UK Investors!

[fosking]

Hey guys! This is just a quick question for people who have invested in the Dinar in the UK, How easy will it be to cash in the notes? Will we just be able to walk into the Halifax, hand the notes over, get taxed and thats it or is it going to be way more complicated than that?

Thanks guys!
Martin :huge:

[Adster]

Martin,

Once it's 'convertible' I would imagine most UK banks will take the dinar in exchange for pounds. :D

[onenomad]

I have talked to HSBC in the UK at the moment they arn't doing anything but I think once on the open market they will be one of the better ones They are going to be fairly large in Iraq and would assume that they would be able to change them for you I am also awaiting email from them in regards to being able to open a HSBC Iraq Bank account through a UK branch and this last part IS PURLY RUMOUR so take it as NOTHING more but I hear they will be fairly large in regards to offering some kind of brokerage service for the ISX but again that is only rumour

[Javabear]

National Bank of Kuwait is also going to be exchanging and I know they have a branch at Grosvernor Square in London. Right by the US embassy.

[onenomad]

Thank You Javabear I will make note of that. My biggest fear is holding these notes and not being able to do anything with them I like the idea of an actual account in Iraq for part of the money but just not yet ready to risk some of my money sitting there in the current enviroment but I dont see that being a concern forever so untill that day fingers crossed

[Javabear]

Happy to help!:huge:

[Adster]

Javabear,

Great news, have you spoken to them and asked them? :huge: Any idea whether we'll have to open an account with them first or just take them in once the r/v happens?

[Javabear]

Javabear,

Great news, have you spoken to them and asked them? :huge: Any idea whether we'll have to open an account with them first or just take them in once the r/v happens?

I spoke to the people at the branch I mentioned in September. They said that when and if the dinar becomes convertible they will exchange. I did not ask them about having to open an account, but they did not say that I would have to.

[Adster]

Great news, thanks Javabear. :happy64: :happy64:

[CHAZOWEN]

Great news, thanks Javabear. :happy64: :happy64:
Which part is the great news?
I must have missed something!

If it becomes convertible every man and his dog will exchange for a fee.
The thing to find out is where to cash it without the burden of 40%capital gains tax...this is where the investigation needs to be done.

[Adster]

Personally am just pleased to see a bank in the UK saying they will exchange them. Saves going to Europe, the US or even Iraq to do it when the time comes! :no:

[Dinar Index]

I agree with chazowen our biggest concern will not be where to convert there will plenty of places to do that,its how can we do it without having to give gordon brown almost half - any posters out there with a plan..I would love to get around the capital gains

[CHAZOWEN]

I agree with chazowen our biggest concern will not be where to convert there will plenty of places to do that,its how can we do it without having to give gordon brown almost half - any posters out there with a plan..I would love to get around the capital gains
The bank of Kuwait is the one i have been thinking of,on the grounds it is a solid bank that is a listed company.So if i was to buy a nominal amount of shares I would then be a shareholder.
My thinking is then that they would be not only advising a wealthy client but also a shareholder.
I know you could possibly do this at any bank but my thinking is that because it is a middle eastern bank they would be perfectly up to date with the dinar and maybe be not so worried about European tax agreements,and therefore would not be too eager writing to the Inland revenue etc...

Travelling to Switzerland would not be a problem however if it meant i was going to get the best financial advice in the world.
Let's not be too eager to exchange at a branch on the high street...we are in England you will pay through the nose for it on exchange fees and CCG.

I welcome any advice.

[investorino]

I agree with chazowen our biggest concern will not be where to convert there will plenty of places to do that,its how can we do it without having to give gordon brown almost half - any posters out there with a plan..I would love to get around the capital gains


http://www.qck.com/capital-gains.html

What assets do not lead to a CGT charge?
Some assets are exempt. For example, you will not have to pay CGT on

your private car
cash held in sterling
any foreign currency held for your own or your family's personal use
jewellery, paintings, antiques and other personal effects that are individually worth £6,000 or less (if you have a set, for example a set of chess figures, you do not pay CGT if the value of the set as a whole is £6,000 or less)
Savings Certificates, Premium Bonds and British Savings Bonds
UK Government stocks ("Gilts")
assets held in an Individual Savings Account (ISA) or Personal Equity Plan (PEP)
betting, lottery or pools winnings
personal injury compensation.
im sure we can make something up - a "trip to iraq" and needed the currency that you couldnt get in the bank - is there anything stopping you getting a visa and not bothering to go? this could be the key as you would probably need to prove to the inland revenue intent that the currency is for personal use - a visa (if they exist for iraq even) is the perfect foil

[Dinar Index]

Ok so we all go and convert our dinar through a swiss bank a/c.How do we then get the money back to the UK for our big spending sprees? what are the implications or the laws for money transfers into the uk?
I do howerver like the shareholders idea if the bank were to play ball...

[hilljack13]

Ok so we all go and convert our dinar through a swiss bank a/c.How do we then get the money back to the UK for our big spending sprees? what are the implications or the laws for money transfers into the uk?
I do howerver like the shareholders idea if the bank were to play ball...

You set up an account at an american bank...you can set them up online anytime....then when you convert send it to that bank. move to america and you dont pay any tax since you would not be a citizen yet...America the great give you that benefit for I believe 5 years...maybe 3.....

[mcdonn]

Have you ever heard of the Swiss Debt Card? Set up a banking account in a bank that has a branch in Iraq. From the Iraqi account transfer the funds as needed to the Swiss Debt Card, up to $10,000 I'm thinking, and buy using the debt card. No paper trail. If you wish PM me and I'll find the article. Have a nice no tax day all in UK!


Ok so we all go and convert our dinar through a swiss bank a/c.How do we then get the money back to the UK for our big spending sprees? what are the implications or the laws for money transfers into the uk?
I do howerver like the shareholders idea if the bank were to play ball...

[Dinar Index]

Thanks mcdonn, this sounds very interesting...
Iam sure I could cope with a 10k limit a day,its my wife that may have the problem....I am as worried about her taxing any money made, as I am about gordon brown

[baz]

Have you ever heard of the Swiss Debt Card? Set up a banking account in a bank that has a branch in Iraq. From the Iraqi account transfer the funds as needed to the Swiss Debt Card, up to $10,000 I'm thinking, and buy using the debt card. No paper trail. If you wish PM me and I'll find the article. Have a nice no tax day all in UK! One site to look at is called....escapeartist.com.....go to the home page and fill in the search box with "currency cards" it takes a bit of a fiddle round but it is okay might just answer some Q's.

[lightrays-dinars]

Just asking if we can now open an foreign account here in the UK in January 2006, so that we can deposit our dinars, wait for the r/v to happen, then ask the bank to wire transfer to our local UK bank accounts like HSBC, NatWest etc?

[baz]

Just asking if we can now open an foreign account here in the UK in January 2006, so that we can deposit our dinars, wait for the r/v to happen, then ask the bank to wire transfer to our local UK bank accounts like HSBC, NatWest etc? Dont want to spoil your new year but be prepared to get some funny looks when talking to our banks about the Dinar, or otherwise just open a hsbc account here and wait till it happens then they will only be to glad to help ....hopefully....but dont tell anyone because they make phone calls to the men in white coats and we know where that leads to...England sucks when it comes to being different with investment thinking. :wave: :wave:

[onenomad]

Yes I think HSBC is a good choice there are some post around here somewhere dealing with this issue the other option from what i remember is The National Bank of Kuwait in London I believe they can exchange Dinar into Sterling located in Grovesner Sq

[Javabear]

Yes I think HSBC is a good choice there are some post around here somewhere dealing with this issue the other option from what i remember is The National Bank of Kuwait in London I believe they can exchange Dinar into Sterling located in Grovesner Sq

See post #8 in this thread

[lightrays-dinars]

Yes I think HSBC is a good choice there are some post around here somewhere dealing with this issue the other option from what i remember is The National Bank of Kuwait in London I believe they can exchange Dinar into Sterling located in Grovesner Sq

Does the National Bank of Kuwait really exist in London now? Can we open a foreign bank account with them now?

Thanks for the info.

Simon.

[Javabear]

Does the National Bank of Kuwait really exist in London now? Can we open a foreign bank account with them now?

Thanks for the info.

