Offshore Banking NB

[jfm]

Erm, so if we talk about offshore banking (in my case, not the "joys" of it - I have said throughout that it's taxable) then it looks like we have loads of money. Whereas if we just hang out on a yachting forum and only talk about boats to like minded folk, as well as actually sailing our boats, we look ordinarily poor?

Hey, just changing the subject a bit, I just read your profile. You didn't come a cross a 50foot trawler yacht Silver Dee on your travels did you? My brother circumnavved Irealnd this summer too. It was in Dunstaffnage before the Ireland trip, and I think Largs now.

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[DavidofMersea]

Re: cureency gains are subject to CGT

> the first £7,800 (or whatever the number is) per person per year is tax free, maybe that's what you meant?

Yes I had this in mind. I was also assuming that Mr Cloudnine had no other capital gains, and that there was a Mrs Cloudnine, or a partner which he could trust, then the allowance would become £15,600.

If you are very optimistic and assume that the dollar goes to 1.8 - a 5% increase in value, Mr & Mrs Cloudnine would need about million pounds before they need to start worrying about CGT next April.

Depending on how much Mr & Mrs Cloudnine are "investing", they could go a long way into 2005/6 before they hit the £15,600, which by then would probably be about £16,000. The situation would need to be watched after next April

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[webcraft]

Don't remember seeing 'Silver Dee' - but you know how it is, you tend to look more closely at similar types of boats to your own and so we were oohing and aahing over tiddly raggy things . . . all 50ft trawler yachts tend to look the same to us because we've never been on one. Bet your brother spent substantially less time on passage than we did - which would have left him more time for the craik ashore, so big stinkies can't be all bad.

Re. the other done to death argument . . . of course (as I said) everyone will think we are stinking rich just because we have a boat - any boat - but surely discussing where we are going to hide all our left over money we haven't spent on our boats is not going to help?

I've always felt that if I had enough dosh to worry about this sort of thing then I wouldn't worry about it, if you know what I mean.

- Nick


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[jfm]

He might not have spent that much less time on passage - he cruises at 9 knots, it's a displacement boat. Obviously he hung around mostly on the S and SW bits. He was in Glandore/Union Hall for about a month. Nice cruise. The W Coast is more of a challenge, some long passages along a long lee shore, with boltholes few and far between in parts, though I spose not so bad for a sailboat because a broad reach if the prevailing SWesterlies behave themsleves?

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[jfm]

Re: cureency gains are subject to CGT

OK all understood and agreed. It's just useful to be clear that you're burning up the 7800 exemption with this plan, because many folk will have that earmarked for other things. Agree can double it up perfectly legally with husband/wife etc

Personally I wouldn't bet the ranch on $ rising significantly in next 12mths, but that's not much more than a guess

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[webcraft]

We were in Glandore briefly, but only for a night / morning. Didn't find the West coast too scary, although the passage from Smerwick Harbour (N. side of Dingle peninsula) to Inishmore (Aran Islands, Galway) was pretty exciting - 65 miles in 12 hours, mostly with two reefs and half the genoa in 25 - 30 knots on a reach/broad reach. The main problem on that passage was watching for breaking waves hitting us on the beam - a couple of semi-knockdowns provided a salutary lesson and convinced me of the need to replace the windows before we do any serious offshore passages.

Worst problem on the West was winds often too light and too far aft of the beam to keep the sails full when rolling - not a problem your brother would have had to worry about.

(Well now this thread is well and truly off topic - doncha love SB? - if you want to read more / see pics of our Irish trip <A target="_blank" HREF=http://www.bluemoment.com/ireland>CLICK HERE</A>)

- Nick


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[jfm]

Ireland

Yup, end of thread I think, we are miles off topic! Thanks vm for the link, just took a quick look and wil read with interest. I know the S Coast well, my parents live half the year in Rosscarbery (5nm east of Glandore), but I never did a circumnavigation and the kids aren't the right age to do it now. I have spent days and days sailing the very spot shown in your pic of Glandore (Union Hall). Cheers

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[mikewilkes]

As regards the US $ can you be sure that it is not going to go an awfull lot worse????
Had conversations with an FX banking type chappie the other day and it aint looking good for a quick return on your dosh!!!



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[cloudnine]

Thanx everyone for your input. My conclusion is " I can't be arsed" so I will just spend it instead!!
See my post "I'm off"
Cloudnine

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