Can we talk about March 2016 Budget

[Digga]

If you want to get capital off the sidelines and into the UK, you have to reduce business taxes, red tape, uncertainty and increase investment capital allowances. Simple, but it won't happen.

[Welshbeef]

GT03ROB said:

Not sure how they can trace overseas property though.....

This is a very good question there is no legal requirement to give that info nor is there any reason for another country to provide that - you might even own a Ltd overseas simply to hold he asset due to local residency issues.


If you earn anything that's different but if it's an empty property you use now and then off grid how would anyone know?

[SilverSixer]

Welshbeef said:

GT03ROB said:

Not sure how they can trace overseas property though.....

This is a very good question there is no legal requirement to give that info nor is there any reason for another country to provide that - you might even own a Ltd overseas simply to hold he asset due to local residency issues.


If you earn anything that's different but if it's an empty property you use now and then off grid how would anyone know?

This is interesting and something I need to think about. I've got a property in a non-EU, non-tax haven country which I'm trying to sell (the property, not the country, although it is a very small country), when it goes I want to bring the money back to the UK. I expect my bank will be needing to report the sum to the "authorities" (hopefully £100k). What happens then? Will I get a tax bill automatically or a letter from HMRC asking me to explain where it came from, then a tax bill?

[GT03ROB]

SilverSixer said:

Welshbeef said:

GT03ROB said:

Not sure how they can trace overseas property though.....

This is a very good question there is no legal requirement to give that info nor is there any reason for another country to provide that - you might even own a Ltd overseas simply to hold he asset due to local residency issues.


If you earn anything that's different but if it's an empty property you use now and then off grid how would anyone know?

This is interesting and something I need to think about. I've got a property in a non-EU, non-tax haven country which I'm trying to sell (the property, not the country, although it is a very small country), when it goes I want to bring the money back to the UK. I expect my bank will be needing to report the sum to the "authorities" (hopefully £100k). What happens then? Will I get a tax bill automatically or a letter from HMRC asking me to explain where it came from, then a tax bill?

There's no tax on selling.

[Jasandjules]

They could reduce the many billions they have wasted on s**t IT projects and randomly f***ng up everything. Oh, and perhaps if we didn't invade a few other random countries we could save a bob or two.

[SilverSixer]

GT03ROB said:

SilverSixer said:

Welshbeef said:

GT03ROB said:

Not sure how they can trace overseas property though.....

This is a very good question there is no legal requirement to give that info nor is there any reason for another country to provide that - you might even own a Ltd overseas simply to hold he asset due to local residency issues.


If you earn anything that's different but if it's an empty property you use now and then off grid how would anyone know?

This is interesting and something I need to think about. I've got a property in a non-EU, non-tax haven country which I'm trying to sell (the property, not the country, although it is a very small country), when it goes I want to bring the money back to the UK. I expect my bank will be needing to report the sum to the "authorities" (hopefully £100k). What happens then? Will I get a tax bill automatically or a letter from HMRC asking me to explain where it came from, then a tax bill?

There's no tax on selling.

It's not a main residence though. So wouldn't HMRC treat it as a second home (even though it has no roof and nobody could live there) and want Capital Gains Tax, or doesn't it apply to foreign property?

[GT03ROB]

SilverSixer said:

It's not a main residence though. So wouldn't HMRC treat it as a second home (even though it has no roof and nobody could live there) and want Capital Gains Tax, or doesn't it apply to foreign property?

Sorry didn't think you were talking CGT. Probably more complicated then!

[turbobloke]

rovermorris999 said:

jonah35 said:

How about a mortgage tax?! Stops people that just borrow lots of money rather than those that have saved.

The issue now is that the ONLY way to make money is to buy a big home on a cheap mortgage and let the tax free increase in value pay for your retirement when you downsize.

There is no tax at all.

Pensions - taxed, even Isas taxed and income taxed and btl property taxed.

At present we are just forcing up the value of main residences as there is nothing else to put money into.

If property just plateaud or fell a bit this would be good news because, over time, people would stop seeing property as an investment and would spend money on savings, pensions, and spend it which would help the economy, renters wouldn't feel as put out - the only reason most want to buy is to make 'free money'

You've paid tax on the money with which you pay the mortgage and stamp duty when you bought it. Isn't that enough?.

In a lot of cases no! Unfortunately. IHT above the threshold at a later date.

[rovermorris999]

turbobloke said:

In a lot of cases no! Unfortunately. IHT above the threshold at a later date.

Yes I forgot the tax on death. It'll be a tax on breathing next.

[turbobloke]

rovermorris999 said:

turbobloke said:

In a lot of cases no! Unfortunately. IHT above the threshold at a later date.

Yes I forgot the tax on death. It'll be a tax on breathing next.

Well there's a helluva lot of tax on one component making up just 0.04% by volume of the air we breathe and without it life would head down the tubes

[010101]

When creative people look to the future, if there is a stable environment for their money, they can focus effort on prosperous endeavour. When you threaten clever people with the 'legitimised' confiscation called tax, they use their superior intellectual firepower to defend their wealth.
It is how humans act.

The socialist perhaps believes everyone else is at best equal to themselves.