Simon.

The NBK is in Grosvernor Square, Mayfair, London. At least it was when I was there in September.

[MunnyBaggs]

Hey guys! This is just a quick question for people who have invested in the Dinar in the UK, How easy will it be to cash in the notes? Will we just be able to walk into the Halifax, hand the notes over, get taxed and thats it or is it going to be way more complicated than that?

Thanks guys!
Martin :huge:

I'm sure the Queen will more than willing cash it out for you!!!:D

[Dinar Index]

Someone once told me that you should have an irish bank account because its not part of the UK they do need to disclose to the Government authorities and they have many branches throughout the UK I know theres one in Slough.
Does anyone out there know anything about this

[Dinar Index]

Earlier post should have read do not have to inform authorities rather than do need to inform......I am the weekest link

[Ciderlion]

There are i believe obligations (just a phrase) under international banking law. If you are a resident of the UK you will have to pay CGT period. Their is no legal way around this, once the dinar are exchanged they become an asset, for which we will be required too pay tax upon even if these assets are overseas. The only way around this is if you are a non resident ie non uk tax payer.....please correct me if the jist of what i have said is wrong :wave:

[Dinar Index]

Ciderlion - I think you have hit the nail on the head there is no way of avoiding or escaping the CGT....Come on there must be some tax or accounting hot shot,wizz kid,tax avoidence daddy, out there with a way round this ...Speak up or for ever hold your piece
No come on give us your ideas do not withold your piece

[lightrays-dinars]

There are i believe obligations (just a phrase) under international banking law. If you are a resident of the UK you will have to pay CGT period. Their is no legal way around this, once the dinar are exchanged they become an asset, for which we will be required too pay tax upon even if these assets are overseas. The only way around this is if you are a non resident ie non uk tax payer.....please correct me if the jist of what i have said is wrong :wave:

That would be a very bad news to UK investors.

In UK site on 'CGT', there is a section:

What assets do not lead to a CGT charge?
Some assets are exempt. For example, you will not have to pay CGT on

your private car
cash held in sterling
any foreign currency held for your own or your family's personal use
jewellery, paintings, antiques and other personal effects that are individually worth £6,000 or less (if you have a set, for example a set of chess figures, you do not pay CGT if the value of the set as a whole is £6,000 or less)
Savings Certificates, Premium Bonds and British Savings Bonds
UK Government stocks ("Gilts")
assets held in an Individual Savings Account (ISA) or Personal Equity Plan (PEP)
betting, lottery or pools winnings
personal injury compensation.Clearly, it says that any foreign currency held for your own or your family's personal use is exempted from this tax.

There you are.

[Ciderlion]

i believe there is a part which basically refers to the exchange or conversion of that foreign currency, which then becomes an asset which is in turn taxable....CGT:(
Thats why i got a sensible amount, and in doing enough to cover the 40% tax.....no matter what the RV is when it occurs. Dont forget its all down to personal preference if as i expect it R/Vs low. Its all down to how much you are prepared to cash in at one go, and if you are prepared to wait for any further increases in value, there fore spreading out those dreaded tax payments and the amounts payable..

[Phil S]

As far as I know, if we live in the UK we’re supposed to pay Capital Gains Tax even if we have an off shore bank account. The way I see it we have two options:

1. Open an off shore bank account, don’t declare it and hope Gordon Brown doesn’t find out about it.

2. Open a bank account off shore and move there as well (seems the best option to me).

I was thinking of Isle of Man, Channel Islands or a British Overseas Territory. I’m not saying they will have zero tax but it will probably be much lower than the UK. Being British it shouldn’t be too much trouble gaining residency in any of these places or opening an account as long as you have a drivers licence or passport.

Personally I’m going to look into opening an account in the Isle of Man simply because it’s not far from where I live. I’ll share any information I come across, but for now take a look at this website:

http://www.offshore-library.com/offshorebanks.htm

PHIL S

[lightrays-dinars]

i believe there is a part which basically refers to the exchange or conversion of that foreign currency, which then becomes an asset which is in turn taxable....CGT:(
Thats why i got a sensible amount, and in doing enough to cover the 40% tax.....no matter what the RV is when it occurs. Dont forget its all down to personal preference if as i expect it R/Vs low. Its all down to how much you are prepared to cash in at one go, and if you are prepared to wait for any further increases in value, there fore spreading out those dreaded tax payments and the amounts payable..

What do you mean here? I thought you would have to pay the same CGT no matter how many you changed them and whether it is 1 year or spread over 2-5 years. Would you pay less tax if you spread the dinars over 2 financial years?

I am confused :confused:

[Ciderlion]

What do you mean here? I thought you would have to pay the same CGT no matter how many you changed them and whether it is 1 year or spread over 2-5 years. Would you pay less tax if you spread the dinars over 2 financial years?

I am confused :confused:

Sorry that was not clear looking at it again. Your right that it will be the same CGT over whatever period. But what i meant was that if the RV is low and you exchange say half then wait a year for an increase and cash in again then it will still be 40% of the increased value.We still get stung the value of CGT payable is just dependant on when you cash out. It disgusts me that say 5 million will only be worth 3 million to me. No avoiding it. I reckon i will look to get back my intial layout and a bit on top, then ride it out and see if it really takes off. Our American friends are fortunate that there taxation level i believe decreases on any asset cashed in, if it has been in possession for over a year.No such luck for us Brits....Sorry for the waffle...:wave:

[lightrays-dinars]

Ah thank you for your clear explanation.

After all, we, Brits, might as well cash it all in.

[Adster]

Ah thank you for your clear explanation.

After all, we, Brits, might as well cash it all in.

Us Brits get screwed every time. :mad: :mad: Get incensed why we make the big risks by investing in dinar and when they come in we have to give away 40% of it. Not right.

Friend of mine who is an accountant for an oil company spends his time in Baku and comes home 2 weeks out of 8. Asked him last week why he wasn't back here until April. He said for tax reasons, (and he pays nothing in Baku) he can only be in the UK for 90 days a year. I believe he gets round paying 40% this way as do stars like Sean Connery and George Michael.

Maybe this could be an option for some.

[ramis]

Yup. Giving 40 percent of your earnings to the government really hurts. So. those who are confident about the future of dinar can buy 67 percent more now and treat it as a gift for their government:lmao:

1 mn dinar = Revalues at 0.02 = $ 20,000
Tax at 40 percent = 20,000*.4 = $ 8,000

Your share net of tax = $ 12,000

Here you pay $ 8,000 to the government exchequer.

Now, you buy 67 percent dinars in addition to your current holding,

NID 670k = $ 450

Now 1.67 mn dinars revalued at 0.02,

1.67 mn dinar = 1,670,000 = $ 33,400
Tax at 40 percent = 33,400*.4 = $ 13,360

Your share net of tax = 20,040

So pay $ 454 now and receive $ 20,000 later, instead of $ 12,000. This gap will increase or decrease depending upon the amount you hold and the exchange rate then.

Disclaimer: I am not a dinar dealer:)

[out-for-dinar]

Is CGT that outrageously high all around Europe?

See, my Dinars are all in Italy at the moment. I have a UBS (Swiss) Branch right next to my house in Milan and was thinking of changing my dinars and opening an account there. I thought Swiss secrecy wouldn't prevent any CGT. What do you guys think?
I really don't love the idea of flying over to Iraq and open an account with Warka Bank but I'd rather do that than wasting 40% of my profit. Also I wouldn't feel too comfortable with my money in Iraq because of the unsafe environment etc.

Do you think Swiss Banks are the best way around CGT in continental europe or do I really need to book my flights to Baghdad?!

Thanks

[emile]

you're all talking about cashing in the lot and avoiding cgt. don't do that cash in a bit at a time.there are thousands of travel agents in the uk that will cash them in without any questions being asked, 10k is the max but some may want to see id.

[Phil S]

you're all talking about cashing in the lot and avoiding cgt. don't do that cash in a bit at a time.there are thousands of travel agents in the uk that will cash them in without any questions being asked, 10k is the max but some may want to see id.

Good point, I think this may be the way forward.

PHIL S

[Adster]

This is all good and well but you still have to pay the cash in somewhere and then that's reported to the Tax man. :mad: :mad:

We're screwed. :mad: :mad:

Only way round it is to move abroad IMO.

