ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Nov 9, 2020 13:14:32 GMT
Bit of an alarmist heading, but we all know the humungous Covid Bill that is racking up has to be paid for, and the Government will definitely go after anyone who has any Assets and is considered "well off". And any sense of "fairness" won't come into it, we will be striped. So, what strategies, other than maybe moving Assets offshore, are the best course of action? Buy physical gold/silver and bury it? Stick with "reliable" shares/funds? Cash is king, until The Government decides it's a soft target and overnight raids your piggy bank? Of course The Usual Suspects will also have to be hiked - VAT, Income Tax, Inheritance Tax, National Insurance, Corporation Tax, etc. Negative Interest rates? Devalue the Pound too? It's gonna be very, VERY grim if you don't prepare now to protect your life's savings . IMHO .
Yours, The Jolly OzBoy, always the Harbinger of Glad Tidings.
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IFISAcava
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Post by IFISAcava on Nov 9, 2020 13:43:47 GMT
Bit of an alarmist heading, but we all know the humungous Covid Bill that is racking up has to be paid for, and the Government will definitely go after anyone who has any Assets and is considered "well off". And any sense of "fairness" won't come into it, we will be striped. So, what strategies, other than maybe moving Assets offshore, are the best course of action? Buy physical gold/silver and bury it? Stick with "reliable" shares/funds? Cash is king, until The Government decides it's a soft target and overnight raids your piggy bank? Of course The Usual Suspects will also have to be hiked - VAT, Income Tax, Inheritance Tax, National Insurance, Corporation Tax, etc. Negative Interest rates? Devalue the Pound too? It's gonna be very, VERY grim if you don't prepare now to protect your life's savings . IMHO .
Yours, The Jolly OzBoy, always the Harbinger of Glad Tidings. Given how much profit many of us are making on equities (and other assets), I reckon we could probably afford to contribute a bit, no? Agree that sensible planning is in order though (not that it ever wasn't).
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james100
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Post by james100 on Nov 9, 2020 13:59:51 GMT
Moving assets offshore Moving me potentially offshore Maxing out tax shelter-type accounts
I have no problem chipping in a bit extra for covid.
It's the corruption, mismanagement and fishy fantasies I'm unwilling to fund, and I'm very sure our government will be blurring it all under "covid".
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macq
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Post by macq on Nov 9, 2020 14:21:59 GMT
Bit of an alarmist heading, but we all know the humungous Covid Bill that is racking up has to be paid for, and the Government will definitely go after anyone who has any Assets and is considered "well off". And any sense of "fairness" won't come into it, we will be striped. So, what strategies, other than maybe moving Assets offshore, are the best course of action? Buy physical gold/silver and bury it? Stick with "reliable" shares/funds? Cash is king, until The Government decides it's a soft target and overnight raids your piggy bank? Of course The Usual Suspects will also have to be hiked - VAT, Income Tax, Inheritance Tax, National Insurance, Corporation Tax, etc. Negative Interest rates? Devalue the Pound too? It's gonna be very, VERY grim if you don't prepare now to protect your life's savings . IMHO .
Yours, The Jolly OzBoy, always the Harbinger of Glad Tidings. Think the jolly Ozboy is changing into a whinging pom
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IFISAcava
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Post by IFISAcava on Nov 9, 2020 14:22:26 GMT
Moving assets offshore Moving me potentially offshore Maxing out tax shelter-type accounts I have no problem chipping in a bit extra for covid. It's the corruption, mismanagement and fishy fantasies I'm unwilling to fund, and I'm very sure our government will be blurring it all under "covid". yes - the wasted (hundreds of?) billions from government incompetence, intransigence and outright corruption is a hard bill to fork out for. As is the likely cost of Brexit. The costs if Covid itself I am more than happy to contribute extra for.
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jonno
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nil satis nisi optimum
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Post by jonno on Nov 9, 2020 14:36:10 GMT
Jeez!! Only this forum could turn the "most optimistic day since March" into "DOOMED we're ALL DOOMED" Can't we at least have a day off!!
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corto
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one-syllabistic
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Post by corto on Nov 9, 2020 14:39:00 GMT
Moving assets offshore Moving me potentially offshore Maxing out tax shelter-type accounts I have no problem chipping in a bit extra for covid. It's the corruption, mismanagement and fishy fantasies I'm unwilling to fund, and I'm very sure our government will be blurring it all under "covid". yes - the wasted (hundreds of?) billions from government incompetence, intransigence and outright corruption is a hard bill to fork out for. As is the likely cost of Brexit. The costs if Covid itself I am more than happy to contribute extra for. I'd agree that there has been a spectacular level of disorganisation in this country; however, others have spent massively as well. Where would you want to go? As long as you are tax resident in the UK you have to declare offshore income anyway. Also: What offshore assets? Stuff like VWRL and many others are offshore funds.
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IFISAcava
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Post by IFISAcava on Nov 9, 2020 15:00:13 GMT
Jeez!! Only this forum could turn the "most optimistic day since March" into "DOOMED we're ALL DOOMED" Can't we at least have a day off!! Just blame the Aussies. Usually works.
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agent69
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Post by agent69 on Nov 9, 2020 15:09:01 GMT
Jeez!! Only this forum could turn the "most optimistic day since March" into "DOOMED we're ALL DOOMED" Can't we at least have a day off!! Just blame the Aussies. Usually works. How about emigrate to AUS?
I'm certain the nice people in the government there wouldn't stoop so low as to increase taxes to pay off the Covid debt.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Nov 9, 2020 15:29:46 GMT
Apologies, I am not particularly articulate at the best of times. So, to precis:- 1/ Of course we will have to pay more, that's a given. And most of us won't mind, as long as it's a "fair" share, and we're not targetted.
2/ When the Government does eventually recoup costs, it is VERY unlikely to be "fair". and is also VERY likely to target certain groups. 2/ SO, what assets are especially difficult for Governments to raid/tax/steal? Probably like many on here, I was in the Boy Scouts ................ "Be Prepared!"
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Post by Deleted on Nov 9, 2020 16:31:44 GMT
I'm intending to maximise capital gains before the Chancellor raises the tax in that area.
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IFISAcava
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Post by IFISAcava on Nov 9, 2020 18:03:50 GMT
I'm intending to maximise capital gains before the Chancellor raises the tax in that area. probably wise and entrepreneurs' relief if you have anything suitable both likely to be reformed
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registerme
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Post by registerme on Nov 9, 2020 18:46:08 GMT
Though "you ****** up the nation's response to COVID, spanked a load of money on worthless / useless / corrupt stuff, and now you want us to pay for it" is not going to be the strongest of campaign pledges.
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rocky1
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Post by rocky1 on Nov 9, 2020 19:07:19 GMT
sorry off topic for a moment. but sounds a lot like some p2p platforms that threw millions of pounds to worthless/corrupt/etc schemes over the past few years and we are all paying dearly for that now.
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hazellend
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Post by hazellend on Nov 9, 2020 20:09:34 GMT
I'm intending to maximise capital gains before the Chancellor raises the tax in that area. Me too. I’ve been very slack and have 80k gains in equities to harvest with only 20k losses in the bank. Rubbish that we can’t offset P2P losses!
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