View Full Version : Dinars and UK tax
investor
11-22-2005, 01:46 PM
Please can someone answer a question about tax in the UK?
When the time comes to exchange dinars for sterling, will the profits be counted as taxable income or some other form of tax?
Sorry for my ignorance in these things, but everyone I have asked so far has shrugged their shoulders and made like Scooby Doo (Idunno).
reidy3000
11-22-2005, 02:10 PM
Capital gains tax mate, which is 40% if you are in the high bracket.
You have a £7500 annual capital gains tax allowance anything above that and you're shafted.
WilliamMunny
11-22-2005, 02:31 PM
jeeesus, man...change that icon,....
cloaked
11-22-2005, 02:41 PM
In England, y'all don't have the decrease if you hold on to it for a year? :confused: If not, that does suckerooo.
Adster
11-22-2005, 02:53 PM
Totally agree, we get screwed every time in the good old UK. :mad: :mad: :no: :no:
Davidie
11-22-2005, 04:19 PM
The only thing I could think of without buying more dinar to cover tax expenses is to only cash in 7500 pounds sterling worth a year.
This blows but it is probably the only way to avoid it.
40% is absurd. How is anyone supposed to get rich in Britain.:crying: :crying:
If it revals at 0.04 people with 1 mill like myself will make 40k! but id realistically lose about 10k or more in tax. Boo hoo :crying:
Britain is poo.
The limit is £8,500 actually. And you only pay 40% if that is your income tax bracket if you were to count your gain as income. http://www.hmrc.gov.uk/rates/cgt.htm
If you were lucky enough to make 40K of buying a third world country's currency for a rock bottom price, then prehaps you should count yourself lucky to live in free country that gave you the opportunity to do that and be thankful that you're not living in a place like, say..... Iraq.
I think you "boo hoo"ing about having to pay tax is incredibly selfish since taxes are used to fund pensions and welfare and do other things (like invading Iraq). If you are going to be so selfish, then you really don't deserve to have great wealth. And probably never will. At least that's how I see it.
EDITED TO ADD -
Plenty people get rich paying 40% tax.
TiredOfWork
11-22-2005, 04:27 PM
Really, you're not LOSING anything. Take the initial investment and the taxes from what the reval is, if anything, and that's PROFIT. If you're paying taxes, you made money. Period. You lost nothing. :happy26:
Javabear
11-22-2005, 04:46 PM
Yeah i suppose thats true i will have made money. Still if america can charge 30 or 15% tax why do we get stitched with 40%. Ill tell you why. Its because britain has sold off all its assets and the only income generating resource left in britain today are us! If the people get rich they will not work if they do not work they dont pay taxes!
They screw us for about 70-80% if you add up all the tax on purchases VAT Income tax,capital gains, inheritance and a million other taxes I could think of.
The tax we pay is mismanaged and wasted. Things like education and the nhs would be much much better if people stopped wasting time with unbelievable red tape and administrative costs.
Britain at the moment is political correctness gone mad.
Our governments are desperatley trying to halt or at least delay a huge economic meltdown where the amount borrowed severely exceeds the amount repayable. It is only the peoples confidence that stops everyone making a bank run and the economy collapsing. If this happens the banks will demand that all loans be repayed and millions of people with mortgages will have to sell their houses will be homeless.
Im sure you all know this. It would be being blind not to see.
The NHS I'm sure is a huge govermental expenditure for the UK. I was there on r&r in September and the taxes (even VAT) are outrageous. As far as the government borrowing, the US has the same problem. Especially since GWB came in office. He spends like a drunken democrat.
Weston
11-22-2005, 04:56 PM
does britiain tax like canada (only taxable once you bring it into canada either bank or spend it in canada.)
Just put it in an offshore bank while it makes more money then transfer money you need and pay taxes you'll make more money. well in canada i can do that as long as it doesnt hit the Canadian Bank first
Soliel
11-22-2005, 08:13 PM
I am sorry for the very high tax rate. I would think it would be hard to create a retirement for oneself at such a high rate IF it applied to even the lower income earners.
In the states if you earn less, you pay a lessor rate which makes sense.
There is a lot of truth to the idea that too much taxation harms the economy and takes away jobs. I know, I am a small business owner. The money that I am forced to give to the government (very often for now services recieved) is money that I could have put in my business or paid someone to help me out...thus, creating a new job.
I hope Europe wakes up and realizes what they are doing is not sustainable.
Yeah i suppose thats true i will have made money. Still if america can charge 30 or 15% tax why do we get stitched with 40%. Ill tell you why. Its because britain has sold off all its assets and the only income generating resource left in britain today are us! If the people get rich they will not work if they do not work they dont pay taxes!
They screw us for about 70-80% if you add up all the tax on purchases VAT Income tax,capital gains, inheritance and a million other taxes I could think of.