[emile]

This is all good and well but you still have to pay the cash in somewhere and then that's reported to the Tax man. :mad: :mad:

We're screwed. :mad: :mad:

Only way round it is to move abroad IMO.
three words

safety deposit box

[lightrays-dinars]

This is all good and well but you still have to pay the cash in somewhere and then that's reported to the Tax man. :mad: :mad:

We're screwed. :mad: :mad:

Only way round it is to move abroad IMO.


Where would you move to, Adster?

[Adster]

Portugal would do nicely, we love it there. Come back to the UK very rarely. ;) ;) ;) ;)

[ramis]

Go to Dubai, no taxes:D

[panhead]

Go to Dubai, no taxes:D

No Thanks.....already been there, something along the lines of a tropical island sounds better too me.

[Singlespeed]

Ciderlion - I think you have hit the nail on the head there is no way of avoiding or escaping the CGT....Come on there must be some tax or accounting hot shot,wizz kid,tax avoidence daddy, out there with a way round this ...Speak up or for ever hold your piece
No come on give us your ideas do not withold your piece

You can offset any 'Capital gain' against any 'Capital Loss' which has occured within the previous 5 years ( any worthless shares etc....). Also after holding any asset for investment for 3 years or more then 'Tapper Releif' can start to reduce the CGT.

If you sell within 3 complete years you would be liable to pay CGT on 100% of your investment at the CGT rate.

However if you hold your investment for over 3 years you will be liable to pay CGT for 95% of the investment. The %age reduces by 5% per year to a minimum of 60% of your investment being liable to CGT after 10 years.

Taper releif is FAR more attractive for buisness assets making a profit....
Try 50% liability after 1 full year and then 25% liability after 2 years or more ( thats effectively reduced the business CGT rate to 10% after 2 full years of holding an asset)


Im not a tax expert by any stretch of the imagination but the 'loyds TSB -Tax Guide 2004-2005' book was easy enough to read through to glean a few pointers

[Dan_mk]

EMILE... is 10k sterling definately the maximum figure you are allowed to change up at a time? Been trying to find this out for a while now. I am quite happy to change mine up a bit at a time and keep it in a safe under lock and key

[Dan_mk]

you're all talking about cashing in the lot and avoiding cgt. don't do that cash in a bit at a time.there are thousands of travel agents in the uk that will cash them in without any questions being asked, 10k is the max but some may want to see id.

This is the post i was quoteing... is it definately 10k?

[Phil S]

I noticed that certain banks allow us to open accounts in various different currencies. These are convertible currencies, so my question is will banks let us open an Iraqi Dinar account once it becomes a convertible currency?

PHIL S

[onenomad]

I noticed that certain banks allow us to open accounts in various different currencies. These are convertible currencies, so my question is will banks let us open an Iraqi Dinar account once it becomes a convertible currency?

PHIL S

I didnt know you can do that in the UK im a Canadian settled over here always learning something new, Which bank allows this? I have a Halifax and HSBC account I would prefer using HSBC as they are one of the banks granted a liscence for Iraq

[Phil S]

I didnt know you can do that in the UK im a Canadian settled over here always learning something new, Which bank allows this? I have a Halifax and HSBC account I would prefer using HSBC as they are one of the banks granted a liscence for Iraq

I’ve also got a Halifax account. Halifax is part of the Halifax & Bank of Scotland Group, and it is Bank of Scotland International that you can open a foreign currency account with, see website below:

http://www.bankofscotland-international.com/bosi_home.asp

HSBC would be a good bank to open a foreign currency account with because they have branches in many countries, see website below:

http://www.hsbc.co.uk/1/2/personal/travel-international/international-services

The website below has been posted before but I’ll include a link because I’m sure the banks based in the Isle of Man & Channel Islands will allow you to open a foreign currency account:

http://www.offshore-library.com/Offshore_banks/Channelislandbanks.htm

PHIL S

[emile]

i maybe offering an exchange service for uk investors. i will exchange your dinar for cash with no questions asked and done in person. the charge will be 10%.

[baz]

If you have a bank account overseas anywhere in Europe, that bank now has to have your UK tax details, and VERY soon all other banks will join in and do the same, its a world wide thing to stop everyone avoiding tax payments and to keep check on money laundering, not only is big brother watching more then ever, but he has now enlisted the whole family.

The cash thing is a good idea BUT to cash up in dribs and drabs will take forever:mad:

[baz]

I didnt know you can do that in the UK im a Canadian settled over here always learning something new, Which bank allows this? I have a Halifax and HSBC account I would prefer using HSBC as they are one of the banks granted a liscence for Iraq I think you will find that you can only do this by putting in Sterling and then transfering that into your overseas bank into that countrys currency, again there is a record of this transaction.

I am not aware of any bank in the UK that will ever allow us to pay in say Dinars and transfer them to any account overseas, I cant even do this with Euros to my overseas account. Please tell me if I am wrong, as I am the same as the next person who wants to avoid large tax bills

[Adster]

If you have a bank account overseas anywhere in Europe, that bank now has to have your UK tax details, and VERY soon all other banks will join in and do the same, its a world wide thing to stop everyone avoiding tax payments and to keep check on money laundering, not only is big brother watching more then ever, but he has now enlisted the whole family.

The cash thing is a good idea BUT to cash up in dribs and drabs will take forever:mad:

Hey baz,

Good to hear from you mate. How about Swiss offshore accounts? They're meant to be the safest. As long as there's no criminal activity with relation to the money then they won't give out your details. Or so I'm led to believe!!

Also, how about just staying out of the country for over 90 days of the year, not liable to UK tax then. Set up in Cyprus or somewhere.....just a thought.

[Dan_mk]

I was also concidering opening a swiss account. Iv got friends out there aswell so popping backward and forwards wouldnt be such a chore. and return flights to zurich are dirt cheap now. There and back in a day is easily doable.. A weekly/monthly trip there to withdraw funds sounds ok to me

[Adster]

What and just bring the cash through the airport just like that? :rolleye03 :rolleye03 :rolleye03 :rolleye03

[Ciderlion]

Depressing as it is chaps and ladies. I really dont see any way round this legally, other than lining that tosser Gordon Browns pockets (if he is still there), as much as i hate to say it.:no:
"Help Im British" what do you think, as a new motto.

[Adster]

Nice one Pat, we'll have to do something......

Just seen a 3 bed villa in the Algarve the Mrs wants. Only 450k sterling. Reckon I get carry through that much from say Kuwait to Faro airport and pay cash for it?! :D :D :lmao: :lmao:

[Phil S]

Depressing as it is chaps and ladies. I really dont see any way round this legally, other than lining that tosser Gordon Browns pockets (if he is still there), as much as i hate to say it.:no:
"Help Im British" what do you think, as a new motto.

"Help I'm British" is a good motto.

But I think ''Gordon Browns a tosser'' is even better.

PHIL S

[dibbs]

Hi All,

This thread looks really promising in terms of ideas to get around the dreaded CGT.

Does anyone know if there would be a trail from emile's idea were you go to different travel agents changing your dinars and the use a safety deposit box to store your money.

Would you then be able to load money onto a swiss debit card somehow from the uk? (if you load up to 10k at a time does it go unreported)

[Phil S]

Hi All,

This thread looks really promising in terms of ideas to get around the dreaded CGT.

Does anyone know if there would be a trail from emile's idea were you go to different travel agents changing your dinars and the use a safety deposit box to store your money.

Would you then be able to load money onto a swiss debit card somehow from the uk? (if you load up to 10k at a time does it go unreported)

All good questions Dibbs, questions that I don't know the answer to, can anyone help us out?

All I know is I'm not paying up to 40% Capital Gains Tax, I think I may try the Isle of Man.

PHIL S

[lightrays-dinars]

You can open an offshore account. Or if you have one of those pre-paid mastercard or visa, you could load the cash onto it and also, open a foreign bank account (dinar). That should help.........

[postcon]

Looks like the Inland Revenue are spreading their wings.

Now, more than 110,000 UK residents who bank with Barclays are going to get a similar feeling.
Next month the Revenue & Customs (HMRC) will be given details of the bank's offshore accounts in places like the Isle of Man, Jersey and Guernsey.
The Revenue & Customs estimates it will soon be able to scoop up £1.5bn ($2.84bn) in unpaid tax, interest and penalties from Barclays customers alone.



