- This topic has 1,287 replies, 34 voices, and was last updated 1 week, 3 days ago by
.
-
Posts
-
The One-Nation Tories are history; Cleverly was maybe a bit too clever for his own good
I don’t know why the Tory right doesn’t just get on with absorbing Reform Ltd, we all know they both want it really. The One Nation lot can go and join the Lib Dems.
Lib Dems are no longer the Party of the centre. They’re just as left wing as the majority of the Labour Party these days. some more so… And then there’s the even further Left wing Greens
We need a new Centre party.
Stand up Rory Stewart!
Value Is EverythingGinge, you really have lost the plot if you think Starmer’s Labour Party is left of centre.
After a rough first 100 days the fact the Tories are falling into the trap of going severe right will please many in the Labour camp , they did similar in 79 going severe left with Foot , there unelectable like Labour were in the early 80s
‘In a pamphlet entitled “Conservatism in Crisis – Rise of the Bureaucratic Class”, Kemi Badenoch has written (or at the very least put her name to):
“Being diagnosed as neuro-diverse was once seen as helpful as it meant you could understand your own brain, and so help you to deal with the world. It was an individual focused change. But now it also offers economic advantages and protections. If you have a neurodiversity diagnosis (e.g. anxiety, autism), then that is usually seen as a disability, a category similar to race or biological sex in terms of
discrimination law and general attitudes.If you are a child, you may well get better treatment or equipment at school – even transport to and from home. If you are in the workforce, you are protected in employment terms from day 1, you can more easily claim for unfair dismissal, and under disability rules you can also require your employer makes ‘reasonable adjustments’ to your job (and you can reveal your disability once you have been employed rather than before).
In short, whereas once psychological and mental health was seen as something that people should work on themselves as individuals, mental health has become something that society, schools and employers have to adapt around.”
This from the person who might one day become PM of this country if party members are stupid enough to vote for her…(heaven help us)You’re missing the entire point, Moe.
Life is a completely level playing field and, therefore, “success” is entirely down to the individual.
These neoliberals clearly know what they’re talking about.
/sarcasm.
Imagine dragging disabled children into your pathetic, attention seeking culture wars campaign. All of this from a former Minister for Women and Equalities. And people still wonder why they got voted out.
I don’t usually contribute to political threads, on the other hand, I do like a bit of intrigue. I may decide to stop writing so apologies if there is a cliff edge and on the other hand, I may get bored with the complexity and dryness of it, and may consequently drop off my writing perch. I am extremely busy at the moment.
All I write is complete conjecture and the conclusions I hint at may be far from the actuality, but allow me
to give a few hopefully interesting thoughts.
Most people including MPs were expecting an October or November election – it sort of made sense to allow time to help cobweb all the big mistakes made.The conservatives lost 251 seats in the annihilation that followed.That morning of the declaration he stood there in the pouring rain…
‘Labour MPs are happy. We’re not. That tells a story,” one minister fumed in my general direction as he reeled off a list of legislation he had been involved in, now headed for the shredder.
All of Mr Sunak’s MPs, though, were blindsided – including cabinet ministers who had no inkling of what was coming either, even being sent a fake agenda for their Wednesday afternoon meeting.’Sunak wife Akshata Murty has a .91% stake in Infosys a software company her father started with $250 which has a capitalisation of £66.71 billion (her Infosys wealth was quoted at around 700 million) and employs a quarter of a billion workers worldwide deriving 60% of its income in North America.
Ms Murty has non dom status which under the arrangement of paying 30k a year to HMRC she was allowed to use the remittance basis for her tax affairs which meant that foreign earning were taxed at source at country of origin, or lightly taxed or not taxed, as the case may be. That all changes next April when the residency basis replaces it and non doms are basically cancelled apart from the exception of temporary 4 year newcomers.
The recent budget also included an inheritance tax grab for non doms however there is a double taxation (India/UK) treaty from 1956 which allows forgiveness of inheritance tax for Indians domiciled in India residing abroad.It is not clear whether the treaty overrides the budget rules and it is currently under discussion. There is no inheritance tax in India and the top rate of tax is 30%. Top rate is 37% in U.S. UK rate is 45%.I am getting bored so will leave you for an indefinite time.
Back with a cup of tea.
Hunts earlier budget in 24 rather usurped Labours plans to end the non dom status. Hunt penalized new arrivals but left those still here under the 15 year residency grace period ( Hunt brought this in an earlier budget ) to continue with their benefits. Reeves has stopped these concessions. Murty still had some few years left until she became a deemed dom. It reminds me of the Mafia term when you become a don and you get made. She loses those years now but of course she had volunteered to pay any tax from abroad and that is the interesting bit…
April 9 2022…( note the date)
Chancellor Rishi Sunak’s wife Akshata Murty has said she will pay UK taxes on her overseas income, following a row over her non-domicile status.Quite likely that Murty’ s father long long ago when he enriched his daughter set up an offshore trust fund in her name, and this would have been favourably placed in a tax haven. It may have had prenup arrangements in it to protect the fund from expensive divorce settlements. Today these overseas trusts cost about £5k to set up with a maintenance of 4k a year.
