Usual noncy playing around with statistics here:
Austin Mitchell said that the Prince’s accounts show that he paid less direct and indirect taxes as a percentage of income that the “bottom quartile of households” in Britain.
Really? How do we get to that figure?
Mr Mitchell, the MP for Grimsby, said that figures show that the Prince’s “tax plus indirect tax is 24 per cent of his income for 2012 and 23.6 per cent for 2013”.
He added: “The bottom quartile of households pay direct and indirect taxes as a percentage of income of 38 per cent and the top quartile pay 33.7 per cent.”
Mr Nye appeared to accept the premise of Mr Mitchell’s argument but insisted his figures did not “give the whole story”.
“The Prince of Wales pays last year at 50 per cent, this year at 45 per cent,” Mr Nye said. “He pays income tax on his income after relevant business expenses.”
He added: “His business, if you like, is being the Prince of Wales, doing the official duties on behalf of the Queen.
“Those costs are before tax and then he pays income tax at 50 per cent on the amount after those official expenses.
“So if you just take the income before the official expenses and then divide by the tax you will get the figures you were giving but that doesn’t give the who story.”
So, A question for the Hon Austin Mitchell MP. In 2011/12 you claimed £36,177.50 in expenses to do your job as an MP. And did you pay income tax on that money? Did you fuck.
However, let us now add that sum to your personal income and calculate your tax rate. You\’re in the top quartile, MP\’s pay is £66k or so, take 33.7% of that. You paid £22,242 in tax of all kinds.
Now we\’ll add your expenses to your total income. Making it
£102,177.5.£112,000 And the tax you\’ve paid on that is 21.76% 19.5% of your total income. Which is less than Prince Charles paid.
You should report yourself to the Lord High Tax Denouncer for a trimming of the neck, don\’t you think, you rancid badger felcher?
There is of course the possibility that he\’s simply too stupid to realise what he\’s done. But that ain\’t the way to bet here.
An then of course there\’s Margaret, Lady Hodge
Chairman Margaret Hodge, who led the fight against tax-dodging corporations Starbucks and Google, said it was ‘shockingly wrong’ that the Prince was paying so little tax on the duchy’s profits.
If the Duchy was set up as a corporation then all of these expenses would indeed be tax allowable. Then corporation tax would be paid and he would take his income as dividends. Leaving him paying the same damned amount of tax in the end anyway.