The tax we pay is mismanaged and wasted. Things like education and the nhs would be much much better if people stopped wasting time with unbelievable red tape and administrative costs.
Britain at the moment is political correctness gone mad.
Our governments are desperatley trying to halt or at least delay a huge economic meltdown where the amount borrowed severely exceeds the amount repayable. It is only the peoples confidence that stops everyone making a bank run and the economy collapsing. If this happens the banks will demand that all loans be repayed and millions of people with mortgages will have to sell their houses will be homeless.
Im sure you all know this. It would be being blind not to see.
Adster
11-23-2005, 02:05 AM
I am sorry for the very high tax rate. I would think it would be hard to create a retirement for oneself at such a high rate IF it applied to even the lower income earners.
This is why most Brits end up in Spain, France, Portugal etc. And who could blame them. :rolleye03 :rolleye03
emile
11-23-2005, 03:31 AM
book a flight to iraq and pay for it.make arrangements to go over there for a holiday. buy a couple mil nid. sounds alot of bother but you can't be taxed on personal money. just because you changed your mind about going and the rv happened while you were holding the dinar that's not your fault. and 1000 pounds is a reasonable amount for spending money. or set up a limited company get a letter head ( for annomity reasons only) and go to one of these companys that will exchange on your behalf and then get them to transfer to an off shore account.they only tell the taxman if asked. you then withdraw all the money and put it in another account in your name.
CHAZOWEN
11-23-2005, 03:34 AM
The limit is £8,500 actually. And you only pay 40% if that is your income tax bracket if you were to count your gain as income. http://www.hmrc.gov.uk/rates/cgt.htm
If you were lucky enough to make 40K of buying a third world country's currency for a rock bottom price, then prehaps you should count yourself lucky to live in free country that gave you the opportunity to do that and be thankful that you're not living in a place like, say..... Iraq.
I think you "boo hoo"ing about having to pay tax is incredibly selfish since taxes are used to fund pensions and welfare and do other things (like invading Iraq). If you are going to be so selfish, then you really don't deserve to have great wealth. And probably never will. At least that's how I see it.
EDITED TO ADD -
Plenty people get rich paying 40% tax.
Why should the state make 40% on someone taking a gamble,a gamble with all the odds stacked against them?
Will the state give me 40% back if it does not hit?
The taxation system needs to be fair!I don't object to paying a fair taxation rate,but this country has the highest N.I.rate it has ever had and we are told there is nothing left in the pensions pot,in fact they are raising the age to 67 and before long it will be 70.
The welfare state system is totally bankrupt,it is totally abused with the authorities totally powerless to do anything about it because of too many P.C do badders.
A welfare system is needed in a civilised society,however an ability to deal with those who ruin it is also needed.
I don't regard Iraq as a third worLd country!
The U.K gamblers need to stick together if it hits.
postcon
11-23-2005, 04:15 AM
Why should the state make 40% on someone taking a gamble,a gamble with all the odds stacked against them?
Will the state give me 40% back if it does not hit?
The taxation system needs to be fair!I don't object to paying a fair taxation rate,but this country has the highest N.I.rate it has ever had and we are told there is nothing left in the pensions pot,in fact they are raising the age to 67 and before long it will be 70.
The welfare state system is totally bankrupt,it is totally abused with the authorities totally powerless to do anything about it because of too many P.C do badders.
A welfare system is needed in a civilised society,however an ability to deal with those who ruin it is also needed.
I don't regard Iraq as a third worLd country!
The U.K gamblers need to stick together if it hits.
In UK, the more you earn the more you pay to the Govt. Add up all the direct and indirect taxation and it's one heck of a lot of money. Council tax alone is close to £150 a month. Now, that is is daylight robbery. Fuel tax is over 70%. The retirement age is being increased. Soon we will have to die to stop working. Work till you drop would be the new slogan. Whilst the MPs have the luxury of perks, allowances and can hike their own wages by calling for a vote amongst themselves, the public have to suffer.
The welfare system is an utter joke. 3 billion pounds was lost last year in benefit fraud. Who is dealing with such fraud? Not many. Then there is the civil service wastage. My wife for the civil service and some of the stories I hear. Most of them hardly do anything. They take 2 hour lunch breaks and umpteen smoking breaks. They go off sick with gay abandon. Some people blantantly misuse the stationary section and order all sorts of stuff for their personal use. One chap uses a box of pencils a week! Instead of sharpening a pencil, he just chucks it in the bin and picks up a new one! A few of her colleagues are being sent to Birmingham for three days to be put up in a hotel and enjoy some time off on our money.
Fraud and such extravagance is what we pay for. Makes me sick. The govt tries to dive in when there is the slightest chance of profiting from some else's work.