More at...
http://news.bbc.co.uk/2/hi/business/4761851.stm

[voyager]

I have been looking into opening a bank account in switzerland. You can have a visa card linked directly to the account so you can spend your money anywhere in the world. I have contacted e-gold and they can pay your finds directly into the swiss bank account.

If you pay a little more for your swiss bank account you can have a numbered account which means that the account name is just a number instead of your name. Only the bank manager knows the identity of the numbered accounts owners - Very, Very secretive and Very, Very secure.

[Dinar Index]

Good post voyager.
Have you got any contact details of the bank in Switzerland.
Do you have to open this account in person?
I take it this bank offers debit cards?

[Dinar Index]

Just noticed the debit card info on your previous post so no need to answer that question

[goodguyuk1uk]

This is good stuff...im learning loads Safety deposit seems most simple way so far...

[emile]

The set-up fee for this account is 1299.00 Swiss francs (equivalent to $1,100 or EUR 859 or £603). This one-time fee is fully refundable if the bank rejects your application.

Minimum balance
100'000 Swiss francs (equivalent to $86,000 or EUR 66,000 or £46,000). This balance is expected within a few months of the opening of the account, not the day you open.

Setup mode
Open by mail or in person. If your deposits exceed 500,000 Swiss francs (equivalent to $431,000 or EUR 331,000 or £232,000) you need to come personnally to the bank at least one time.

i like this bit.
Restricted countries
If you live in one of the following countries you cannot open this account: Albania, Colombia, Nigeria, USA. guess the yanks aren't trusted.same if you are a citizen.

Credit cards
Maestro Euro or Swiss franc debit card which enables you to withdraw cash all over Europe at cash machines. Withdrawal limit up to 10,000 Swiss francs (equivalent to $8,600 or EUR 6,600 or £4,600). Available if you have money on your account. No security deposit required.

Visa and Mastercard Credit cards of either brand in Swiss Francs. Usable all over the world to pay in stores, hotels, restaurants, online shops, etc…The bank asks for a security deposit of twice the monthly credit limit, with a minimum limit of 3,000 Swiss francs (equivalent to $2,600 or EUR 2,000 or £1,400). This means you can get a credit card with a deposit of only 6,000 Swiss francs (equivalent to $5,200 or EUR 4,000 or £2,800).

http://swiss-bank-accounts.com/e/banking/accounts/swiss-numbered-account.html

[emile]

The set-up fee for this account is 1299.00 Swiss francs (equivalent to $1,100 or EUR 859 or £603). This one-time fee is fully refundable if the bank rejects your application.

Minimum balance
100'000 Swiss francs (equivalent to $86,000 or EUR 66,000 or £46,000). This balance is expected within a few months of the opening of the account, not the day you open.

Setup mode
Open by mail or in person. If your deposits exceed 500,000 Swiss francs (equivalent to $431,000 or EUR 331,000 or £232,000) you need to come personnally to the bank at least one time.

i like this bit.
Restricted countries
If you live in one of the following countries you cannot open this account: Albania, Colombia, Nigeria, USA. guess the yanks aren't trusted.same if you are a citizen.

Credit cards
Maestro Euro or Swiss franc debit card which enables you to withdraw cash all over Europe at cash machines. Withdrawal limit up to 10,000 Swiss francs (equivalent to $8,600 or EUR 6,600 or £4,600). Available if you have money on your account. No security deposit required.

Visa and Mastercard Credit cards of either brand in Swiss Francs. Usable all over the world to pay in stores, hotels, restaurants, online shops, etc…The bank asks for a security deposit of twice the monthly credit limit, with a minimum limit of 3,000 Swiss francs (equivalent to $2,600 or EUR 2,000 or £1,400). This means you can get a credit card with a deposit of only 6,000 Swiss francs (equivalent to $5,200 or EUR 4,000 or £2,800).

http://swiss-bank-accounts.com/e/banking/accounts/swiss-numbered-account.html

[Dinar Index]

THIS IS THE BEST POST OF THE WEEKEND EMILE.
Thank for taking the time to suss it all out and then posting the information for all.

[Adster]

The set-up fee for this account is 1299.00 Swiss francs (equivalent to $1,100 or EUR 859 or £603). This one-time fee is fully refundable if the bank rejects your application.

Minimum balance
100'000 Swiss francs (equivalent to $86,000 or EUR 66,000 or £46,000). This balance is expected within a few months of the opening of the account, not the day you open.

Setup mode
Open by mail or in person. If your deposits exceed 500,000 Swiss francs (equivalent to $431,000 or EUR 331,000 or £232,000) you need to come personnally to the bank at least one time.

i like this bit.
Restricted countries
If you live in one of the following countries you cannot open this account: Albania, Colombia, Nigeria, USA. guess the yanks aren't trusted.same if you are a citizen.

Credit cards
Maestro Euro or Swiss franc debit card which enables you to withdraw cash all over Europe at cash machines. Withdrawal limit up to 10,000 Swiss francs (equivalent to $8,600 or EUR 6,600 or £4,600). Available if you have money on your account. No security deposit required.

Visa and Mastercard Credit cards of either brand in Swiss Francs. Usable all over the world to pay in stores, hotels, restaurants, online shops, etc…The bank asks for a security deposit of twice the monthly credit limit, with a minimum limit of 3,000 Swiss francs (equivalent to $2,600 or EUR 2,000 or £1,400). This means you can get a credit card with a deposit of only 6,000 Swiss francs (equivalent to $5,200 or EUR 4,000 or £2,800).

http://swiss-bank-accounts.com/e/banking/accounts/swiss-numbered-account.html


Nice one, thanks for this, so what of your personal details do they have on you? everything?

Sure an offshore account is the way to go and the small bit of fishing I've done would suggest Switzerland is one of the safest place to set one up.

[baz]

The set-up fee for this account is 1299.00 Swiss francs (equivalent to $1,100 or EUR 859 or £603). This one-time fee is fully refundable if the bank rejects your application.

Minimum balance
100'000 Swiss francs (equivalent to $86,000 or EUR 66,000 or £46,000). This balance is expected within a few months of the opening of the account, not the day you open.

Setup mode
Open by mail or in person. If your deposits exceed 500,000 Swiss francs (equivalent to $431,000 or EUR 331,000 or £232,000) you need to come personnally to the bank at least one time.

i like this bit.
Restricted countries
If you live in one of the following countries you cannot open this account: Albania, Colombia, Nigeria, USA. guess the yanks aren't trusted.same if you are a citizen.

Credit cards
Maestro Euro or Swiss franc debit card which enables you to withdraw cash all over Europe at cash machines. Withdrawal limit up to 10,000 Swiss francs (equivalent to $8,600 or EUR 6,600 or £4,600). Available if you have money on your account. No security deposit required.

Visa and Mastercard Credit cards of either brand in Swiss Francs. Usable all over the world to pay in stores, hotels, restaurants, online shops, etc…The bank asks for a security deposit of twice the monthly credit limit, with a minimum limit of 3,000 Swiss francs (equivalent to $2,600 or EUR 2,000 or £1,400). This means you can get a credit card with a deposit of only 6,000 Swiss francs (equivalent to $5,200 or EUR 4,000 or £2,800).

http://swiss-bank-accounts.com/e/banking/accounts/swiss-numbered-account.html LOVERLY JUBBALY.....(no its not a code, but only a UK might know the meaning of it).....TO BE OR NOT TO BE THAT IS THE QUESTION.....or in other words Rodney...how/when do we get our mitts on this cash,:happy64: :happy64:

[sweetc]

This time next year (week) i'll be a millionaire :huge:

[emile]

uk investors party at the savoy london. date to be decided.:happy64: :happy64:

[blackus]

Can I take it that a Swiss account with cards is preferable to a Warka account. Taking the logistics out of the equation,I hear that visa cards and internet baking will soon be up and running with Warka (I heard about 2 weeks).

