Getty Images / Twitter

Considering Lord Sugar aka Alan Sugar's net worth is estimated to be approximately $1.15bn, making him the 95th richest person in the UK, and that he sits in the House of Lords, you'd think he'd understand how tax works.

However, it appears his accountants might have been 'taking him to the cleaners' if his latest tweet is anything to go by.

Whilst engaging with his Twitter followers in a debate over income tax, the celebrity businessman and lead of the British version of the Apprentice said:

...a person who earns over £100k under @jeremycorbyn might end up with just 30K i.e. 70% tax .

No incentive to work or prosper, no future managers no future company successes. = no employment of others.

It goes without saying that many people on social media were quick to point out that Lord Sugar's maths when working out this tax rate wasn't quite on the button.

Some said it was a 'total lie'.

Others worried that he was about to have a horrible realisation about his naughty accountant.

Another took the opportunity to explain exactly how income tax works to Lord Sugar, while imploring the billionaire not to 'scaremonger'.

Another reiterated the same sentiment, saying that under Labour's proposed new income tax laws, someone on £100K would end up with £64,776 after tax.

Another was surprised that someone 'finance savvy' got this wrong.

Ermmm, tax brackets?

Generic *facepalm* emoji.

Again, looks like you've been rinsed, mate.

Some argued he was being 'disingenuous'.

The gifs inevitably got involved, too.

In response to the mocking tweets, Lord Sugar emphasised that he used the word 'maybe' in his original tweet, saying:

I said MAYBE Jeremy Corbyn will raise tax to 70% for people earning £100k which by the way was imposed in France by another communist resulting in people leaving France.

The 72-year-old businessman was previously a Labour Party donor but left the part in 2015 after 18 years, after a perceived shift to the left. Lord Sugar has promised to leave the country if Jeremy Corbyn becomes elected as prime minister.

Speaking on TV in December last year, the Mirrorreports he said:

Corbyn, if he gets in I’m out. That’s for sure. That is a promise I will make to The Sun. If he’s in, I’m out. I won’t be writing £50million tax cheques any more. I’m gone. I don’t know where but I won’t be here.

Oh well, Alan. Perhaps it's time to tell your accountant 'You're Fired!'

Keep reading...Show less
Please log in or register to upvote this article
The Conversation (0)