Quote:
Originally Posted by SBP
It might be a lot higher than you think. If you are a 40% tax payer you also pay 12% national insurance and then 17.5% VAT on most things you buy plus council tax and those are just the obvious ones. Of course tax on petrol is 60-70% and the duty on diesel is higher)
So the tax as a % of your earnings you pay over to the government might be close to 60% or more (eg: if you buy a house)
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You are right...it is massively more than half!!....and I will NEVER buy a house again in the UK all the while stamp duty is so high. To hand over £40k to Gordon Brown just as a tax on moving is one cheque too many for me I am afraid!!!