This is what I have been saying for the past 15 years now, England SUCKS when it comes to TAX, and its all down to bad goverment and mostly this present one at that, everything president blair has he"s sticky finger in costs us the English people TAX and lots of it, to give a good example take the motor car, to buy this car you pay the retail price plus a TAX, to register this new car you pay a TAX, to put this car on the road you buy number plates at retail price plus VAT, a TAX, to drive this car on the road you pay road TAX, you put in petrol, included in the price is a hefty TAX, you insure this car it has a insurance TAX on the price, and so far you havent covered any miles, and all day long my goverment is telling me DONT USE THE CAR!.
I dont think its so much the TAX that gets us its the bad way its wasted, and only a English person knows how this is done, we are TAXED up to and past the hilt now, what ever TAX is paid on any profit from the Dinar it will be stolen yes STOLEN...from us and used to prop up the Iraq war and the many wasters this country has taken in, and thats only what will be left after this thieving goverment has taken some for itselfe to waste again on keeping them in clover.
England is now going through a very bad slowdown in spending, and it will break a lot of business"s and a lot of familys are going to suffer through this, a few years ago blair gave the governor of the bank of England control over interest rates, they do what they want up or down... it has now come to light that the genius running this has told US that the reason WE are not spending is due to HIGHER TAXES...and this is from a person who puts up the interest rates when we dont spend, to cover the short fall in "TAXES"...and puts them up when we do spend to "CONTROL SPENDING" to stop inflation or what ever. yes England it SUCKS.
The person on here that said TAXES make for pensions and health care is wrong they did years ago they dont now, you had better ask a person who has retired "how much you get then?" about £75-£85 a week is the answer, now ask, who has had any good/ quick treatment from our NHS?, now ask the people on the scrounge list what they get £350 is the nearest answer to this, so still think your TAXES are doing good then? how many people have to work and pay £50 a week TAXES to keep a person out of work .
Our TAXES are looking after everyone else in this world but us, think not, then wake up to the way we are TAXED, and if you think its allright to pay maybe 40% TAX, I hope you smile when you send £400,000 out of your maybe £1 million. and then pay TAX on the interest you have from the bank on the remaining £600,000. :no:
.
Ciderlion
11-23-2005, 06:58 AM
Spoken like a true Brit Baz. and i agree 110%. Everything is geared to hit our pockets and we see little in return. Presidente Blair and his league of Incompetents are sucking your average hard working Brit dry, all all the spongers and slackers benefit. I am sick to death of the hype, and BS consistently thrown at us, by an incompetent government. But it happens everywhere i suppose, i am sure a lot of our American friends are PO with GWB..
Ahh baz my man good view!
What will we do when britain collapes eh?
It should be fun if the dinar revals at 0.02 but the Pound devalues to 3000 - 1 :lmao: It allready has collapsed, we just aint got to grips with it yet..we have allways called ourselves a very understanding and easy to get along with people. a very polite and safe sort of place to live in. another nail in our coffin was last week, when one lady police officer got shot and killed, and another lady officer badly wounded. Blair didnt pull the trigger, BUT he sure as hell did LOAD the GUN, no my friend GREAT BRITAIN is no more...me I have a house in Spain and it cant come to soon the day I leave this Blair infested country...
And to give perhaps our American cousins an idea of one other TAX we pay, we pay whats called a "councill TAX" here for services relating to the house/ street lighting/police /fire service and rubbish removal that sort of stuff, its going to increase if you just happen to overlook a nice view...say fields or sea views, any increase in size to let Granny live with you, or more kids, or fitted kitchen, or new bathroom and you think it wont happen!. but NO decrease if they build another airport next door.
So perhaps I really should be gratefull that I pay TAXES to help out. England it SUCKS .
Adster
11-23-2005, 01:10 PM
Agree on all the above, and the weather is awful! :rolleye03 :rolleye03
Hope to be set up one day abroad in the sun. :D :D
You think it is bad in England, we Scots have all of the English taxes and that Circus of a Government in Edinburgh to support as well. Just another layer of Pork to pay for, and our unemployment is still bloody high. Republic, I like the sound of the word.
Adster
11-24-2005, 02:26 AM
And you can't even play sport!! lol. :D :D
CHAZOWEN
11-24-2005, 04:13 AM
We on this side of the pond need to starting working together with ideas of how to get the best deal when it comes to cashing in,(if that day ever arrives) i.e offshore,middle eastern banking,swiss accounts etc,etc...
And you can't even play sport!! lol. :D :D I presume your American if not ignore this light hearted jibe at you.... but lets suppose if you said that there are 450million Americans and only a tiny fraction of you want to play sport, that is still probaly more then England Scotland and Wales all put together, then work out what America pays out in one year alone to learn you sport, and that is probaly more then England Scotland and Wales has ever had for the past 50 years...we get no help at all, yet we still beat a lot of the best, and if you think Scotland cant play sport,go up to the Highland Games and try to toss a caber,but before you break your back, practise on a few light weight logs first like "matchsticks" :happy64:
We on this side of the pond need to starting working together with ideas of how to get the best deal when it comes to cashing in,(if that day ever arrives) i.e offshore,middle eastern banking,swiss accounts etc,etc... count me in...but our draw back is talking to our kind about investing in Iraq...most of my friends allready call me "strange" because of the way I run my business. So for me to tell someone "buy Dinars".
can you see what I am up against...
