Finumus
@Finumus1
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Practitioner of the speculative arts. Monevator contributor. Tweets are not investment advice. https://t.co/Yxhk3mSXkY
London, England
Joined December 2019
@ExhibitRey @lostblackboy I would second this, you can always just DM them and have a quick phone chat - people are generally happy to dish the dirt on their previous employer.
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@TimHarford Are you ready for the commentary from your mum? "She's PM you know, what have you done? Written a few books.".
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I'd argue that having £1m making you "very wealthy" in the UK, is part of the problem. That's 'shift manager in Macdonald's' net-worth in the US.
Plus the current thresholds for inheritance tax kicking in are so high that only 4% of deaths in Britain are currently taxed. You can already pass on £1mn tax free! So it only affects the very wealthy.
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@DanielPriestley "completely unaware that higher taxes are a disincentive to work" what? Do they generally believe that people don't respond to incentives?.
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Look what you made me do! Bank compliance department forces me to make over £1m profit in micro-cap crypto miner Argo Blockchain. New blog post about "investing" in Argo Blockchain. #ARB @ArgoBlockchain @Melendhar @Wexboy_Value #BTC.
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@HukAleksandra Basically you need to 'wash' the money. For example, take the proceeds of the crypto. Buy some stock that's gone up a lot. Then sell the stock (pretty much immediately) - then when solicitor says "Where did you get the money?" - show them the sale contract note. All good.
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@seandsweeney Wow, this is a very US centric thread, nobody in Europe would put a lift (elevator) in the 3 story building unless it was an old-folks home.
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The problem with this proposal is the pension contribution relief at marginal rates are the salve that eases the insanely high cliff edge tax rates of 60%->1000% around allowance removal, CB and childcare. People will just work less and pay less tax.
The Chancellor is expected to consider a proposal for a flat 30pc rate of pension tax relief – meaning that higher rate payers will pay an effective 10pc tax charge on their retirement contributions for the first time.
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The Tories war on both young people and the causes of young people, continues apace.
Brilliant defence from a Governmenr spokesman of the crazy high marginal tax rates on people earning £50k: “be thankful it’s not over 100%”.
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UK gilts. 5% a year nominal returns guaranteed for 30 years. 20 odd year high in yields. Something to behold.
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The UK needs PR. That much is clear. FPTP enables a minority of old bigots in the countryside hold the entire country to ransom.
Today ANOTHER Labour MP told me they don't support giving people a fair voting system because it would weaken the link between MPs and their constituency. Here's why that argument doesn't work.
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The amazing thing about the UK shitco part of my portfolio is that, when US stocks are up, it goes down, and then when US stocks are _down_, it also goes down.
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I honestly don't see how the WASPI situation is any different to any other tax/benefit changes that affect your future rights different to what was promised / you planned for. How different from LTA, PCLS limit, IHT on pensions, etc?.
In order to show how the WASPI women were completely rugpulled and taken by surprise by their pension age being equalised with men, the BBC helpfully provides a 26 year timeline of the process. How can people plan for such sudden, out of the blue changes?
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A Capital Gains Tax (CGT) allowance of £3k (next year), is not very useful compared to the old £12.3k allowance. Thanks for that "party of low taxes", the Tories. 🤦.
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Thinking of doing a post for @Monevator on the Lifetime Allowance (LTA) and Inheritance Tax (IHT). Would we enjoy that?
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@DavidPa37498911 @GoodwinMJ By "overproduction of doctors" presumably they meant "lower wage inflation for existing doctors"?.
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Brits, don't look at this for your own good. 🙈.
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Most British people don't work - is the reason why most of them don't mind taxes on work being this high.
How are British people ok with this tax burden on wages?. Social Security (ie National Insurance in the UK) acts like a regressive stealth tax on working people and someone on 51K, hardly a billionaire, gives away more than 50% of every salary increase to the state. This isn’t
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@carolecadwalla @Telegraph @IndependentSage I don't think being against Brexit is 'left wing' - I'd say that's a reasonable centerist position. Being for Brexit is radically right-wing.
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@TorstenBell Big distributional affect though? Yet again, benefiting the old at the expense of the young.
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Getting to keep your own money is not a "subsidy". 🤦.
Higher earners will still keep more than 60% of the tax subsidy on pension contributions and there will be no bigger incentive for those on lower incomes to save, yet they are the ones who need to be encouraged not quite how Times paints this climb down!
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@faustianweeb Maybe because meat production is actually bad for the environment? Or do you just deny this outright?.
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There's no way this will happen, because it would benefit me personally. In my entire working life, every single significant change in tax rules has made me worse off - why change now?.
🔴 Jeremy Hunt hopes to stop over-50s retiring early by increasing lifetime allowance, so they can keep working and save more
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@JackTindale Yeah, the mistake was not so much closing the lines, as it was selling the land and building housing estates and radio telescopes on them. Looking at you, Varsity Line.
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@JamesBalliol It's also weird that his wife used to work in our back-office when I was in the City in the 90's.
