in Gb therefore I am domiciled in Gb, I can't leave Britain without a passport therefore I am resident not ordinarily resident, I am entitled to return to Gb no visa required. A foreign country I.must apply for a visa. Therefore I am temporarily resident but not domiciled and I have filed my tax return it is non of their business. They are well out of control committing treason. Take the David Gauke double taxation convention, totally illegal not signed witnessed dated, no official seal,section 26 breaks the official secrets act. I believe he came from the treasury (civil serpent) who got elected as a conservative MP so he could write and mark his own homework. I believe it is treason for civil serpents to sit in the houses of commons, amd there area lot of them. Time to dissolve parliament..

[@p.c.h.6721]

They've been talking about getting rid of the non-dom program for a while.

[@OffshoreCitizen]

What are your thoughts?

[@patienceisalpha]

This will have a Beckham laws effect on the Premier League. Except more players inbound

[@Roastcrackling]

Its all smoke and mirrors.

[@goldguilder9554]

Citizenship based taxation so fleeing won’t help would work

[@ClaudiuDenis-hp4pf]

People dont understand that the prices of things are never going back down. This inflation is deeper than we think. Those buying groceries are well aware that the real inflation is much over 10%. The increments dont match our income, yet certain investors still earn over $365,000 in stocks and assets. Wish I could accomplish that.

[@muhammadbilalsiddiq]

Hello, I’m intending to move to UK. My wife will be on student visa and I will be her dependent. What difficulties we can face ?

[@aarya_ai]

Lazy question, wrong audience. There are better ways to research, or forums in which to pose these kinds of questions

[@mjwmontgomery]

Uk starts to suck in terms of taxes.

[@galeocapital]

RIP NON DOM

[@edbell5342]

Jeremy Vine to pay road tax along with other cyclists.

[@Michael-4]

Look, in a few months time Labour will be in power. These changes will be the least of your problems.

[@Kinai89]

UK is targetiing the assets of Russian Oligarchs with this change

[@pc4632]

Threshold hasnt changed since 2019 😢 tax has itself had a pay rise 🤔

[@amazingchannel7664]

I am from India but I want pay upfront tax for uk first .because I made trading profits

[@stevemyers2092]

you are still alive! good. cough cough............

[@guusgeluk3693]

Hey Michael, are you going to make a video about eu passing regulations a few days ago about being able to freeze and seize crypto wallets they deem to be against the law

[@stevemyers2092]

PLEASE STOP WITH THE 14 YEAR OLD THUMBNAILS - whomever told you who your TAM is has to be 20. It's slightly smaller than they told you - mostly over 35, or over 45. We do not like the Tic Toc thumbnails for a mature audience. Keep up the great content - get rid of the childish thumbnails. Just my opinion.

[@DeepakDograx323045]

Hope that bring Economy on Level don't start Crying on little Things

[@sonotu8510]

Dubai is the worst place on the earth 🌎. Better Mexico, Iran, Nicaragua or Portugal

[@lorenk.775]

😄😄 Definitely not one of the worst but one of the not so best. If you think Dubai is the worst then try Haiti or Somalia!

[@TheEmperor000]

Isn't this going to create an exodus of Wealthy people leaving the UK?

[@kdjeffery]

Already has.

[@matthewnirenberg]

The whole west is losing the wealthy and running out of tax money. So many have left Australia that Australia has limited everyone to only being able to move $40,000 out of the country each year.

[@monstrositylabs]

Yeah. I left three years ago, as the country has become a joke.@@kdjeffery

[@JBLegal09]

​@@matthewnirenbergwhat a load of garbage - the numbers are similar to the average 5 year period pre- pandemic. You're just making things up mate.