If Labour are elected where to secure capital ?

[tescorank]

I imagine massive capital flight within days, so which route would you take ?

[Croutons]

Has a surprise election been called?

[gareth h]

tescorank said:

I imagine massive capital flight within days, so which route would you take ?

I'll be part of that flight! Can see myself moving to sunnier climes if Corbin and his cronies get in.

[ellroy]

Was in a meeting with some lawyers earlier this week and they were saying that one or two large private clients are asking them to put in place contingency plans already and paying for the costs of doing so.

It may be too late by the time the vote comes in to act with any certainty.

[98elise]

gareth h said:

tescorank said:

I imagine massive capital flight within days, so which route would you take ?

I'll be part of that flight! Can see myself moving to sunnier climes if Corbin and his cronies get in.

Me too. Was my intent for retirement in a few years, but when Corbyn gets into power it will be the ideal excuse to bring things forward.

[fakenews]

It's troubling, I'm not rich, but I can't imagine those who bought property to rent out for retirement are going to be in a good place. I don't see such people as evil (like the lazy left) and it's not fair the government have already made such things less profitable.

Where would you move to though. Europe is out of the question for most now. US is impossible to get into. Canada is an option. Australia is much harder. New Zealand is getting expensive and harder. South America/Africa no go.

Plus you should be taxed on any overseas income...

[98elise]

fakenews said:

It's troubling, I'm not rich, but I can't imagine those who bought property to rent out for retirement are going to be in a good place. I don't see such people as evil (like the lazy left) and it's not fair the government have already made such things less profitable.

Where would you move to though. Europe is out of the question for most now. US is impossible to get into. Canada is an option. Australia is much harder. New Zealand is getting expensive and harder. South America/Africa no go.

Plus you should be taxed on any overseas income...

Why is Europe out if the question? It won't be as easy as before, but it's still certainly an option.

[Big Al.]

tescorank said:

I imagine massive capital flight within days, so which route would you take ?

As far away from the UK as possible IMHO.

[Simpo Two]

The question though is about movement of capital, not personal relocation.

[chemistry]

tescorank said:

I imagine massive capital flight within days, so which route would you take ?

If he/they get in, it will be too late; Labour has already said they would have plans (capital controls?) in place in an attempt to mitigate this.

As I see it, other than moving abroad, aren't the main options to move into cash (presumably held in dollars, Euros, etc. but not GBP as that will devalue) and/or (relatively) liquid hard assets such as art, high end watches, etc.

Neither option is particularly appealing, particularly given the risks associated with holding large amounts of money and valuables, but I can't think of many other options.

Conversely, anything held in bank accounts, the stock market, etc. risks being partly or wholly frozen as part of the capital controls that would likely be introduced.

[essayer]

Even with a solid majority he’d still need to see the Queen, form a government, reconvene Parliament, elect a speaker etc etc - can’t see him being in a position to do anything for a few days at the very least - plenty of time to put short term plans in place (although not dispose of assets etc)
With a minority or hung parliament things will take even longer

[tescorank]

Should I rephrase the topic, which overseas country is it easy to open an account in that's beyond Labours grasp ?

[eyebeebe]

That sounds like you are asking for help with tax evasion!

What do you mean by beyond their grasp?

If you are resident domiciled in the UK you have to pay tax on your worldwide income. I don't think there are many places left which wouldn't report your income/assets to UK tax authorities, are in a stable legal system and make it easy for a non-resident to open an account.

[Iamnotkloot]

You could have a couple of crypto currency accounts that are held outside of uk jurisdiction. Though It is used to buy/sell cryptos, it is held as US dollars in between (and can be indefinitely with no fees once transferred in). Might be an option.

[markymarkthree]

Under the bed and in a shoebox has to be safer than anywhere the raving commie party can lay their hands.

[98elise]

coyft said:

Portugal have some very generous tax incentives....

https://www.blevinsfranks.com/news/blevinsfranks/a...

Isn't that just that you won't pay any additional taxes. For example they say you can have your pension tax free, however it would already be taxed in the UK.

[JulianPH]

98elise said:

coyft said:

Portugal have some very generous tax incentives....

https://www.blevinsfranks.com/news/blevinsfranks/a...

Isn't that just that you won't pay any additional taxes. For example they say you can have your pension tax free, however it would already be taxed in the UK.

Dividends are completely tax free for the first 10 years. I've not looked into pension income as it is not relevant for me.

It is structuring it so that HMRC have no claim here that may be difficult though.

You also get the benefit of living in a wonderful country with friendly people, so it is a serious option!

[Welshbeef]

One thing I can imagine labour doing is to remove the tax wrapper on TESSAS ISAS for anyone earning over what they Sean to be “wealthy”


However what about “transient” assets? I mean jewellery expensive watches art classic cars tie pins rare Mont Blanc pens physical bar of gold / platinum /diamonds.
Physical things they do not know you own and you can move them anywhere or change them back to cash when you see fit. I doubt the govt would then put laws in place for insurance companies to share personal policy details about named listed items for house insurance purposes - is so they could tax it.
Or safety deposit box.

[CzechItOut]

gareth h said:

I'll be part of that flight! Can see myself moving to sunnier climes if Corbin and his cronies get in.

Why? We'll enjoy 10 years of unchecked government spending while Corbyn is in power. It is after a Labour government that you need to leave the country.

[tescorank]

eyebeebe said:

That sounds like you are asking for help with tax evasion!

What do you mean by beyond their grasp?

If you are resident domiciled in the UK you have to pay tax on your worldwide income. I don't think there are many places left which wouldn't report your income/assets to UK tax authorities, are in a stable legal system and make it easy for a non-resident to open an account.

Not tax evasion, I can see some sort of savings grab similar to Greece.