CHAZOWEN
11-24-2005, 08:51 AM
count me in...but our draw back is talking to our kind about investing in Iraq...most of my friends allready call me "strange" because of the way I run my business. So for me to tell someone "buy Dinars".
can you see what I am up against...
It's not only yours and my friends that think I/we are crackers.
Try speaking to banks etc...they find it equally amusing.
I am begining to think that the only time they will listen is if it actually hits which may be too late.
Adster
11-24-2005, 09:57 AM
I presume your American if not ignore this light hearted jibe at you.... but lets suppose if you said that there are 450million Americans and only a tiny fraction of you want to play sport, that is still probaly more then England Scotland and Wales all put together, then work out what America pays out in one year alone to learn you sport, and that is probaly more then England Scotland and Wales has ever had for the past 50 years...we get no help at all, yet we still beat a lot of the best, and if you think Scotland cant play sport,go up to the Highland Games and try to toss a caber,but before you break your back, practise on a few light weight logs first like "matchsticks" :happy64:
Hey baz, American? No way man. English, hence the posts of the obsene taxes. And you know the English and Scots jibe each other. Have done for years! All light hearted of course! :D :D
investor
11-24-2005, 03:06 PM
Baz, you don't know how right you are my friend.
I dont think its so much the TAX that gets us its the bad way its wasted, and only a English person knows how this is done, we are TAXED up to and past the hilt now, what ever TAX is paid on any profit from the Dinar it will be stolen yes STOLEN...from us and used to prop up the Iraq war and the many wasters this country has taken in, and thats only what will be left after this thieving goverment has taken some for itselfe to waste again on keeping them in clover.
investor
11-24-2005, 03:10 PM
OK, so cashing in at a UK bank is a bad idea?
Is there any legal reason to prevent me from taking a flight to a friendly country and depositing dinars in an account there?
That way, I could transfer money back to the UK, and pay tax on the amounts I bring back, rather than pay super tax on the whole lot.
Ciderlion
11-24-2005, 07:48 PM
Investor not sure how that would work, you would still probably be expected to divulge holding an off shore account to the inland revenue.In turn getting screwed for the full 40% CGT... I agree with what some have said in that we will still gain so pay the taxes but it grieves me to hand out 40% too such a useless bunch off tossers as our government. I will be outta here like a few eventually and split living overseas and coming back to the UK periodically..
For my Brit cousins....
Several years ago the American company I worked for assigned me to London for two years. I didn't pay any taxes because the Brit. tax laws said if I was living off the proceeds of a loan then I didn't owe any taxes. Needless to say my company turned my salary into a "loan" and I didn't pay taxes.
Maybe you can do the same by taking out a loan against the Dinars you have and living off the proceeds. Worth looking into!!
For my Brit cousins....
Several years ago the American company I worked for assigned me to London for two years. I didn't pay any taxes because the Brit. tax laws said if I was living off the proceeds of a loan then I didn't owe any taxes. Needless to say my company turned my salary into a "loan" and I didn't pay taxes.
Maybe you can do the same by taking out a loan against the Dinars you have and living off the proceeds. Worth looking into!! Sounds okay and I will check this with my accountant, but it sounds to me this might only be a loan type of thing for a person who comes here to work say like you for 2 years, I really dont think we would be allowed to do it, I did something like this 15 years ago to myself and every year the tax man ask"s me "is the loan still outstanding" of course you silly b*:^**rd is my answer and it allways will be, our man brown who is in charge of TAXES is so short of money he is doing everything to stop us earning a penny.:wave:
OK, so cashing in at a UK bank is a bad idea?
Is there any legal reason to prevent me from taking a flight to a friendly country and depositing dinars in an account there?
That way, I could transfer money back to the UK, and pay tax on the amounts I bring back, rather than pay super tax on the whole lot. You can go to any EU country and open any account you like, you are required to tell our TAX man and of course its up to you if you do wish to tell, (I know what I would do ) the problem arises when you deposit any large amount in this bank, they will ask you what do you intend to use it for? and why the account? buying a house or business in "your country" is enough to shut most of them up as its the most accepted thing now, the money laundering laws are applying to every country now and its about £9,000 into the account but if any bank see"s this amount every month they tell!.
If you pay TAX on the amounts you bring back say 1%, after 40 trips you have paid 40%, it just dont seem the same amount but it is, and I am not telling you to fiddle, heaven forbid it.
