Pulling out of Europe

[robertj]

When England an Nrth Ireland pulls out of the European Union will that mean zero VAT and foreigners coming here to register their boats?
Also what about VAT paid yachts will they be compensated?

 

[Uricanejack]

When England an Nrth Ireland pulls out of the European Union will that mean zero VAT and foreigners coming here to register their boats?
Also what about VAT paid yachts will they be compensated?

Hmmm Will Scotland be staying. Will that be confusing. Will Scotland have still have its own football team. Will it ever quallify for any thing.
Should this be in the lounge

 

[maby]

I wouldn't assume that VAT will cease to exist. It is mandatory for EU members, but we had purchase tax before we joined the Common Market and I would assume that some form of tax on consumption would continue even if the name is changed.

 

[Bosun Higgs]

When England an Nrth Ireland pulls out of the European Union will that mean zero VAT and foreigners coming here to register their boats?
Also what about VAT paid yachts will they be compensated?

Of course not x 2. Do you not know that the government is borrowing 30p in every £ they spend? What makes you think that they can suddenly afford not to bother with vat? And even if they did, what basis is there for compo for vat paid yachts or is it compo for everything that changes?

 

[Robert Wilson]

I wouldn't assume that VAT will cease to exist. It is mandatory for EU members, but we had purchase tax before we joined the Common Market and I would assume that some form of tax on consumption would continue even if the name is changed.

Full marks for the most accurate view posted on any forum - ever!!

Since when did any tinkering/changing by any government ever mean lower taxes/costs for the "animals in the farm"?

As for the propounder of this latest suggestion (Nigel Lawson), didn't he as Chancellor have mouth-watering interest rates/inflation while in Margaret Thatcthcher's Government??

FWIW, I'd be more than happy to leave the EU. Voted for the EEC, but this shower of****.

 

[robertj]

Of course not x 2. Do you not know that the government is borrowing 30p in every £ they spend? What makes you think that they can suddenly afford not to bother with vat? And even if they did, what basis is there for compo for vat paid yachts or is it compo for everything that changes?

Who do they borrow it from the money that is?

 

[Kurrawong_Kid]

You and me when we buy savings certificates etc from NS&I; long, medium and short term govt. bonds bought by investment trusts, pension funds etc.; other richer countries (Gordon Brown paid off the last of the USA loan from WW2 and its aftermath) and occasionally, as in Healey's time, the World bank.

Who do they borrow it from the money that is?

 

[Tranona]

When England an Nrth Ireland pulls out of the European Union will that mean zero VAT and foreigners coming here to register their boats?
Also what about VAT paid yachts will they be compensated?

Tax on consumption and "foreigners" registering boats here long pre date membership of Europian Union so can't understand why you think anything will change in the unlikely event of leaving the union.

 

[robertj]

Apparently the economists recon 18months to repay the loan if we pulled out of Europe.
Still find it hard to get my head around this loan business.

 

[nimbusgb]

Apparently the economists recon 18months to repay the loan if we pulled out of Europe.
Still find it hard to get my head around this loan business.

A trillion pounds borrowed against future generations 'repaid' in 18 months, no wonder they call themselves economists.

Just about every country in the world has some sort of sales tax, why would that change?

 

[Bosun Higgs]

Who do they borrow it from the money that is?

At the moment they are borrowing it from themselves in a thinly disguised money printing exercise called QE. The B of E prints the money which it then uses to buy government debt ( gilts) . The govt pretends that this is genuine debt and even pays interest on the debt ( interest paid to the B of E who then return the same money back to the government). In theory when QE stops and the government still needs money it will sell gilts to pension funds / private investors / banks etc and at some future point the B of E will also start to sell the gilts that it has "bought".

There is a part of the debt that is sold to foreign institutions. We import way more than we export and the only way we can finance that is to borrow from the people we import from, so we owe a lot of money to the chinese and the russians and the gulf arabs etc. So there are two parts to the debt - a larger part which is owed to british companies etc, and a smaller part which is owed to foreigners.

Incidentally, over the years the govt has so riugged things that british institutions have been pushed towards buying gilts rather than shares. In other words the companies who should be re-investing our surplus cash in building up british companies by buying shares are pushed in the direction of propping up a spendthrift government. This is particularly the case with pension funds.

 

[kunyang]

along with VAT there would be three million less tax payer as manufacturers won't like paying import duty to the continent, i.e. car companies etc. Oh, then there is the health insurance you would need on your trip to France, no electricians until some one refinances apprenticeships properly, no salad pickers cause unemployed English can't get off there asses for a minimum wage, and why should they?? (Contentious Me??) Perhaps this debate should be in the lounge!