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Arun Advani Profile picture
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Feb 3 • 4 tweets • 3 min read
The real #Zahawi scandal isn't that he failed to pay £3.7m on his £27m, it's that he was only supposed to pay £3.7m. That is a lower tax rate than someone working full time on minimum wage #TaxTwitter
theguardian.com/uk-news/2023/f…
After the work of @AnnaIsaac @DanNeidle @Independent (and others) bringing to light this individual case, and whether everything owed was paid, time for us to have a deeper discussion of how much tax is actually owed on capital gains.
I spoke about this with @davidmmerritt recently on @BloombergUK @tax
And we've shown before that this is not at all uncommon

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More from @arunadvaniecon

Arun Advani Profile picture
Feb 2
Strange headline @BBCNews, which doesn't line up much with the content

A short 🧵 with some notes on errors made in the article, and the evidence on what we do/don't know about #nondoms responding to #tax reform

#TaxTwitter
bbc.co.uk/news/uk-politi…
Have to say, my least fav. way to start 'evidence' part of an article is with an interested party. This one starts by citing one tax advisor, who says potential tax changes are first topic of conversatn with his clients. I mean, 🤯? What else would you talk to tax advisor abt??
Then this famous graph based on the drop in the number of non-doms

My excellent colleague @D_Burgherr has said everything that needs to be said about this already.
Read 19 tweets
Arun Advani Profile picture
Nov 18, 2022
Just heard Cx on @BBCr4today talking about #nondoms. Want to clear up a few points he raised.
1⃣ The 3.2bn (in £2018) raised from abolishing the regime is *our* (me+@D_Burgherr+@Summers_AD) number. Labour and others have used it. But it is produced in an academically rigorous way with full receipts.
warwick.ac.uk/fac/soc/econom…
2⃣ abolition wd be "wrong thing to do for jobs and prosperity for the UK".

📢The tax benefit for migrants applies ONLY to those who (a) specifically have a load of wealth; (b) DON'T bring that wealth to the UK; (c) promise they intend to leave us📢

Not obv. helping UK jobs
Read 17 tweets
Arun Advani Profile picture
Nov 17, 2022
Ok, here we go for the #DontSayTheBWord #AutumnStatement
Actually, nice thread here explaining that there are some parliamentary procedural diffs btwn this and #Budget
Priorities are stability, growth, public svcs. Let's see how we go on those
Read 62 tweets
Arun Advani Profile picture
Nov 16, 2022
Lots of kite flying 🪁 ahead of tomorrow's budget💰
Thought I'd pick up on the one about starting the 45p rate at 125k. This will raise a little money from richer people, but if it doesn't sit alongside some more substantive reform it will be a missed opportunity
🧵
First, the numbers. Lowering the threshold to 125k will raise ~£850m in year 1, rising to just over £1billion by 2026/27. That is a nice round number, and therefore an easy stat to sell
arunadvani.com/taxreform.html Image
The money will also come from the top 2% highest income people, so will look beautiful on the @TheIFS and @resfoundation distribution charts that will do the rounds shortly after the budget
Read 11 tweets
Arun Advani Profile picture
Apr 6, 2022
This paper is now out. Planned before @Annaisaac made #nondoms cool again, we use confidential, anonymised HMRC data to look at🧐
🔸who the nondoms are
🔸what they do (incl a look at bankers)
🔸where they are from
🔸where they live

🧵 1/N

warwick.ac.uk/fac/soc/econom…
First up: what is a non-dom?🤷

Non-doms are people who live here, like you or me. May spend whole year in UK, working, having families. What makes them diff is that they claim their permanent home is abroad (and can hopefully substantiate this).
What does this get them❓

Benefit of non-dom status is can claim "remittance basis": no tax on foreign investments

That's what @Independent story yday was about: claim that Chancellor's wife didn't pay UK tax on her substantial non-UK income from shares
Read 15 tweets

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