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This is classic enshitifcation. Used to be able to pop in if you had a spare 10 mins. Guess that's over. Thanks, @JustStop_Oil.
Apparently this awful security queue for the National Gallery is now permanent. I used to just walk up the steps and in. Just Stop Oil madness means this is just the future we are a living in. Wonders of no longer living in a high trust society.
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It's becoming obvious to everyone what us Remainers knew all along. To be in favour of Brexit is fundamentally unpatriotic.
It's been an utterly abominable 24 hours for Brexit news:. - The UK gave up on negotiations to extend our trade deal with Canada, leaving us worse off than when we were an EU member. - New incoming border checks will add £200 million a year to the cost of.
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I'm going to write an article on the pros/cons of using a UK Ltd company as a family investment vehicle in a blog post on @Monevator in a week or two. What questions do you want answered on this structure?.
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Reintroducing an LTA that applies only to people in the private sector is just an awful idea, on fairness grounds alone.
Labour is considering how to protect “crucial” public workers when it reinstates a tax on large pension pots, amid warnings the policy could trigger an “exodus” of headteachers. The party had previously said it would produce a workaround for NHS staff.
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I wonder why UK productivity is so low? Honestly, it's a mystery. 🤷.
Imagine a parent with 3 children, an undergraduate degree, and a postgraduate loan on 60k gets promoted and earns a 20k salary increase. Their employer now pays an extra £23k for their salary (inc employer NICs), but the employee gets just £4600 of this. HMRC gets £18400.
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This is great news, I'm a working person. So no LTA return, no ISA LTA, no extension of S24, no CGT increase, no increase in dividend taxes, right?.
If I become Chancellor, I will not raise taxes on working people. That is my promise to you.
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This is because, presumably, she understands that $MSFT are in the business of selling software, and that if shareholders want #Bitcoin, they can just . buy it themselves?.
This is the CFO of Microsoft. Harvard MBA. Not even vaguely interested in adding BTC to the Balance Sheet.
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Everyone, including Americans should just use YYYY-MM-DD.
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Just paid £50 for a First Class ticket to get 400 miles between two major European cities in different countries. WITH A SEAT. Same cost as I pay to stand by the toilet on a 40m trip to London.
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The lesson here is, don't buy businesses that rip off their customers.
STJ. Almost a billion pounds knocked off its market cap this morning.
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Love the way all the former Prime Ministers have lined up in order of incompetence.
All of the former prime ministers (and Rishi Sunak) gathered at the cenotaph,
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This is exactly an example of the problem. "Why should I care about marginal tax rates of 20,000%? I don't earn that much". 🤦.
@surplustakes Oh diddums. Poor people who earn £100k have to pay more tax. Millions of people in this country can't afford to heat their homes and eat properly each month. .
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@edwinhayward I imagine the Venn Diagram of pro-Brexit and anti-cycling is a circle. This I'll just be another win for them.
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Whenever I have imposter syndrome I remember that our desk head to Goldman used to add up figures in a spreadsheet on his calculator and then type the result into the spreadsheet 🤦.
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🤦You can't argue the Laffer Curve doesn't exist, it self evidently does. How much revenue, in the long run, do 0 or 100% rates of tax raise? Exactly. Sure you can argue about the shape of it.
Widely discredited and aka the laffa minute curve.
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89% annualized uncorrelated return? . It was a _lot_ of work negotiating with @betfair to be able to do this in meaningful size but, I maxed this out and made an 11.17% total return, weighted average duration about 1.5 months, is about a 89% annualized.
By my calculations you make a tax-free annualised ~40% on a Labour majority. This is weighted by the odds of the timing of the election as well. Feels like Easy money?
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This is a pretty shocking chart. Gross x12 times luckier ends up net only x3 luckier. 🤮.
Taxes and benefits lead to income being shared more equally between households in the financial year ending 2023. Median household income in the UK was:. • £37,300 before all taxes and benefits.• £39,700 after all taxes and benefits. Read more ➡️
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@badtakesbot1 I seriously believe this. £1m is like two years post tax income for an American dentist. We should make the economy bigger so that it's not all about fighting over an ever shrinking pie.
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Since nobody asked, here's our TARGET asset allocation going into the year end:. Stocks: 35%.Bonds/Credit: 35%.Trend: 10%.Hedges: 5%.Commds (inc gold): 5%.REITs 5%.Rando: 5%. Then the whole portfolio leveraged up by 20% (1.2 gross/notional).
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@DadInvest LOL - We have this conversation all the time:. Wife: "Why do we still have a mortgage?". Me: "Have you seen the carry?".
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@IrradiatedMouse The world is sadly still configured under the assumption that one parent, usually the mum, doesn't work. If you're going to configure society like this though you should have lower house prices, affordable on a single income.
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Because you'd have to live in Dubai.
Take-home pay in Dubai is more than double that in Britain. Remarkable data in @Telegraph investigation shows effects of strong economy & absence of income tax. Housing costs are lower too. Why do professionals stay in Britain?