[Dinar Index]

see you all at the Savoy,hopefully I will be arriving in my new bentley or even by helicopter

[thegujju]

Just a question for fellow uk investers - if this does hit big we have two options - A- pay Gordon Brown 40% of our profits :( or B- somehow get our cash dinar out of the UK to a Swiss ACcount where they would convert the dinars into pounds/euros and set up our accounts.This would obviously avoid (actually lets be blunt "evade") uk tax.

Would people feel comfortable with the latter?

[emile]

Just a question for fellow uk investers - if this does hit big we have two options - A- pay Gordon Brown 40% of our profits :( or B- somehow get our cash dinar out of the UK to a Swiss ACcount where they would convert the dinars into pounds/euros and set up our accounts.This would obviously avoid (actually lets be blunt "evade") uk tax.

Would people feel comfortable with the latter?

absolutely. we are taxed on everything we buy so sod gordon brown.

[baz]

[/SIZE]

absolutely. we are taxed on everything we buy so sod gordon brown. On great consideration and after many hours dwelling over this idea of not paying out over 40% in taxes to our beloved leaders of this great country of ours, I can only come to one answer, that it is totally wrong to defraud and not pay the said 40% taxes, in all fairness I totally disagree with all this talk of stealing, but again in trying to be fair and honest to this great country, and to me and my family, I dont think I would be able to fill in all the paperwork connected to this hopefully great investment correctly, and explain to the taxman how I come about all this money, so it is with great dissapointment and regret that I have had to come to this conclusion, that it will be better to say nothing rather then to lie.....................so stuff you Brown, stuff this once great country which is now getting to be a large cess pit, you wont get one penny if I can help it, after all I can waste it much better then you will...stuff you...am I understood loud and clear fellow investers? :wave:

[blackus]

On great consideration and after many hours dwelling over this idea of not paying out over 40% in taxes to our beloved leaders of this great country of ours, I can only come to one answer, that it is totally wrong to defraud and not pay the said 40% taxes, in all fairness I totally disagree with all this talk of stealing, but again in trying to be fair and honest to this great country, and to me and my family, I dont think I would be able to fill in all the paperwork connected to this hopefully great investment correctly, and explain to the taxman how I come about all this money, so it is with great dissapointment and regret that I have had to come to this conclusion, that it will be better to say nothing rather then to lie.....................so stuff you Brown, stuff this once great country which is now getting to be a large cess pit, you wont get one penny if I can help it, after all I can waste it much better then you will...stuff you...am I understood loud and clear fellow investers? :wave:

You can take that to the bank. lol.

Sod them, I intend, by hook or by crook (probably the later) to get around this little taxation problem, probably Swiss account. My mate and one of us great forumists received his Swiss debit card last week. He payed a nominal sum for it and I'll try and get the link..

[22frost22]

Just thought uk investors would find this interesting.
I thought the dinar was devalued in 1993.

www.hmrc.gov.uk/exrate/iraq.htm

p.s. and this post gets rid of that anoying message at the top of the screen!

[emile]

what if you gave your dinar to your children. firsly it's a gift so no cgt and secondly aren't children tax exempt.

[goodguyuk1uk]

No kids yet but good idea.........


anyone?

[lightrays-dinars]

Just a question for fellow uk investers - if this does hit big we have two options - A- pay Gordon Brown 40% of our profits :( or B- somehow get our cash dinar out of the UK to a Swiss ACcount where they would convert the dinars into pounds/euros and set up our accounts.This would obviously avoid (actually lets be blunt "evade") uk tax.

Would people feel comfortable with the latter?


Latter refers to A or B?

[voyager]

Just been reading the threads on CGT. I found this website today selling a book about tax. take a look at the following URL.

http://www.cutyourtaxbill.co.uk/about_the_book.htm (http://www.cutyourtaxbill.co.uk/about_the_book.htm)

the interesting line that grabbed my attention was this.....

How you can avoid having to pay any Capital Gains Tax – ever

Might just purchase this book myself to see what info it contains...:D

[djb3000]

did you purchase this book?

[goodguyuk1uk]

im looking..........

[lightrays-dinars]

I want one to!

[thegujju]

So for us uk folks it looks like both Halifax and RBS are selling dinar. If and I guess after recent news its a big IF, this thing goes as we all want it these banks will also exchange our dinars for pounds however please be aware that any transaction overa certain amount (I think its 4 or 5k pounds) will be flagged and the bank have to inform those friendly bunch along at Her MAjesty's Revenue and Customs who will come knocking for their capital gains tax.

So for me I still like the Swiss idea :)

[DinarIsServed]

CGT Threshold for year 2006-2007 for each individual is £8800 before paying anything to our beloved chancellor. That should just about about keep me going in Budweiser for the year......I think. That will do for me each year.

[baz]

So for us uk folks it looks like both Halifax and RBS are selling dinar. If and I guess after recent news its a big IF, this thing goes as we all want it these banks will also exchange our dinars for pounds however please be aware that any transaction overa certain amount (I think its 4 or 5k pounds) will be flagged and the bank have to inform those friendly bunch along at Her MAjesty's Revenue and Customs who will come knocking for their capital gains tax.

So for me I still like the Swiss idea :) We can only wish it was 4 or 5 thousands, its a tad short of 10 thousand pounds £££££'s when you can get reported and I say CAN, you will only get reported if you suddenly start to swop money around for no obvious reason ie: new customer, allways overdrawn now your not, no large or not many previous transactions, Friday your in your best rags...Monday your in the worst Vasaci, that sort of stuff, the bank it seems has NO legal obligation to inform Brown only should any of the mentioned come to light so it would be a good thing to keep on GOOD terms with the Bank Manager ( if that is possible ) some businesse's will not accept large cash amounts even from trusted cutomers I do know a few of them, but for as many that wont their is double who will. I suppose in case they get a tug and the reasons are very mixed opinions, their is many ways around this but dont fret yet over the bank,:shhh:

[DinarIsServed]

Popped in to the RBOS today to see their exchange rates.
To buy a Million Dinar = £391.40
To sell back = £334.47

[Dinar Duchess]

I have talked to HSBC in the UK at the moment they arn't doing anything but I think once on the open market they will be one of the better ones They are going to be fairly large in Iraq and would assume that they would be able to change them for you I am also awaiting email from them in regards to being able to open a HSBC Iraq Bank account through a UK branch and this last part IS PURLY RUMOUR so take it as NOTHING more but I hear they will be fairly large in regards to offering some kind of brokerage service for the ISX but again that is only rumour

Hi, I have already spoken to HSBC to open an account in Iraq with their branch Dars Es Salaam Bank in Baghdad. They tell me that they only open accounts for non residents if you have $100,000 to put on deposit. I will only have that sort of money when they revalue the dinar, so I am staying with Warka, they are more accommodating to the small investor like me.:happy64:

[Adster]

Nat West Bank are buying/selling dinars guys. 509k of dinar for 200 quid! :happy64:

Didn't know bout the Halifax or RBOS, good news for when we will cash in.

So do we know for sure what the amount is we're comfortable with before the dreaded tax man gets involved? I thought it was around 5k to be honest....

Always the airport option...

[voyager]

Nat West Bank are buying/selling dinars guys. 509k of dinar for 200 quid! :happy64:

Didn't know bout the Halifax or RBOS, good news for when we will cash in.

So do we know for sure what the amount is we're comfortable with before the dreaded tax man gets involved? I thought it was around 5k to be honest....

Always the airport option...

WOW - all branches or just big branches????

[emile]

Hi, I have already spoken to HSBC to open an account in Iraq with their branch Dars Es Salaam Bank in Baghdad. They tell me that they only open accounts for non residents if you have $100,000 to put on deposit. I will only have that sort of money when they revalue the dinar, so I am staying with Warka, they are more accommodating to the small investor like me.:happy64:
that's a condition of the new foreign investment law and only applys to companys who want to invest in iraqi company's. whoever told you that is bullting you.

as for exchanging, you can got into any bureau de change and exchange upto 10k without being flagged. i have a route of 41 banks,travel agents and building society's in four towns that i can change my dinar without being flagged and once i've done the wife will do it.

[Dinar Duchess]

Nat West Bank are buying/selling dinars guys. 509k of dinar for 200 quid! :happy64:

Didn't know bout the Halifax or RBOS, good news for when we will cash in.

So do we know for sure what the amount is we're comfortable with before the dreaded tax man gets involved? I thought it was around 5k to be honest....

