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Thread: 1% tax on your watch collection and other assets.

  1. #1
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    1% tax on your watch collection and other assets.

    ... if you are worth more than £1m

    https://www.bbc.co.uk/news/business-55236851

  2. #2
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    Not necessary, the Brexit benefits generated as we unshackle ourselves from the dead weight holding us back and the economy goes into overdrive will clear this piffling debt in no time, there can be only upsides, tally ho.

  3. #3
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    G&D??

  4. #4
    Grand Master
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    Sorry meant it humorously, yup whole topics innately political tbf.

  5. #5
    Master Alansmithee's Avatar
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    Quote Originally Posted by Montello View Post
    ... if you are worth more than £1m

    https://www.bbc.co.uk/news/business-55236851

    The chances of this are happening are zero.

  6. #6
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    Quote Originally Posted by Passenger View Post
    Sorry meant it humorously, yup whole topics innately political tbf.

    Maybe ... but paying back the Covid debt transcends all political parties ...

    1% flat tax on all assets of £1m is quite an aggressive tax. Thats just a few vintage Rolex these days ...

  7. #7
    what watch collection......................what assets

  8. #8
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    Imagine they'll target obvious assets (property, pension fund etc) before they go for easily hidden stuff like watches

  9. #9
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    Guess I'll need to keep my collection below the £999,999 mark.
    Might have to throw a few on sales corner :D

  10. #10
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    As above. Will never happen. We may have the pretence and a few million spent on consultations led by a politicians chiropodist or their partners distant relative but wealthy people do not have assets that can be taxed in this way.

    Whether it’s a trust, ‘family money’ or an offshore loan with £1 repayments, money may talk but wealth whispers.

  11. #11
    Quote Originally Posted by thenikjones View Post
    Imagine they'll target obvious assets (property, pension fund etc) before they go for easily hidden stuff like watches
    regarding pensions i think the value would need to be much higher than 1 million,

  12. #12
    Master TKH's Avatar
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    Next job for Dido Harding to get stuck into....

    and let's not forget

    watches are 'wasting assets'....

  13. #13
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    I wholeheartedly agree with it in principle but there is zero chance of it being made law.

  14. #14
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    Probably find the targeted people dont own anything. it will have been purchased via intermediaries abroad or it's leased. And watches? in trust. We dont own them, we just look after them.

  15. #15
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    Definitely can’t see any problem with ascertaining taxable values for assets such as watches, private company shares, antique furniture, etc., etc.!

    The courts will be stuffed for years with legal challenges.

  16. #16
    No matter where you stand on the ethics of this, the practicalities will ensure it will never happen. And if it did, it would be the middle ground that paid while the truely wealthy paid nothing.

  17. #17
    Grand Master GraniteQuarry's Avatar
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    Suggested by the Wealth Tax Commission

    M'kay

  18. #18
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    Quote Originally Posted by Jdh1 View Post
    And if it did, it would be the middle ground that paid while the truely wealthy paid nothing.
    Standard then ...

  19. #19
    What determines if someone is WORTH £1million?


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  20. #20
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    Quote Originally Posted by Stonewood View Post
    What determines if someone is WORTH £1million?
    Presumably (apart from maybe registered assets like quoted shares and property), it would be self assessment of all your valuable antiques, etc.!

    There is IHT as a template but only 1 in 100 (or so) people die every year. If everyone (likely to be liable) had to get go out and pull information together at the same time, it would be ‘difficult’.

    The average MP pension pot alone must but over £1 million so I can see that going through - not!

  21. #21
    It'll be income tax/NI, maybe VAT. Relatively easy to collect and collects a lot from a lot of people.

  22. #22
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    The "funniest" bit is they cite Argentina as the model ... when we start looking to Argentina for economic examples to run the UK you know we are in trouble.

  23. #23
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    Quote Originally Posted by Montello View Post
    The "funniest" bit is they cite Argentina as the model ... when we start looking to Argentina for economic examples to run the UK you know we are in trouble.
    I suspect various countries have various takes on a wealth tax. However, these will be instead of some of the taxes we have. You can bet your life if it’s introduced here, it’ll be in addition to what we now have and a temporary tax at a low rate will become a permanent tax at a rate that gradually gets nudged up year on year.
    Last edited by David_D; 9th December 2020 at 19:03.

  24. #24
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    Quote Originally Posted by GraniteQuarry View Post
    Suggested by the Wealth Tax Commission

    M'kay
    Lol! I just looked up the same...

