oldgit
Well-Known Member
Any suggestions on how to evade avoid paying VAT on diesel for the boat ?
Spent rather a LOT regards VAT on boat fuel last Season.
- Thread starter oldgit
- Start date
Daydream believer
Well-Known Member
Nick it out of the house fuel tank when the wife is not looking. Vat on heating oil is about 6%. Actually a hose over the neighbour's tank is better still. I know that a diesel engine runs on it, because we used to nick some of the Essex CC oil for our dumpers.
I have 10 -20 litre cans at home & fill up when fuel at garage is priced low. The difference can be quite a lot if one goes to the cheapest garage. This offsets a lot of the VAT etc
I have 10 -20 litre cans at home & fill up when fuel at garage is priced low. The difference can be quite a lot if one goes to the cheapest garage. This offsets a lot of the VAT etc
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oldgit
Well-Known Member
Or...
One needs an address in BVI and to speak Russian, it appears that a couple of helipads on the boat greatly helps.
One needs an address in BVI and to speak Russian, it appears that a couple of helipads on the boat greatly helps.
dunedin
Well-Known Member
Can spend less on VAT on fuel ….. by burning less fuel.
Travel at displacement speed - or get a pole and flappy bits.
jfm
Well-Known Member
DB and D, I think this is an oblique reference to tabloid press on Captain Abramovich 
Oldgit, I think the tabloids got it substantially wrong by the way, but let's not have facts getting in the way of a good story: )
Oldgit, I think the tabloids got it substantially wrong by the way, but let's not have facts getting in the way of a good story: )
dunedin
Well-Known Member
But is is the nature of things that the richest seem to avoid paying taxes that ordinary people need to payDB and D, I think this is an oblique reference to tabloid press on Captain Abramovich
Oldgit, I think the tabloids got it substantially wrong by the way, but let's not have facts getting in the way of a good story: )
jfm
Well-Known Member
It isn't. The rich pay vastly more than ordinary people. Then ordinary people sniff a bit of "tax avoidance" whipped up by the Daily Mail or whatever, and complain that the rich should be paying even more than the vast amounts they already pay. Then the rich leave the country, or rather become non-resident, because it's so easy to do so. That's just how things work in the UK.
Daydream believer
Well-Known Member
An explanation of that comment & how it relates to my post would enlighten me I am sureDB and D, I think this is an oblique reference to tabloid press on Captain Abramovich
oldgit
Well-Known Member
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oldgit
Well-Known Member
Curious as to how just this story has not resonated with the MoBo fraternity.
Clickbait press obviously is missing a trick here ?
Has GB News not picked this up yet.
jfm
Well-Known Member
I suspect the story got few clicks and therefore wasn't pushed that hard.
It seemed to result from a truly astonishing amount of work (document searching and reading) by the journalists, even though you can tell they had limited understanding of what they were reading, and the whole thing had imho a sense of selective picking of facts that supported their story while ignoring the others.
Moreover the story is its intrinsically boring, and Abramovich is seen by plenty of the general public as a tainted nobody now.
It seemed to result from a truly astonishing amount of work (document searching and reading) by the journalists, even though you can tell they had limited understanding of what they were reading, and the whole thing had imho a sense of selective picking of facts that supported their story while ignoring the others.
Moreover the story is its intrinsically boring, and Abramovich is seen by plenty of the general public as a tainted nobody now.
Seastoke
Well-Known Member
JFM ,by the way do you need review on Trust pilot , when I chartered your SL.
Farmer Piles
Well-Known Member
I was just reading this morning that 10 800 millionaires left the UK last year - second only to China in terms of the wealthy fleeing and taking their wealth and income with them.
What is the stat - the top 10% of earning produce a vast proportion of the UK tax take?
jfm
Well-Known Member
I wouldn't believe any such statistic. It is at best someone's broad brush estimate because millionaires are not counted. Due to UK having no wealth tax, HMRC only knows people's incomes not assets.
HMRC counts leavers, but not in real-time. They don't know how many left last year. They know (as of last week, the tax return filing deadline) how many left in the year ending 5th April 2024, but even then they will only know the body count not how many were millionaires.
Plus, a £ million is no longer a significant measure when you're running a country. If you wanted to measure anything you would want to count UHNWIs, broadly defined I think as people with >$30m, because those people correlate to business ownership/employment much better than millionaires. But in the UK no-one counts UHNWIs either, so all statistics are very unreliable.
If you were to chat to a Monaco estate agent right now and ask why there are so few apartments available to rent in Monaco at the moment, the answer is that they have all been rented by UK folks planning to exit UK before Rachel-the-Economist's changes coming on 5/4/2025, and all these folks must be must be well above 1-£millionaire to be allowed into Monaco.
HMRC counts leavers, but not in real-time. They don't know how many left last year. They know (as of last week, the tax return filing deadline) how many left in the year ending 5th April 2024, but even then they will only know the body count not how many were millionaires.
Plus, a £ million is no longer a significant measure when you're running a country. If you wanted to measure anything you would want to count UHNWIs, broadly defined I think as people with >$30m, because those people correlate to business ownership/employment much better than millionaires. But in the UK no-one counts UHNWIs either, so all statistics are very unreliable.
If you were to chat to a Monaco estate agent right now and ask why there are so few apartments available to rent in Monaco at the moment, the answer is that they have all been rented by UK folks planning to exit UK before Rachel-the-Economist's changes coming on 5/4/2025, and all these folks must be must be well above 1-£millionaire to be allowed into Monaco.
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MapisM
Well-Known Member
Fixed that!
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roa312
Well-Known Member
Ah, I wouldn't say everywhere! In Denmark, we have an exit tax regime where private individuals moving abroad are subject to tax on the unrealized gains of their businesses or shareholdings. This can make relocations exceptionally complicated, as every single shareholding must be valued at market price, and tax authorities are highly vigilant in challenging reported valuations. This very often leads to court disputes that can drag on for years. I've been involved in a few such disputes and have yet to see one that wasn’t painful for the individual relocating!Fixed that!
I understand that relocating out of the UK or Italy is probably way easier, but I'm sure several other countries have regimes similar to Denmark, and I strongly advise people to research this in detail (when in doubt)!
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jfm
Well-Known Member
100% correct roa312. Many countries have an exit CGT like Denmark's. Canada, Germany, France, South Africa, Netherlands, Spain, Norway, Japan, etc all have exit taxes of sorts. The USA does too, but for obvious reasons it is charged when you hand in your passport or green card, not when you cease to be USA resident.
UK and Italy are the easiest G7's to leave.
UK and Italy are the easiest G7's to leave.
