The Money Podcast Dubai vs UK Taxes: The Shocking Reality Revealed
Rob presents a detailed comparison of the tax systems in Dubai and the UK, highlighting the stark differences that impact entrepreneurs and high earners.
He covers various taxes, including income tax, national insurance, VAT, corporation tax, capital gains tax, inheritance tax, and property taxes, illustrating how Dubai's favourable tax environment contrasts sharply with the UK's higher rates
KEY TAKEAWAYS
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Dubai offers significantly lower tax rates compared to the UK, with income tax and national insurance at 0% in Dubai versus up to 45% and 15% respectively in the UK.
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Other taxes such as capital gains tax and inheritance tax are also 0% in Dubai, while they can reach up to 28% and 40% in the UK.
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The high tax rates in the UK are driving wealthy individuals and entrepreneurs to leave the country, with predictions of over 100,000 millionaires and billionaires potentially departing by 2030
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The UK tax system imposes multiple layers of taxation, including taxes on income, employment, and inheritance, which can discourage investment and entrepreneurship
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Starting a business in the UK can be a strategic move to mitigate tax burdens, as business owners can pay taxes after earning income, unlike employees who pay taxes first.
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Setting up a company is presented as an accessible option for individuals looking to improve their financial situation.
BEST MOMENTS
"In the UK, the higher bracket is 45%, but shockingly, in the 100 to 125 grand bracket, the nominal net rate ends up being 60%."
"In Dubai, income tax is 0%, National Insurance is 0%, whereas in the UK, income is up to 45% and National Insurance is 15%."
"Inheritance tax is like the most evil, nefarious type of tax... we're ruining generational wealth with inheritance tax."
"Why would you stay in the UK?"
"Setting up a company is actually easier than ever, even though running it is not as easy as it used to be."
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ABOUT THE HOST
Rob Moore is an author of 9 business books, 5 UK bestsellers, holds 3 world records for public speaking, entrepreneur, property investor, and property educator. Author of the global bestseller “Life Leverage” Host of UK’s No.1 business podcast “The Disruptive Entrepreneur”
“If you don't risk anything, you risk everything”
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Rob’s official website: https://robmoore.com/
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