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  1. #41
    jfm's Avatar
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    Default Re: Capital gains tax

    No mike. You are twisting my words like a Sun journalist. What I said was that there is nothing wrong with a business being created by a business starter/creator, then being sold by him/her to a new owner who is good at growing small businesses into medium ones, then being sold on to a big-business specialist, etc. There is also nothing wrong with a person starting a business and keeping it many years and growing it to a very large business. Both are virtuous, but the latter is not more vituous than the former, imho. The former involves making a quickish buck, whereas the latter is a slow buck. I don't see anything wrong with the quick buck

    I couldn't care less if my view might isn't shared by the media. I dont really vlaue the views of plodder newspaper journalists above own common sense. And yes a small number of "g&g" of the business world have opposed the tax changes, which is fine, but I disagree with them. There are plenty other g&g who agree the views I'm putting forward, but they choose not to say anything in the media (why would you put head above parapet, in today's media?)

  2. #42
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    Default Re: Capital gains tax

    [ QUOTE ]
    You are twisting my words like a Sun journalist

    [/ QUOTE ]

    I'll take that as a compliment. Btw it's not a 'small number of the g & g in the business world', it's an unprecedented combined campaign by the CBI, Institute of Directors, Federation of Small Businesses and British Chambers of Commerce. I think that demonstrates that the strength of feeling about this issue is widespread

  3. #43
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    Default Re: Capital gains tax

    Well, I guess that's the end of that then [img]/forums/images/graemlins/tongue.gif[/img]

    I still think the scrapping of taper relief is wrong and it looks like Darling http://news.bbc.co.uk/1/hi/business/7055861.stm.

  4. #44
    kcrane is offline Registered User
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    Default Re: Capital gains tax

    [ QUOTE ]
    There is a way of avoiding CGT altogether.
    I commend this to the forum.

    [/ QUOTE ]

    Don't leave us hanging! What is it that you commend to us? Remember, I'm middle aged, I don't get new ideas that quickly, so you'll need to spell it out in tedious detail [img]/forums/images/graemlins/ooo.gif[/img]

  5. #45
    kcrane is offline Registered User
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    Default Re: Capital gains tax

    [ QUOTE ]
    ...it looks like Darling http://news.bbc.co.uk/1/hi/business/7055861.stm.

    [/ QUOTE ]

    There were some differences of opinion in this thread on whether it was right or wrong to drop taper relief, but I think the one thing we can agree on is that if they reverse the decision, right or wrong tho you may think that would be, it is just one more (of many) examples that this Government couldn't manage a p**s up in a brewery.

  6. #46
    hlb's Avatar
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    Default Re: Capital gains tax

    My accountant is setting up a meeting, with these other clever sods and me.

    Basically, you agree to give them 25% of what you save, then they do the dirty for you. It involves setting up a foreign company, then selling your property or whatever to it. It sells the property then you get your money. UK gov says you cant do that, but EC says you can, so get stuffed Gordy. Gordy cant fight EC law.

    A solicitor first mentioned it to me.

    My accountant have already had one other customer done it.

    Course this was all before Gordy altered the tax. (If he really has) I've not asked since.

  7. #47
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    Default Re: Capital gains tax

    I sense that hlb has a really cunning plan involving not selling anything for more money than he bought it for thus avoiding CGT altogether. Sly old fox

  8. #48
    hlb's Avatar
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    Default Re: Capital gains tax

    Dear Haydn,

    I have spoken with the tax scheme provider who are a firm of lawyers based in *****

    The Scheme works by exploiting a conflict between UK law and EU law. In a situation like this I am told EU law takes precedence.

    (H), forms a subsidiary company, (newco), which is based in ****** H transfers some or all of its properties to newco at *** of their value. They are sold, by newco, to the eventual purchaser. Newco pays tax at the ****** rate which is **. But this *** is only charged on the ***profit which Newco makes.

    This would never work in the UK because there are specific rules to stop it.

    .................................................. ..............................

    I'm not letting everything out the bag!!

  9. #49
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    Default Re: Capital gains tax

    I dont think this will work because you specifically set it up to avoid paying tax - I'm no expert but it would seem to me that it could be easy to prove that you specifically set this up to avoid the tax - I assume that you are expecting to remain as a UK tax payer.

    It would be different if "the eventual purchaser" made it a condition that his purchase was carried out this way - but why should he?

    Be careful

  10. #50
    hlb's Avatar
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    Default Re: Capital gains tax

    So far as I know, it has worked and does work. The providers are for obvious reasons, not revealing every thing they know. Just giving the outline.

    I'm not revealing everything either, I need sorting out before every Tom Dick and Harry turn up and knacker it.

    But done through proper accountants.

    Also added, expect a bit of flak from tax man. So maybe better to flog everything first year. then piss off.

    Think you have to be flogging a few hundred grand of property, before worth doing.

    The tax man cannot contra ravine EC law. That is the key.

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