The real problem we all will have is these amounts that we MIGHT make are really only small fry compared to cash amounts bigger fish make and they employ an army of accountants to fiddle the books(oh no not this word fiddle again) so what ever we do has to be done in small amounts so as not to arouse suspicions(would we ever), the TAX in some countrys within the EU is a whole lot smaller then ours is ( I have just paid my Spanish taxes £170 for the year, I pay that nearly every week here, granted I dont work there ) so if you can do it abroad it is so much better, and so is the weather, so buy there, live there for the required amount of time to avoid our TAXES, visit if you wish, and 2 fingers up to brown. Because if we think that labour will ever get out or go we are so wrong...you know what will happen blair out perhaps Davis in, "sorry chaps we cant reduce TAXES labour left us in such a state that we will have to carry on as before"...for ever and ever after...
pierce99
11-25-2005, 11:11 AM
To all my friends in the UK, I would echo the same sentiment here in the US. Your taxe percentages might be a little higher, but everything is going in the same direction here in the the US, in the crapper because of all the wastoids that they let in this country who then leach of the system. GWB and Blair are in bed together screwing the working middle
class citizens of both our countries and now the slugs of the world from
mostly asian and middle eastern countries are taking on the strategy of Hey if we can't beat them in a military battle we'll just go live there ruin their country.
I would think the only way to dodge the tax man would be to go the offshore bank account route and hope you don't get screwed.
It will only get worse until the middle class working man and woman organize and stand up and fight for our rights.
To all my friends in the UK, I would echo the same sentiment here in the US. Your taxe percentages might be a little higher, but everything is going in the same direction here in the the US, in the crapper because of all the wastoids that they let in this country who then leach of the system. GWB and Blair are in bed together screwing the working middle
class citizens of both our countries and now the slugs of the world from
mostly asian and middle eastern countries are taking on the strategy of Hey if we can't beat them in a military battle we'll just go live there ruin their country.
I would think the only way to dodge the tax man would be to go the offshore bank account route and hope you don't get screwed.
It will only get worse until the middle class working man and woman organize and stand up and fight for our rights. We have stood up, and the last time we had a country wide vote blair got back in, it is true to say there wasent a real contender to go against him, but the other strange thing is, if you speak to any English person that voted on that day, no one voted for blair, or least ways I cant find anyone to admit to it, but it seems every one in England hates the man and the bunch of idiots that we have to call government, was it a fix?, hard to belive it was, but every thing else he gets his way on, so why not this! very strange indeed...and you are right about ruin the country, yours and mine, with slugs, as you so nicely put it.
Adster
11-25-2005, 12:14 PM
Great thread guys, thanks.
Question though. I have a Spanish bank account. Now if and please Lord they do soon, if the Dinar r/v's at whatever value and I exchange my Dinars into my Spanish bank account am I right in thinking providing I don't bring back/transfer that money to my English bank account I don't have to pay the obsene amount of 40% tax here? I'd only have to pay the Spanish tax whatever that might be, not sure off top of my head.
Just want to see ways round not avoiding it (heaven forbid would dream of that) but minimising the tax over here by investing it in an overseas account.
How about an offshore account?
Phil S
11-25-2005, 03:30 PM
Correct me if I’m wrong but as far as I know if you’re not living in the UK you don’t have to pay income tax (any capital gains is declared on the income tax form I think).
If you’re living in the UK and have an offshore bank account your expected to declare it so they can tax you on it.
For this reason I’m planning on fleeing the country, I’ve been working on my alias so tell me what you think:
Spiros Dillionaros
www.direct.gov.uk is a very useful site regarding this kind of stuff, info on taxes etc. can be found here:
http://www.direct.gov.uk/MoneyTaxAndBenefits/fs/en
Adster
11-26-2005, 07:13 AM
Cheers Phil S, lol. like the nickname. Am thinking of going under the alias of Dinar Kebab myself!!
When are you classed as not being a citizen? ie, how long do you have to be out of the country to not pay the crazy amounts of 40% in the UK.
Anyone know?
Adster
11-26-2005, 09:32 AM
horioz,
I thought it was 183 days of the year, but need someone to verify please??? :confused: :confused: :confused:
investor
11-26-2005, 10:02 AM
We need to become Tax Exiles.
Thanks for all the ideas posted, keep em' coming.
Cheers Phil S, lol. like the nickname. Am thinking of going under the alias of Dinar Kebab myself!!
When are you classed as not being a citizen? ie, how long do you have to be out of the country to not pay the crazy amounts of 40% in the UK.
Anyone know? If you decide Spain is for you, you need to obtain your NIE number, foreigners identity number (Numero de Identificacion de Extranjero) which identifies you to the Spanish TAX authorities, obtained from the Foreigners Department of the National Police, it is needed to buy a car,property,services for your house,bank accounts,and most other transactions in Spain, and no one can represent you in getting this only in person, so if someone says "I will get it" beware thats down to you and the Police might tap your shoulder "hello" "hello" "what have we here then" it can be done via the Spanish Embassy here in the UK if you want to.