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How about we just raise the cap to £20m for EVERYONE so that people can go back to spending their time on economically productive activities, not spending all their time trying to avoid IHT?.
Really pleased to have been asked by @DanNeidle to comment on his detailed work. His final proposal (raise cap to £20m but have a tapered clawback on relief below that level if the farm is sold) should address the issue for the vast majority of family farmers.
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There's a lot wrong with British democracy, monarchy, etc, etc. But the way we do the "transition of power" is totally 🔥. What takes the Americans months we do before lunch the day after the vote.
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Most people I talk to IRL are so driven by envy they are incapable of understanding why this is a terrible idea. THREAD. e.g. non-british Investment Banker can do jobs in London or home country (that, like most countries, doesn't have IHT). .
New regime for taxing UK residents not domiciled in the UK will begin in April 2025 and will include inheritance tax
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@NotAsGoodAsPete @t0nyyates Yes, getting over ourselves. Joining the EU, the Schengen Area and the Euro, pushing for a fully federalised United States of Europe that can compete economically, militarily and culturally with the US and China. And giving our young people their futures back.
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If I was a country that wanted decent public services, I'd simply have some economic growth to pay for it. 🤷.
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"Revenue". 🤦.
Sainsburys Group makes £35 billion in revenue a year. This is less than 0.5% of that, grow up.
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Today is the first day of my "it's so hot in the UK summers now, we don't need to go abroad", staycation.
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Imagine thinking this is a lot of money for Tesco's turnover. 🤦.
Tesco profits up 159% to £2.3bn. In other words, Britain's biggest supermarket chain used the cost of living crisis as a pretext for blatant profiteering.
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@eleanorkpenny This is actually a very good reason to try to minimize the amount of stuff that's actually illegal.
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Britain used to be a country where we shared out a steadily growing pie. Now it's one where we fight over a shrinking one. Distribution is not the problem, lack of growth is.
New figures show that flatlining wages over the past 15 years have left every UK worker £11,000 worse off per year. In that time, UK billionaires' wealth hasn't flatlined - it's up THREE-FOLD. That's no coincidence - it's how our rigged system works. It's time for a Wealth Tax.
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@nokinidea @EricEatsPickles Exactly. I've bounced off my helmeted head and broken a bone somewhere else. No head injury.
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My god this is an awful suggestion. People need to invest in 1) innovative, productive economies - not basket cases 2) diversify away from where their main assets (housing) / income are.
STop using taxpayer money to subsidise overseas markets, instead of our own. #Pension tax relief should be in exchange for supoprting domestic companies!
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The fact that the BBC4 personal finance guy doesn't know about Corporation Tax is just. 🤦.
People are getting very worked up that state pension is taxable. But the real scandal is that unearned income like dividends and capital gains have special tax free allowances and are taxed at lower rates than earned income, 8.75% and 10% basic rate for example.
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Yeah, this is because VAT on school fees is about class envy, not raising net revenue for the state.
🚨New ASI research has found that Labour's tax on private schools could cost the taxpayer upwards of £2.5 billion🚨. The new policy may lead to a massive exodus of high skilled parents from the workforce and withhold educational opportunities from poorer students. Here is a short
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Coinbase $COIN is to crypto what AOL was to the internet. Walled garden, high margin, for people who don't want to deal with the complexity of the real thing. And equally doomed.
How the fuck does $COIN get away with charging 50 bp of transaction fee in this day and age? This is where the crypto money is being minted.
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@CraftyOldGit @bmay I don't think so, it's almost completely people who don't regularly travel, who voted for it. Why would you vote to make your own life harder?.
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Coutts 👍. There's no obligation to do business with someone against your will. Being a racist arsehole is not a protected characteristic under equalities legislation. Coutts have to think of the impact on their staff and other customers.
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This is the BBCs Money guy, and even he doesn't know what an income is. 🤦.
Labour's Sir Keir Starmer had income of £275,739 from the sale of land he had previously bought and given to his parents for donkeys. But the tax on it was only £52,688 because unearned income of this sort is taxed at 20% rather than the 42% or 47% he would pay on earned income.
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Imagine thinking this is "sparing workers*. 🤦. Reeves planning national insurance on employer pension contributions, as workers spared
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Starting to get the objection w/ the IHT exempt, no LTA pensions. By my calcs I can turn £48 in my hands into £145 in my kids hands (and kind of retain access to it) a 202% return. I have to die before 75 for that scenario - but I am a keen road cyclist 🤷. #lifetimeallowance.
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The fact that $1,000 is a lot in the UK, is actually the problem here.
Exclusive: Rishi Sunak wears £750 monogrammed backpack to one of country's poorest areas
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🤦 Another clanger. The LTA is not a limit to how much you can put in.
FT reports that Labour has scrapped plans to limit the total amount high earners can put into their pension. The limit - called Lifetime Allowance - was £1,073,100 before being scrapped effectively from April 2023. The limit was the cause of bitter objections by doctors.
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@CallumCMason @proptechpioneer Exactly, the way to address this power imbalance is to BUILD MORE HOUSING.
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