The moment so many have been waiting for; the release of the Sunday Times Rich List! As you run your finger down the list and gulp at the unfathomable amounts of money that the people in the top 20 manage to accumulate, you start to realise that there is a distinct lack of British representation.
Now comes the real question. How many of the Top 20 are resident and/or domiciled in the UK? I won’t bother you with the fine print or the idiosyncrasies of the British Tax system, so to rephrase the question: how many do pay the same taxes (income tax, inheritance tax, capital gains tax) as you and I? You know the answer. And by the way, this is not about them being “foreigner” because many participants of this list are “British Born” and/or lived most of their lives in the UK
On one hand you have a select list of people with eye-watering sums of money who are supposed to do enough in the UK to qualify their participation in the British Rich list and on the other hand you have the Small Business community, our clients, who are running successful ventures and living by the HMRC code of conduct, paying their share to bolster the dwindling growth figure.
We know which category we are in and we will continue to do everything we can to work towards a fair and loophole-free tax system to level the playing field for the tax-free corporates and law-abiding SMEs.
It’s mind boggling to think that if the people in the top 20 clubbed together with their spare change they could bring the UK out of recession in one foul swoop, but that’s a conversation for another time.
Let us know how you would spend £13.3bn if you were sitting at the top of the rich list or read more blogs by clicking here.