You can become a Citizen of Spain but not a Spanish Citizen, well not in the short term anyhow.
The Spanish Government is now clamping down on Fiscal Fraud (Tax Evasion) ie: Capital Gains TAX, payment of Non- Resident and Resident TAXES (I pay non-resident taxes) and Money Laundering...and there is now an exchange of information between both our governments.. as is probaly all of the EU, they are out to get us chaps,... having said all this it is still cheaper to send any money to Spain and pay your do"s to them, then the UK, what I intend to do is should it hit big time/ hopefully/please, is having it transfered to Spain in Euros, like Dinar /Dollar/Euro, and paying my Spanish Taxes and stopping out of this country for any amount of time as I please, coming back as and when I want to, after all we aint to clever in stopping illegals, so I wont look out of place will I?...and if I should get caught with a chunk of cash "I spend a lot guv" and allso we just might have the Euro by then. anything so these dont get any extra £££"s..:happy64:
Adster
11-26-2005, 11:19 AM
baz,
Good post matey. I got an NIE number last month as we bought an off plan apartment in Valencia last year. Did the police station, just waiting for it to come through. ;)
Not got a problem paying taxes, but to me 40% is really taking the pith. :no: :no:
Adster
11-26-2005, 11:21 AM
baz,
What is the Spanish rate for non residents tax?
baz,
What is the Spanish rate for non residents tax? Adster, I am not sure about any non-resident rate as I am pretty sure its done on house value, money in bank ect, been doing it for so long now cant remember, and my Spanish Soliciter who is my Fiscal Rep as well, sorts it all out, of course you pay this as well, and as I said in the other thread I paid about £170 for the year 240 Euro or there abouts, certainly nothing to worry about, and in some strange way I dont mind paying it to them (am I going soft or what) thats one reason I dont leave to much in the Spanish accounts ... get a good (Asesores) Spanish Soliciter, not the builders one which they often want you to have, addios amigo...
Adster
11-26-2005, 12:07 PM
baz,
Might ask you for his name if and when the Dinar gets r/v! ;) ;)
Phil S
11-26-2005, 04:47 PM
Some great information from Chaz, Horioz and Baz. But for me Spain or Belgium aren’t options because they’re still within the EU (can’t stand living in the New Soviet Union).
I was thinking of maybe:
Thailand - Nice country, cheap place to live, but you have to choose the area you want to live in carefully because some areas are a bit run down or crime ridden.
Bermuda – Nice island, reigned over by Her Bermudian Majesty, very low crime but expensive to live in.
Cheers Adster, Dinar Kebab, love it. Anymore from anyone else?
GET DILLIONISED
PHIL S
Phil S
12-11-2005, 12:34 PM
I'm thinking of subscribing to this after Christmas, it may well be worth the cost.
http://www.schmidtreport.co.uk/
IRAQ n ROLL
02-19-2006, 10:36 PM
Being allowed to invest in Iraq is the only thing Dubya has done right. :shhh: I will forgive all of his scandals if the Dinar investment pans out.:D
Dan_mk
02-20-2006, 01:12 AM
so... im kinda gettin to grips wiht all this info now..
If/when this hits, i am really quite taken to the idea of takin my dinar to spain and livin out there for the required amount of time so that i do not need to pay UK taxes... Can someone please (baz maybe, you seem to knwo your stuff) tell me how to go about this.. i know that i need to go to spanish embassy and get an NIE number before i can do anything...
Will i still be exempt from uk taxes if i am a non spanish citezen? or will i become a spanish citizen? What is the amoutn of time per year i need to be out of the uk to be exempt from UK taxes?
Also, how do i get my dinar over to a spanish account? Surely if i put it into a UK bank to transfer it over there, i will still be taxed 40% CGT as soon as i place it into a UK bank? Or do i simply go over there wiht my shoe box full of dinar cash and put it directly into a spanish accoutn and exchange it there?
Sorry if this seems i am runing over old issues, i just need someone who knows what they are talking about, and in laimans terms to explain it lol
Many many thanks in advance for any help
Duncan 2
02-20-2006, 06:16 AM
Has anyone looked at exchanging in Switzerland and drawing what you need by credit card from a bank there? I am a Brit in Germany and am looking into it.
If anyone is inerested I am happy to pass on what I know on a PM.
so... im kinda gettin to grips wiht all this info now..
If/when this hits, i am really quite taken to the idea of takin my dinar to spain and livin out there for the required amount of time so that i do not need to pay UK taxes... Can someone please (baz maybe, you seem to knwo your stuff) tell me how to go about this.. i know that i need to go to spanish embassy and get an NIE number before i can do anything...
