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Taxation

UK residents

Taxed on worldwide income.

All property worldwide must be declared if valued over £2million by HMRC max rate property taxes collected on UK property and if over 5 million an extra .5% on foreign assets.

Non residents

Cannot belong to a residential tax unit but must belong to a Business Tax Unit, if they own property(buildings) in UK. Can be a director of a UK business tax unit(s). And any money drawn from the company will be taxed at the higher tax rate.  Land can only be held by residents  (levels 8-12) See Planning HERE

Residential Tax Units

All residents will belong to a residential tax unit. The head/s are responsible for the tax (declaring all monetary income into the tax unit) and any property and wealth tax required by the local authority. If income is from more than one business tax unit more tax may be required.

Business Tax Units

All businesses operating in the UK, will form a business tax unit which is responsible for taxes laid out below. This includes

Taxation Transactional Rates set by central government

1, Tax between Tax Units transaction taxes, must be logged on the tax office website.

a.      Money, 40% on first £100 000 per annum. Then 60% until £500 000, then 75% after that. (replacing income tax) this will finance UBI

b.     Unprocessed food 0% percent.

c.      Processed food 5%.

d.     Cooked food 20%. (Restaurants etc.)

e.      Services:- i.e. cloud services/advertising 20%

f.      Other goods ranging upwards.

All taxes received by business tax units will keep account of the monies received and reported to the authorities on a yearly basis. Businesses tax units can set tax paid against tax collected. (like VAT) The issuing business tax unit will collect amounts due and pass them onto the central government.

2, Duty on mined or imported materials

a.      Refined oil £2 per litre.

b.     Alcohol 40 to 50 % alcohol £2 per litre, 20 to 40% £1.5 per litre, 10 to 20%, £1 per litre < 10% 50p a litre

c.      Other goods based perfume etc. (figures for illustration purposes only)

3. Green Taxes, all goods will be given a rating from zero per cent upwards depending on the energy used to create/transport it to its destination.

Corporation Tax will be replaced by transactional tax, (All money must be transferred to between tax units will incur taxes)

Taxes collected by Local Councils

Capital Gains tax will be calculated by the district council/land registry, and will apply only to property/land on its sale (moving from one tax unit to another)

Residential Property Taxes will be invoiced and paid to the Local Council. Including rents for council properties in their areas. The minimal level will be set by the central government, the higher levels by the Local Government.
Every adult resident will have an allocation of 15 square metres of residential accommodation see planning  Every child over 3 to 18 will be allocated 10 square metres before tax is paid. Thereafter every square metre will have an annual charge of 10p per annum. There will also be a higher rate of 30p on levels over 100 square metres. Non-residents will pay the highest rate unless it is rented out to a resident see Housing (figures for illustration purposes only)

All Property taxes will be set/collected and spent by the Local/Municipal government. See planning for categories

Inheritance tax will be abolished, as on the death of the last person in any tax unit. Any money/property left will be included in the income of the recipient. (any business assets of the dead individual will be included) If it is a family business one can transfer funds/shares to another individual free of tax. BUT if the transferer dies within 5 years the transaction tax will apply on a sliding scale. (i.e. within 6 month 100%, 1 year 90%, 2 years 70%, 3 years 40%, 4 years 20% 5 years 0%) This can be challenged by the recipient in retrospect by the recipient if he/she can satisfy the relevant authority that the death was unexpected!

Animal/Pet Taxes only residents will be allowed to own an animal. Each animal will incur a minimal annual charge. If the animal is a requirement of the resident’s business(farming) they can claim this back against tax. This will allow the authorities to identify the person responsible for the animal. The rate for each animal will be set by the central government.  People on Tourist visas will be exempt. The local/municipality government will be responsible for collecting and spending these taxes.