Scotland has gone full blown nuts since I left. 70%+ tax rate for top earners. 
Login to reply
Replies (26)
Is it progressive taxation? If it is, then total rate is more ch lower. Still sucks though πΆπΎπ«
WTF π³
Itβs higher than average for most tax brackets but top earners are getting rekted. I know many businesses and talented people my age leaving the country for better opportunities.
That sucks! πΆπΎπ«
Thatβs just socialism.
Just gotta stop earning fiat
Don't worry, it'll pay for roads /s
Potholes are really bad this time of year. Council workers also on strike haha
Time to flex the jurisdictional arbitrage to go where youβre treated best
I left 6 months ago. Best decision I made. Lower income tax and more job opportunities with higher salaries.
Willing to share where you went?
Or some of the thought process you went through?
I am originally from England, but lived in Singapore, and now Australia
Thinking of a move back to Asia imminently tbh
Aye.. It's a tough tax bracket.
To clarify, this is called the "Β£100k tax trap"
The quoted 69.5% is only on the income between Β£100 and Β£125k. This is due to simultaneous reduction of personal tax allowance between those income figures.
Tax drops back down to 45% above Β£125k.
In England the tax trap is 60%.
A common way to avoid the tax trap is to put anything above 100k into your pension, tax free. Only when you earn above Β£130k it's worth suffering the tax trap.
Not sure I would trust a pension in the uk lol π
But man itβs crazy how people are not up in arms about this.
Also funny how tax brackets aren't moving up with inflation so more and more people are pushed into higher tax brackets.
Fun!
And wages are barely going up. Itβs why I left several months ago to find better job opportunities.
I have no dedication to my country. I will go where there is freedom and good people. 70% taxes just means 70% of your life is spent funding the government
Weβd be better off with a new system than current political systems. No matter the position on the βspectrumβ and/or underlying philosophies.
π¨π¦ I noticed a lot of nice paying tech jobs in North America. So I took a gamble moved to Alberta. Found a job a job in 2 months. So far going well.
I graduate from university in 2021. Couldnβt find any grad jobs due to lockdowns. I had internship at an actuary insurance firm lined up but it was cancelled due to lockdowns. π’
So I found some remote work by luck in for a small tech startup. I really enjoyed it for two years. But I was seeking better pay so I took the risk move to Canada.
Same here
So true. They get you either way. "Tax efficiency" is just an illusion for middle class and below.
It's progressive. Different parts of your income get taxes differently so effective tax rate is closer to 43-49%.
Oh did we mention our lovely health insurance tax which is an additional 10%?
It's never called tax but it has been reported it is being mixed in with the general government budget.
But hey, it's not a tax!
Β£100k isn't even that much anymore if you're raising a family with a wife that take care of the home. You'll be reduced to a mid salary earner but with a demanding and stressful job. .... Might as well just go on the dole and not work... I'm semi joking
After you pay taxes itβs not very much at all. But you still in the top 5% of earners in Scotland.
The only solution is to leave, there isnβt any job opportunities for talented young people either.
Nice! Well played πππ
Go where youβre treated best!
Reading this paragraph again lol. Damus needs a grammar check tool. I canβt text well to save my life.