Will i still be exempt from uk taxes if i am a non spanish citezen? or will i become a spanish citizen? What is the amoutn of time per year i need to be out of the uk to be exempt from UK taxes?
Also, how do i get my dinar over to a spanish account? Surely if i put it into a UK bank to transfer it over there, i will still be taxed 40% CGT as soon as i place it into a UK bank? Or do i simply go over there wiht my shoe box full of dinar cash and put it directly into a spanish accoutn and exchange it there?
Sorry if this seems i am runing over old issues, i just need someone who knows what they are talking about, and in laimans terms to explain it lol
Many many thanks in advance for any helpHello Dan mk, Dont know to much about going to the Spanish Embassy here to get your NIE number personally I wont do to much here that concerns another country, I dont trust England!, me I did mine in person, in Spain, in the police station via my solicitor, if you reside in Spain for over 183 days you are automatically considered to be a Fiscal Resident and you are obliged to complete a Tax Declaration, as a Resident, on your world-wide income.
Me I dont care how long I have to stay away to avoid English Taxes because when I go I will stay away and come back as and when I want to, keeping all my money in Spain, we dont check on illegals coming here why would they check me out as and when I come back?.
You need a Spanish bank account, thats easy, then if and when it hits, you get your Iraq Bank to transfer Dinar to dollars or Euros which might be the case by then, to your Spanish accounts....or they might do a straight transfer of Dinars to Spain and your bank will convert for you....that way you can avoid England all together, and should you come back just change up some Euros for crap sterling, we might even be in the Euro full time by then, but be aware since July 2005 most countrys are talking to each other now over bank accounts, if you did become a Resident of Spain income tax takes on a whole different ball game then.
I am sorry to have to admit this, but the less you tell this country the better of you will be, and I have said this many a time but we dont want the HONEST and HARD WORKING type here now, so stay away honest Joe's.:wave:
Dan_mk
02-20-2006, 08:08 AM
i see, thanks alot for that baz.... so really, i would be better off openning an iraqi account and have my dinar transferred that way, or can i go over with my dinar in cash and deposite it inot my spanish account.. i do not have an iraqi account, only the dinar in cash... also, if i am a fiscal resedent of spain, am i still classed as a british citizen, ie, i can still hold and apply for british passprt etc?
Adster
02-20-2006, 08:12 AM
baz,
How are you mate? Always enjoy your posts.
Just to add to this, we bought a property in Spain in November 04, off plan. In November last year I went over to see the solicitors and applied for an NIE number through the local police station, it took about 6 weeks to come through. I also opened an account out there.
If we have physical dinar can we take it into Spain and then exchange it at a bank out there where we have an account?
Also, to be a Fiscal Resident what is involved? and at what rate are you taxed?
You know guys, the place to do it is somewhere like Cyprus, I believe their tax is one of the lowest in Europe. And it's dirt cheap to live and they get 300 days of sun a year. The kebabs aren't bad either!! :lmao: :D
i see, thanks alot for that baz.... so really, i would be better off openning an iraqi account and have my dinar transferred that way, or can i go over with my dinar in cash and deposite it inot my spanish account.. i do not have an iraqi account, only the dinar in cash... also, if i am a fiscal resedent of spain, am i still classed as a british citizen, ie, i can still hold and apply for british passprt etc? If you have the Dinars in cash and the world starts to accept them, then yes you will be able to go anywhere and change them up, in a Euro country you would get Euro's and so on, yes you will be a British citizen allways, and yes you can still have a british passport. I have known people who have stayed in Spain for 14 years plus, came back to the UK and got on with their life as if they hadnt been away, ok maybe a bit of form filling, but pensions/doctors/houses the lot, on the other hand just recently I have been told that if you are "out" for a given amount of time, should you come back you will have to pay for doctors ect, of course that will only apply if you are honest and born in this country, I think it will all change for the worse over the next few years because the git that runs this country knows that a lot of people are leaving it, and some are coming back with more wealth, but wont say how they come to get it, and I for one would sooner stick pins in my eyes then tell them anything, just as a point Spain has 5 Tax brackets... 15%..24%..28%..37%..rising to 45% on incomes over 45.000 euros, the world is changing every day as far as TAX is concerned....they want it my friend....all of it:happy26: :happy26:
Dinar Index
02-20-2006, 11:22 AM
Excellent posts you lot, enjoyed reading them.
What we need to find out is
Which country has the lowest capital gains tax.
Then we work out how we all become residents or set up companies in that country depending on there laws for banking and taxes etc.
I am sure with the minds on this board if we all pull resources and put our minds together we can come up with a legal scheme that helps us all keep hold of our rewards.Not only would it be great for this investment to come in big time, but to then legally pay the minimum tax,that really is a sweet thought.
baz,
How are you mate? Always enjoy your posts.
