Gary Stevenson is everywhere at the moment. But how much does he actually know about tax?

In the interview with Bartlett, Gary was told the Duke of Westminster pays 6% principal charges on his trust assets (0.6% a year). Gary then stated he was paying tax at 100x the rate of Duke of Westminster because he paid income tax at 60%.*

Except that’s not true. A principal charge on a trust is an entirely separate tax to income tax and can’t be compared. It’s quite fundamental.

It’s like me complaining I pay tax at twice the rate of another person because I pay income tax at 40% and they bought a can of coke paying just 20% VAT.

See 36:30 at here https://youtu.be/4yohVh4qcas?si=v7kgSXTMQ80KXZVp –