Anyone can make money any time if they really want to. If you set up in business and add 20% progressively each year to your sales, you double in 4 years (100,120,144,172,206) quadruple in 8 years, 8 X in 12 years, and 16 X in 16 years.
If, for example you do £200 a day in year one, at only 20% a year growth rate, you will be doing £3200 a day in year 16. You will turn over £800,000 on maybe 20-30% margin, be a millionnaire and be in the top 2% of earners. It’s not difficult, just bloody hard work, and your life will become one dimensional while you do that.
Why bother subjecting yourself if as soon as you try to move on and sell your business into cash, you are hit by first CGT and then IHT.
The reason people don’t bother to become wealthy is a/because it’s hard, and b/ because of tax.
People don’t build businesses in Britain. They buy houses and wait for the easy returns. The tax breaks shouldn’t be on the houses for that reason. They should be on business gains. But curiously all the support is for the other way round.
In times of our greatest crises in the past we have been saved by dynastic families. Asquith constructed our victory in WW1. Churchill in WW2. How would we have done if the Asquiths and the Churchills had not been permitted by taxation to release their sons to dedicate their lives to public service?
If Blair wasn’t such as skinflint taking his payoff from Murdoch, and Cherie from whoever, not to mention all their cronies getting their fingers into every pie from Prescott, Mandelson, and so on, we would have been less ripped off in the last 9 years than we have been.
Why the hell does everyone want to see private money which could serve them well as it has in the past, handed over to fatten up more John Prescotts and create a bloated corrupt class of grasping politicians and their cronies?
Dynastic families are a precious resource. Other countries create the leading figures, the best innovations, and world beating businesses. Britain is locked into the negativity of house-buying and tending the garden. Set the entrepreneurs free. Build dynastic wealth in Britain. We need it.