Just to add to this, we bought a property in Spain in November 04, off plan. In November last year I went over to see the solicitors and applied for an NIE number through the local police station, it took about 6 weeks to come through. I also opened an account out there.
If we have physical dinar can we take it into Spain and then exchange it at a bank out there where we have an account?
Also, to be a Fiscal Resident what is involved? and at what rate are you taxed?
You know guys, the place to do it is somewhere like Cyprus, I believe their tax is one of the lowest in Europe. And it's dirt cheap to live and they get 300 days of sun a year. The kebabs aren't bad either!! :lmao: :D Hi Adster, Depending where you bought, if you had gone to the police station with your solicitors rep it would have been done on the day, ours were, 5.30am we got in line 11.30am job done, I really dont know about taking cash Dinar over yet, but when it opens I would say yes, and the way things look it might just open with the Euro, and who knows for sure which way? anyway that would help us here because we can spend the Euro here cant we? but I cant foresee any reason why not in due course.
Adster you sort of are allready a Fiscal Resident because now you will pay taxes on your property value..."Wealth Tax"..its based on the highest value between the Title Deeds Value, the Rateable Value and any revision of the Value by the TAX Office....it starts at 0.2% of the value, going up to 0.5% and is assessed on all property owned on the 31st December, irrespective of the date of purchase. Then you have so-called income tax which is based on the Rateable Value.. the start point is half the value of the Title Deed figure usually, 2% of this figure is calculated, to which the percentage rate of 25% is applied, have you got it so far Adster ...I havent.... I just pay what my solicitor tells me to pay, to me its another TAX I could do without,
I tell you this TAX lark stinks.....
Ribozyme
03-08-2006, 01:56 PM
Hiya,
Is it possable to start a limited company and then sell your dinars to yourself with a nice receipt, as then you will only pay 22% tax not the 40%. Not sure this is right, but that is what my accountant has told me to do with my business as its in the 40% bracket (I try not to have anything to do with the paperwork!). Also, not too sure of this bit either, but i was talking to a friend who own a limited company and he said that if you take a bounus then its tax free, sounds too good if you ask me.
Anyone know anything about limited comps??
Dan_mk
03-09-2006, 07:10 AM
Riboyme... sounds very interesting... i would also be interested to hear from someone in the know on this subject...
sirantonycartwright
03-09-2006, 08:14 AM
Wow, believe me the UK government is not Incompetent!
They are the best RIP OFF men in the entire world!
And the world knows it!
Hiya,
Is it possable to start a limited company and then sell your dinars to yourself with a nice receipt, as then you will only pay 22% tax not the 40%. Not sure this is right, but that is what my accountant has told me to do with my business as its in the 40% bracket (I try not to have anything to do with the paperwork!). Also, not too sure of this bit either, but i was talking to a friend who own a limited company and he said that if you take a bounus then its tax free, sounds too good if you ask me.
Anyone know anything about limited comps?? It is possible to do anything, but if you sell the Dinars to yourself, wont the Tax Man ask "where did you get the money from in the first place to buy the dinars"?, perhaps this will only work if you buy the Dinars now! at the low starting price they are at, unless you are going to buy the Dinars in your company name and then sell them to yourself when they hit big time, and then surely the Tax man ask's "so you sold them to yourself then! why"?, did your accountant explain that limited companys have a different set of tax rules and he might, just might you understand, stand to gain more fee's in the long run, let alone the fact that everybody has the right to look into your company books which will be lodged with companys house.
As for any bonus that is "Tax free", (which surley must be classed as unearnt income that can be taxed at the top rate of Tax) can you see Brown letting you or me taking out any money and NOT paying Tax on it, no matter how or where it came from, I might just be wrong on this one, the Tax man is even looking into the likes of Phillip Green, and he has the biggest army of Tax avoidence lawyers doing the books for him, the next 2 years are going to see a whole lot of new changes in our Tax rules for a lot of money people, might even be us as well.
The one thing to remember in England is, that it is easyer for the Tax man to clobber 2 million small business's for £10,000 each, it cost's about £250 to get back this amount, then it is to do one multi national for £2 million in unpaid Tax, which costs about £250,000 and then they can lose, where as they dont lose on the small man, and the multi national can pay a man £100,000 a year in fee's, to avoid the company paying £1,000,000. then they even get to deduct this fee.
Can you imagine the throw up the Inland Revenue will have if this hits big time and we all start to AVOID the dreaded Tax man, he might just notice the rush.... and YOU will all be behind me..... mind you we have to get it first before he can have any of it.:wave:
goodguyuk1uk
05-20-2006, 08:29 AM
Has anyone looked at exchanging in Switzerland and drawing what you need by credit card from a bank there? I am a Brit in Germany and am looking into it.
If anyone is inerested I am happy to pass on what I know on a PM.
Bump for this.... anyone know?
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