Always the airport option...

yes but you have to have a 'suitable account' that has the telephone banking option. :wave:

[Phil S]

that's a condition of the new foreign investment law and only applys to companys who want to invest in iraqi company's. whoever told you that is bullting you.

as for exchanging, you can got into any bureau de change and exchange upto 10k without being flagged. i have a route of 41 banks,travel agents and building society's in four towns that i can change my dinar without being flagged and once i've done the wife will do it.

Thanks Emile

Is that 10k in Dinars or Pounds without being flagged?

Also does the Post Office count as a Bureau de Change?

Thanks a lot.

PHIL S

[fosking]

Also does the Post Office count as a Bureau de Change?


PHIL S

Yeah looks like it http://www.postoffice.co.uk/portal/po/content1?catId=19300210&mediaId=19600186

[Wildfire]

Nat West Bank are buying/selling dinars guys. 509k of dinar for 200 quid! :happy64:

Didn't know bout the Halifax or RBOS, good news for when we will cash in.

So do we know for sure what the amount is we're comfortable with before the dreaded tax man gets involved? I thought it was around 5k to be honest....

Always the airport option...
Hi Adster,

Have you, or anyone else, had any thoughts on whether it is a good idea, or bad idea, to purchase Dinars from these banking sources, particularly if you are even considering 'resisting' paying CGT. Are these Banks linkely to be reporting to 'big brother' that you got these Dinars......or am i just being Paranoid ? I just don't like sticking my head above the parapet unless I need to.

Sure would appreciate an answer if someone has a view on this.

Thanks

Wildfire :wave:

[Dinar Duchess]

You can take that to the bank. lol.

Sod them, I intend, by hook or by crook (probably the later) to get around this little taxation problem, probably Swiss account. My mate and one of us great forumists received his Swiss debit card last week. He payed a nominal sum for it and I'll try and get the link..

So am I understanding this correctly. As a UK Citizen, we can lawfully open a swiss bank account and pay in our dinars and not be stung for any type of tax whatsoever. If this is the case then '''Yippppeeee'. But my next question is, I live in the UK, and would the authorities question large amounts of money being wired from a swiss account to good old Barclays or Nat West. Is it simple to open a swiss bank account??:happy64:

[Adster]

yes but you have to have a 'suitable account' that has the telephone banking option. :wave:

Not true, I don't have an account with the Nat West and they're happy to provide you with dinars. Just go to a main branch and order them up. :)

[Adster]

Thanks Emile

Is that 10k in Dinars or Pounds without being flagged?

Also does the Post Office count as a Bureau de Change?

Thanks a lot.

PHIL S

10k sterling, anything over is flagged. :rolleye03

[Adster]

Hi Adster,

Have you, or anyone else, had any thoughts on whether it is a good idea, or bad idea, to purchase Dinars from these banking sources, particularly if you are even considering 'resisting' paying CGT. Are these Banks linkely to be reporting to 'big brother' that you got these Dinars......or am i just being Paranoid ? I just don't like sticking my head above the parapet unless I need to.

Sure would appreciate an answer if someone has a view on this.

Thanks

Wildfire :wave:

They wouldn't report you to the tax man. Fortunately though I have more than enough dinar and don't need to go to the banks to order.

My thoughts on cashing out are to leave a small amount in the UK and have the rest in Switzerland, this way you'll only pay the tax man here on the interest earnt in your Swiss account and not the facking 40% you'd pay if you left it in the UK. :no:

[onenomad]

have the rest in Switzerland, this way you'll only pay the tax man here on the interest earnt in your Swiss account and not the facking 40% you'd pay if you left it in the UK. :no:

Thats why I'll be looking at moving to Dubai, Caymen Isl, Jersey etc I dont want to give Mr Brown any he already screws us enough ways in the UK

[thegujju]

So am I understanding this correctly. As a UK Citizen, we can lawfully open a swiss bank account and pay in our dinars and not be stung for any type of tax whatsoever.

yep you can lawfully open a swiss bank account BUT you must declare any interest ganed to the uk tax authorities (and if you declare interest they will no doubt start asking questions to where the capital came from).

Obviously most people dont declare this and because SWiss banks dont consider tax evasion as a crime they will never share details of account holdings to any third country/body (whereas banks in other european countries certainly will).

Although last year the EU wanted Switzerland to pass on data on EU citizens to stop them avoiding tax. A deal was struck where swiss banks would take a witholding tax from any interest gained and pay it to the EU (without ever disclosing whose account the funds came from). I think the witholding tax is something like 15% but thats only on interest gained and its certainly better than 40% we would have to pay.


But my next question is, I live in the UK, and would the authorities question large amounts of money being wired from a swiss account to good old Barclays or Nat West. Is it simple to open a swiss bank account??

It doesnt matter if its cash or electronic, any usual transaction if its a large amount can still be reported. Most swiss accounts though offer maestro cash cards as well as credit cards so withdrawing money in UK wont be a problem.

[Dinar Duchess]

Not true, I don't have an account with the Nat West and they're happy to provide you with dinars. Just go to a main branch and order them up. :)

I wasnt aware of that thanks. thats even better, ill give it a try.:lmao:

[Dinar Duchess]

If the dinar is revalued soon, and say we continued to hold our dinars for a while longer after revaluation, and not to rush out and sell them, what is stopping us from saying we 'acquired' the dinars at the revalued amount.

With currency, will we be required to produce a 'date of purchase'?, I cannot see that happening, because a lot of us will no doubt lose our paperwork. It will be the investors that rush to the bank on revaluation day that may get caught. So if I held my dinars for another 6 months or a year I could say I bought them in the last three months at the new value and therefore reduce or eliminate the CGT. :lmao: :lmao: :lmao:

[vipor]

good thinking Dinar. Anyone know of anything to prevent this? :shhh:

[baz]

If the dinar is revalued soon, and say we continued to hold our dinars for a while longer after revaluation, and not to rush out and sell them, what is stopping us from saying we 'acquired' the dinars at the revalued amount.

With currency, will we be required to produce a 'date of purchase'?, I cannot see that happening, because a lot of us will no doubt lose our paperwork. It will be the investors that rush to the bank on revaluation day that may get caught. So if I held my dinars for another 6 months or a year I could say I bought them in the last three months at the new value and therefore reduce or eliminate the CGT. :lmao: :lmao: :lmao: Having dealt with the UK tax man a lot... you are all forgetting one major thing.....its not for the tax man to prove you owe him money ...its for you to prove you dont, in other words he can say what he likes to you about what you owe him and you owe IT! untill you prove you DONT!. and you try proving you dont. And if you think that all these banks wont snitch forget it, a couple of words like "we think its drug/crime/terrorist/ money" and hey presto all is revealed.

And if he thinks you have lied on any thing however small you will go through the system big time and I MEAN BIG TIME, and one other Q that will be asked is " so how many other's do you know doing this then?"...and as I have said before, their is one man who comes to your house all the time who knows everything you do. And it so much easier to catch the likes of 10 thousand small people avoiding tax then one big company who can "do the books" and get away with it.:wave:

[thegujju]

ts not for the tax man to prove you owe him money ...its for you to prove you dont

Spot on Baz. Also I think uk tax laws state that any foreign currency held for personal/family purposes which then goes up in value isnt liable to GCT (on the surface that sounds great) however again the burden of proof is on you to prove you wernt a speculator and the dinars you hold were just 'holiday money'.

[Dinar Duchess]

Having dealt with the UK tax man a lot... you are all forgetting one major thing.....its not for the tax man to prove you owe him money ...its for you to prove you dont, in other words he can say what he likes to you about what you owe him and you owe IT! untill you prove you DONT!. and you try proving you dont. And if you think that all these banks wont snitch forget it, a couple of words like "we think its drug/crime/terrorist/ money" and hey presto all is revealed.

And if he thinks you have lied on any thing however small you will go through the system big time and I MEAN BIG TIME, and one other Q that will be asked is " so how many other's do you know doing this then?"...and as I have said before, their is one man who comes to your house all the time who knows everything you do. And it so much easier to catch the likes of 10 thousand small people avoiding tax then one big company who can "do the books" and get away with it


I am very aware of the tax man and how he works, ruthlessly at times as well. I pay all my taxes and I declare everything, but when you are talking about 400,000 USD on a million dollars, that would buy my mum a house. What we are discussing here is, if there is a way that we can legally and honestly reduce our liability then that is what we should all do.