Maybe he set up something at home due to a lack of inheritance tax in India so he chose something home grown.
“Dividends received from Indian companies prior to 1 April 2020 are tax-free in the hands of the shareholder. Any dividends received post 1 April 2020 are chargeable in the hands of the non-resident shareholder at the rate of 20% or treaty rate, whichever is beneficial.”Post 1920 – if a person was domiciled in India but resident in UK received £10 mill in dividends under the non dom arrangement they would pay 2 mill to the Indian tax authorities and avoid all tax on them in Uk. Once Murty’ agreed to pay tax she would have had to pay £1.81million to HMRC ( divi tax was 38.1 (additional rate) so 38.1 minus the 20% she had paid so 18.1%.
Divi tax now is 39.35% additional rates and on ordinary dividends.
Now Infosys declares dividends twice a year early mid April and late October.Infosys final year results and dividend payment went out on April 13th 2022. I suggest that Murty would have received this dividend and when she wrote to HMRC and agreed to pay it would have involved any future dividends. She would have paid British tax on dividend income in Oct 22 April 23 Oct 23 and April 24. and this is where the intrigue comes in – will she pay tax on the dividend which came out on Oct 26 which will be received by shareholders on the 5th of November ? Did this payment influence Sunak’s choice of election date.
I will refill my cup.Year 12-15 non doms paid 60k up from 30.
Who leaked Murty s tax status ?
‘Sunak’s allies laid the blame at No10, where Boris Johnson has long been seen as worried about the relative popularity of the Treasury boss.’
Suddenly with his green card issues compounding the problem of his wife’s tax status he jumped from being Dishi Rishi to Fishi Rishi.
On the 2nd November Rishi gave up his shadow cabinet post and retired to the back benches saying he would be spending more time enjoying the Yorkshire shoreline.
I imagine with him ‘retiring’ his wife with a good conscience would have had little qualms in writing to HMRC or via online to change around her tax arrangements to a remittance basis and avoid the surplus tax due on her dividend due on 5th November.
She had generously paid a lot of extra tax to facilitate her husband’s career but his career is surely now over.Had Sunak gone for a November election his wife would certainly have paid this tax. Maybe she has anyway in fear of further leaks – it’s all conjecture, but I found this highly interesting to think this through in relation to the shock July election date.
Britain’s growth has been a world-beater in the last quarter – inflation has maintained its low level. The conservatives would never have won but possibly retained more seats.
I know nothing and this is all conjecture and hypothetical.Interesting that Cleverly who made a 100mill fortune pre politics didn’t want to serve under Badenoch or Jenrick.
Hunt who cashed in his education business for 30 million is also fed up and retiring to the back benches and no doubt spending more time in his oak beamed house.( joke removed )
Continued….
No offense with the three monkeys See no evil etc just a light hearted joke that might apply to all Conservative MPs until they recover their composure which may take a long time.
To conclude I have estimated Akshata Murtys holding from the current capitalisation at £600 million and with the recent divi at a yield of 2.78% it translates to a 16.62 mill payout which would accrue Indian tax of 3.32mill and HMRC would receive slightly less at 3.23 mill and in the 24/25 tax year on the premise that Akshata Murty has retained her voluntary arrangement – but that is the question.
It is rumoured the Sunaks may go to live in America. The divi rate in U.S. is a maximum 30% (qualified dividends less) so there would be some saving. They can of course decide to stay here and pay the extra tax and it may be a lifestyle choice over money in the bank.Sunak’s pa wouldn’t allow a crouching menace (TV) in the house. Maybe that gave the young Sunak a better start in life with little distraction and more people interactions.
The Sunaks both met at Stanford as students and later married. Sunak set up a finance company in California which had connections with the Cayman Islands. His wife opened them closed a fashion company – Akshata designs. They both came to England in 2013. They inevitably came with capital to fund their life in England and purchase their initial property in Yorkshire. No dividend income was brought in from India to fund their company Catamaran Ventures as this would have been taxed.It was the London branch of her father’s well funded business ($1 billion) Sunak transferred his shares to his wife before entering politics.
….I got the Daddy’s mixed up it was Murty’s daddy who rejected the crouching menace, and she lived without the ‘fun’ of Sesame Street. He also cleaned his own toilet rejecting the caste system.
______________________________THE POLITICAL BEAST WAKES AND ROARS….
It was a storm-strid Hardy night, winds footing swift through the blind profound – the people; some sleeping knew the happenings from their sound; leaves tottered down still green and spun and drifted slam dunk to their roots which wrenched and lifted the loam where they ran underground. The clouds suddenly came off strike and the grey bleak morning, as if not exposed and battered enough, was thenceforth lashed and punished further, with torrential unremitting rain bursting forth but mainly down.
He strode with some purpose to the lectern as the heavens opened,
“This is the moment (SPLAT) for Britain to decide its future (SPLAT)”
The electorate in grouped formation danced, some merrily, around the Maypole, whilst others hid tortured defeated faces.
Labour 39%
Conservatives 20%Whilst Cameronman years earlier had tried unsuccessfully to throw two sixes – ending up running away with the spoon, this was Rishi’s BIG GAMBLE
- You must be logged in to reply to this topic.