HMRC ruling opens door to paying income tax at 100%, 200%, anything you want
The Inland Revenue has ruled that rebate of commission from funds is taxable income because it's annual. Even though the rebate is really from money you handed over in the first place you can't have it all back.
Why stop there? I propose a new fund for the guilty rich who worry about not paying enough tax. This is how it works:
The Supertax Investment Fund (SIF)
Let's say you earn £50k. Your tax is £9822 or 19.6% of gross income. You'd like to pay 100% tax, an extra £40178. SIF lets you easily generate the extra income of £91000 to take your total income tax bill to £50k.
You simply buy £182k of SIF units, incurring an extra tax bill of £40178. SIF deducts basic rate tax at source = £18200. Don't forget to declare the extra £91k income on your Self Assessment or you won't get to pay 100% tax straight away, and you will be surcharged, fined and perhaps jailed when the revenue catch up with you.