If you are saying that thousands of us investors are likely to be arrested because we have invested in Iraq currency and the ISX and possibly may be accused of serious crime, we may as well give up now, because myself like many others would not consider it a worthwhile investment. The stress for one would make us all ill.

If we all think positive and pool our ideas WITHOUT BREAKING THE LAW then hey presto we will all be millionaires:wave: :wave: .

I thought my idea wasnt a bad one, just needs discussing. Many people hold on to currency for many years, and of course exchange rates do go up. Do THEY declare it on their self assessment tax return, I bet they dont even mention it. So whats the difference!!!!:lmao:

[Dinar Duchess]

I know you have had this thread before, but I have just been on the Inland Revenue Site and copied this piece again.

[/URL]What assets might lead to a CGT charge?

Most sorts of assets can lead to a CGT charge when you dispose of them, for example

shares in a company
units in a unit trust
land and buildings (but see 'What about my home? (http://www.investorsiraq.com/)')
higher value jewellery, paintings, antiques and other personal effects (see next section)
assets used in a business, such as goodwill.CGT is chargeable whether the assets are in the UK or abroad.

Top (http://www.hmrc.gov.uk/leaflets/cgtfs1.htm#top)

[URL="http://www.investorsiraq.com/"]What assets do not lead to a CGT charge?

Some assets are exempt. For example, you will not have to pay CGT on

your private car
cash held in sterling
any foreign currency held for your own or your family's personal use
jewellery, paintings, antiques and other personal effects that are individually worth £6,000 or less (if you have a set, for example a set of chess figures - you do not pay CGT if the value of the set as a whole is £6,000 or less)
Savings Certificates, Premium Bonds and British Savings Bonds
UK Government stocks ("Gilts")
assets held in an Individual Savings Account (ISA) or Personal Equity Plan (PEP)
betting, lottery or pools winnings
personal injury compensation.It definetly says that foreign currency held for our own use (which it is) or for our families use (which it is) would be exempt. So I feel there may not be anything to worry about. I suppose it is how we (or how the IR) define that sentence.

One thing I hit upon while surfing this site was, as you all may or may not be aware, any increase in shares value will be subject to CGT. Also I read that where CGT is charged by a foreign country, the UK will give us the relief and then we still have to pay CGT in this country, I suppose because we are in residence here.

:confused:

[baz]

I am very aware of the tax man and how he works, ruthlessly at times as well. I pay all my taxes and I declare everything, but when you are talking about 400,000 USD on a million dollars, that would buy my mum a house. What we are discussing here is, if there is a way that we can legally and honestly reduce our liability then that is what we should all do.

If you are saying that thousands of us investors are likely to be arrested because we have invested in Iraq currency and the ISX and possibly may be accused of serious crime, we may as well give up now, because myself like many others would not consider it a worthwhile investment. The stress for one would make us all ill.

If we all think positive and pool our ideas WITHOUT BREAKING THE LAW then hey presto we will all be millionaires:wave: :wave: .

I thought my idea wasnt a bad one, just needs discussing. Many people hold on to currency for many years, and of course exchange rates do go up. Do THEY declare it on their self assessment tax return, I bet they dont even mention it. So whats the difference!!!!:lmao: You say you pay ALL your taxes but you have said"whats wrong with saying you bought them in the last 3/6 months and avoid tax, is that legal?.

I havent said we are ALL going to be arrested for investing in Dinars and the ISX, but do you think that if he caught one avoiding taxes on this investment he would think that they are the only one's to have done this?.

Their is only two tax rules, which I am sure you must know about.

The crime bit only comes into play when someone gets caught and the tax man finds these accounts, and the bank wont give out customers details of accounts, allso I think you will find Switzland is not as free and easy as it used to be, trust me been their done it!.

No one in the UK has to declare currency bought for holidays, you dont have to declare it on any tax forms but you do have to tell them if you buy to resell and this your plan isnt it? PROFIT....but we are not talking £500 for a break here, I wont say what I have, but how the hell do I explain this hopefully/ maybe sudden wealth that I just happen to come by..and dont say lotto, its checked, allso being self employed you HAVE to inform HM Taxes of ANY bank accounts you hold, unless the rules change.

Any ideas are good ideas, but they have to be thought out very good to beat the gits, and remember again this can be very big returns for them because of the large amounts involved...and stress never.

Of course all this means nothing if you allready have plan B to fall back on....and dont declare any profit.:wave:

[Dinar Duchess]

Ok Baz you win. As I said before, I DO pay all my taxes and I DO declare everything. It does concern me though on what impact this will have on the tax front if the RV occurs. Some of it can be lost through 'having a good old spending spree' and we will want to earn some interest off the rest.. for our retirement. It may be that to do that we will have to pay the CGT to achieve that. who knows, keep digging everyone!

I will continue to research and I will up the IR office to find out.

[baz]

Ok Baz you win. As I said before, I DO pay all my taxes and I DO declare everything. It does concern me though on what impact this will have on the tax front if the RV occurs. Some of it can be lost through 'having a good old spending spree' and we will want to earn some interest off the rest.. for our retirement. It may be that to do that we will have to pay the CGT to achieve that. who knows, keep digging everyone!

I will continue to research and I will up the IR office to find out.Dinar Duchess. Please dont say it like that "I win" I dont want to win any discussion with a fellow invester, I want us ALL to win but I am afraid this country of ours is getting crippled by all sorts of things that we shouldnt be paying for, so therefore Brown has to rip us of big time and he is looking at us all very quitely...and it saddens me deeply to hear you pay ALL your taxes and DECLARE everything....still there has to be one to keep jolly ole Britain going:happy64:

[Dinar Duchess]

Dinar Duchess. Please dont say it like that "I win" I dont want to win any discussion with a fellow invester, I want us ALL to win but I am afraid this country of ours is getting crippled by all sorts of things that we shouldnt be paying for, so therefore Brown has to rip us of big time and he is looking at us all very quitely...and it saddens me deeply to hear you pay ALL your taxes and DECLARE everything....still there has to be one to keep jolly ole Britain going:happy64:

it really is ok. no hard feelings baz, cos at the end of the day, by discussing the options we ALL win. I want to keep all the money I make as i am sure you do too. What you say is true, we do have to be careful, if the RV occurs, what do you do with millions of dollars, stuff it under the mattress. That may be the only option. I would like some to live off some of the interest. I think 40% is way too much anyway thats nearly half. WHY is it 40%. WHO thought up that stupid figure anyway, he ought to be hung, drawn and quartered. lol
:lmao: :lmao: :lmao:

[CHAZOWEN]

You say you pay ALL your taxes but you have said"whats wrong with saying you bought them in the last 3/6 months and avoid tax, is that legal?.

I havent said we are ALL going to be arrested for investing in Dinars and the ISX, but do you think that if he caught one avoiding taxes on this investment he would think that they are the only one's to have done this?.

Their is only two tax rules, which I am sure you must know about.

The crime bit only comes into play when someone gets caught and the tax man finds these accounts, and the bank wont give out customers details of accounts, allso I think you will find Switzland is not as free and easy as it used to be, trust me been their done it!.

No one in the UK has to declare currency bought for holidays, you dont have to declare it on any tax forms but you do have to tell them if you buy to resell and this your plan isnt it? PROFIT....but we are not talking £500 for a break here, I wont say what I have, but how the hell do I explain this hopefully/ maybe sudden wealth that I just happen to come by..and dont say lotto, its checked, allso being self employed you HAVE to inform HM Taxes of ANY bank accounts you hold, unless the rules change.

Any ideas are good ideas, but they have to be thought out very good to beat the gits, and remember again this can be very big returns for them because of the large amounts involved...and stress never.

Of course all this means nothing if you allready have plan B to fall back on....and dont declare any profit.:wave:
Baz,you give the revenue too much credit...
You are thinking like a average P.A.Y.E. joe,if you believe this gamble pays off you will be able to employ the best tax brains in the country if not europe.
If the authorities were as good as you give them credit,why do we have so many successful drug dealers???????

[baz]

Baz,you give the revenue too much credit...
You are thinking like a average P.A.Y.E. joe,if you believe this gamble pays off you will be able to employ the best tax brains in the country if not europe.
If the authorities were as good as you give them credit,why do we have so many successful drug dealers??????? Sorry mate havent had P.A.Y.E now for dont know how long, I know I would be better of if I was because the tax man leaves you alone then, ie you pay taxes, you pay stamp.. he's not interested you are legit. he dont get to know about the Porsch you paid with cash...you buy a dirt cheap house fix it up big time with cash, sell high, he dont ever ask why so much profit? because you give him some of it. I have a very good accountant, very good, costs a arm and a leg in fact he makes more out of me then I do, a fact I have pointed out more then once but even they wont be much help when they say "well you have to pay the same as every one else"
and then stiffs you with a percentage invoice...and why is it in this country that the higher tax bracket people who employ the best tax brains still want to stiff the tax man even more then us?.

Why do we have so many successful drug dealers you ask?.

I wonder if when asked to fill in a tax return what do they put in the occupation square? "drug dealer".

And CHAZOWEN ...YOU know why this government lets these people get away with it...because here now no one gives a S***H sure they catch a few and what do they do give them a talking to on being good upright people...you can kill in this country and get let of...but forget you car tax WOW!!!.

I know a man who runs a business and sells items for about £5 to £10 each maybe 50 or so a week...drives a brand new Porsch..lives in a large detached house, on he's own...has a few new vans...has rental propertys...has named the house after the tax man..you know like rubbing it in..so what is he doing I know, but you have a guesse, but he has NEVER had he's collar felt ever.

You are correct with one thing I am a "average Joe" but then it has allways been the "average Joe" they picked on.

[CHAZOWEN]

Sorry mate havent had P.A.Y.E now for dont know how long, I know I would be better of if I was because the tax man leaves you alone then, ie you pay taxes, you pay stamp.. he's not interested you are legit. he dont get to know about the Porsch you paid with cash...you buy a dirt cheap house fix it up big time with cash, sell high, he dont ever ask why so much profit? because you give him some of it. I have a very good accountant, very good, costs a arm and a leg in fact he makes more out of me then I do, a fact I have pointed out more then once but even they wont be much help when they say "well you have to pay the same as every one else"
and then stiffs you with a percentage invoice...and why is it in this country that the higher tax bracket people who employ the best tax brains still want to stiff the tax man even more then us?.

Why do we have so many successful drug dealers you ask?.

I wonder if when asked to fill in a tax return what do they put in the occupation square? "drug dealer".

And CHAZOWEN ...YOU know why this government lets these people get away with it...because here now no one gives a S***H sure they catch a few and what do they do give them a talking to on being good upright people...you can kill in this country and get let of...but forget you car tax WOW!!!.

I know a man who runs a business and sells items for about £5 to £10 each maybe 50 or so a week...drives a brand new Porsch..lives in a large detached house, on he's own...has a few new vans...has rental propertys...has named the house after the tax man..you know like rubbing it in..so what is he doing I know, but you have a guesse, but he has NEVER had he's collar felt ever.

You are correct with one thing I am a "average Joe" but then it has allways been the "average Joe" they picked on.
If you are not happy with your accountant change ithem..I can recommend mine.
your accountant should be that good that whatever they charge you should be happy to pay as it should be in your favour,if not change them.
Stop belly aching about others,if this example you quote is bent tell the authorities a few letters to the various authorities will cause an inconvienience to him,if you are not prepared to,then keep quiet and shut up.
Stop feeling sorry for yourelf and start thinking outside the box.
The guy in the example you quote obviouly has.

[baz]

If you are not happy with your accountant change ithem..I can recommend mine.
your accountant should be that good that whatever they charge you should be happy to pay as it should be in your favour,if not change them.
Stop belly aching about others,if this example you quote is bent tell the authorities a few letters to the various authorities will cause an inconvienience to him,if you are not prepared to,then keep quiet and shut up.
Stop feeling sorry for yourelf and start thinking outside the box.
The guy in the example you quote obviouly has. 1st rule in business dont change accountants to much but you know this. you can only dream about the size of my accountant and tax bills.
2nd Rule never snitch .
3rd Rule never belly ache about others.

Think I am feeling sorry for myselfe do you, further from the truth you are..I used him as a Quote to show you the country dont care about drug dealers.. which by the way you brought up drug dealers not I.

You will feel very different if this gets big time and you see your tax and accountant invoice, who will feel sorry then, oh and one other thing I have thought outside the box as you put it, seems to me that I hit a sore point still you allways have the IGNORE button:wave:

[Dinar Duchess]

1st rule in business dont change accountants to much but you know this. you can only dream about the size of my accountant and tax bills.
2nd Rule never snitch .
3rd Rule never belly ache about others.

Think I am feeling sorry for myselfe do you, further from the truth you are..I used him as a Quote to show you the country dont care about drug dealers.. which by the way you brought up drug dealers not I.

You will feel very different if this gets big time and you see your tax and accountant invoice, who will feel sorry then, oh and one other thing I have thought outside the box as you put it, seems to me that I hit a sore point still you allways have the IGNORE button:wave:

Come on now Baz and Chaz, Im sorry that my little post has caused a stirr. We dont need to ignore or belly ache about one another. Some interesting points have come out of both of your posts and maybe we should leave it there. Thanks to you both for your input and hey, lets hope the CBI give us some good news soon. Good luck to you both. :wave:

[baz]

Come on now Baz and Chaz, Im sorry that my little post has caused a stirr. We dont need to ignore or belly ache about one another. Some interesting points have come out of both of your posts and maybe we should leave it there. Thanks to you both for your input and hey, lets hope the CBI give us some good news soon. Good luck to you both. :wave:

Your little post didnt cause me a stir...but dont it make you wonder what a drug dealer has to do with English people paying income tax?. and very good wishes to you DD, may all your dreams on the Dinar come true, because mine allready have.:wave:

[Dinar Duchess]

You say you pay ALL your taxes but you have said"whats wrong with saying you bought them in the last 3/6 months and avoid tax, is that legal?.

I havent said we are ALL going to be arrested for investing in Dinars and the ISX, but do you think that if he caught one avoiding taxes on this investment he would think that they are the only one's to have done this?.

Their is only two tax rules, which I am sure you must know about.

The crime bit only comes into play when someone gets caught and the tax man finds these accounts, and the bank wont give out customers details of accounts, allso I think you will find Switzland is not as free and easy as it used to be, trust me been their done it!.

No one in the UK has to declare currency bought for holidays, you dont have to declare it on any tax forms but you do have to tell them if you buy to resell and this your plan isnt it? PROFIT....but we are not talking £500 for a break here, I wont say what I have, but how the hell do I explain this hopefully/ maybe sudden wealth that I just happen to come by..and dont say lotto, its checked, allso being self employed you HAVE to inform HM Taxes of ANY bank accounts you hold, unless the rules change.

Any ideas are good ideas, but they have to be thought out very good to beat the gits, and remember again this can be very big returns for them because of the large amounts involved...and stress never.

Of course all this means nothing if you allready have plan B to fall back on....and dont declare any profit.:wave:

Baz, there is a bit more speculation on the forum regarding the CGT issue. check out 'proof of purchase' on 'iraqi dinar speculation'. DD:wave:

[anyotherstuff]

I have been looking into opening a bank account in switzerland. You can have a visa card linked directly to the account so you can spend your money anywhere in the world. I have contacted e-gold and they can pay your finds directly into the swiss bank account.

If you pay a little more for your swiss bank account you can have a numbered account which means that the account name is just a number instead of your name. Only the bank manager knows the identity of the numbered accounts owners - Very, Very secretive and Very, Very secure.


Hi voyager can you update me on this thread, have you managed to find details of how to open an account, all details would be appreciated:wave:

[anyotherstuff]

[quote=emile;191395]The set-up fee for this account is 1299.00 Swiss francs (equivalent to $1,100 or EUR 859 or £603). This one-time fee is fully refundable if the bank rejects your application.

Hi emile regarding the above I know it was a few months ago do you have any other info on the swiss acc route? and also the bit you listed about the minimum deposit, would they accept dinars and presumably you would be able to pay them in over the counter