  25. #25
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    I remember a conversation with a friend who is Italian and restaurant owner ...back in 2010/ 2011 after the crash, Italy had a massive clamp down on the wealthy...he said they had set up road stops / patrols and were stopping drivers of nicer cars Range Rovers, Top end Mercs BMWs and the occasional Ferrari and asking the driver if they owned the car and did a ‘declared earnings’ check whilst they sat in their cars....surprisingly many earned around € 18-22’000 euros per annum according to the tax office...which then created a mass exodus of some very nice cars into Germany......

    Rather than continually battering the honest hard working who pay their taxes at all levels it might be worth putting more effort into taxing the ‘cash in hand’ tax dodgers and also the corporations by taxing them on their revenues based on ‘in country’ sales to stop them offshoring and levying Head Office charges from Luxembourg or the Caymans.....

    “You cannot tax a country into prosperity”.

  26. #26
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    Quote Originally Posted by TKH View Post
    I remember a conversation with a friend who is Italian and restaurant owner ...back in 2010/ 2011 after the crash, Italy had a massive clamp down on the wealthy...he said they had set up road stops / patrols and were stopping drivers of nicer cars Range Rovers, Top end Mercs BMWs and the occasional Ferrari and asking the driver if they owned the car and did a ‘declared earnings’ check whilst they sat in their cars....surprisingly many earned around € 18-22’000 euros per annum according to the tax office...which then created a mass exodus of some very nice cars into Germany......

    Rather than continually battering the honest hard working who pay their taxes at all levels it might be worth putting more effort into taxing the ‘cash in hand’ tax dodgers and also the corporations by taxing them on their revenues based on ‘in country’ sales to stop them offshoring and levying Head Office charges from Luxembourg or the Caymans.....

    “You cannot tax a country into prosperity”.
    I worked in Cyprus when they did their ‘haircut’, a 47% levy on savings over 100k.

    Time to give away the money !

  27. #27
    Gentlemen.
    There is no tax payable on profit on watches.
    They are “wasting assets” is the eyes of the exchequer.
    Meaning they become less valuable every year until they are worthless.
    Look it up.

  28. #28
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    Quote Originally Posted by watchlovr View Post
    There is no tax payable on profit on watches.
    They are “wasting assets” is the eyes of the exchequer.
    That's the capital gains tax rule but Watches of Switzerland pay tax on the profit they make selling watches because they're a trader. CGT "sweeps up" certain profits not taxable as income.

    Anyone who regularly buys and sells watches is, in theory at least, at risk of being deemed to be a trader

    EDIT: What possessions are subject to any wealth tax is obviously speculation as the idea is in its infancy here.

  29. #29
    Quote Originally Posted by watchlovr View Post
    Gentlemen.
    There is no tax payable on profit on watches.
    They are “wasting assets” is the eyes of the exchequer.
    Meaning they become less valuable every year until they are worthless.
    Look it up.
    The suggestion in this thread is that there might be a tax on assets not on profits made.

  30. #30
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    Quote Originally Posted by Stonewood View Post
    What determines if someone is WORTH £1million?
    It’s easy to determine: anyone on the list to ‘get the call’ from their local Rolex dealer

  31. #31
    Grand Master snowman's Avatar
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    Quote Originally Posted by Alansmithee View Post
    The chances of this are happening are zero.
    Would be like turkey's voting for 2 Christmases!

    Quote Originally Posted by Stonewood View Post
    What determines if someone is WORTH £1million?
    To be honest, if you reached and age where you own your own property, a lot of people will fall into this category, but I presume it would exclude assets like first home and pension pots.

    As Alansmithee says, though, this is pie in the sky economist thinking, no politician will ever vote for this (well maybe a few, but only if they're sure it'll be a wasted vote that will boost their credentials with their constituents).

    M
    Last edited by snowman; 10th December 2020 at 20:23.
    Breitling Cosmonaute 809 - What's not to like?

  32. #32
    Quote Originally Posted by Kingstepper View Post
    The suggestion in this thread is that there might be a tax on assets not on profits made.
    Ok. Even more nonsensical then.

  33. #33
    Master Alansmithee's Avatar
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    Quote Originally Posted by watchlovr View Post
    Gentlemen.
    There is no tax payable on profit on watches.
    They are “wasting assets” is the eyes of the exchequer.
    Meaning they become less valuable every year until they are worthless.
    Look it up.
    The authors suggest taxing assets over the value of £3000 - nothing to do with profits.

    Having said that - it's still never going to happen.

  34. #34
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    Quote Originally Posted by snowman View Post
    Would be like turkey's voting for 2 Christmases!



    To be honest, if you reached and age where you own your own property, a lot of people will fall into this category, but I presume it would exclude assets like first home and pension pots.

    As Alansmithee says, though, this is pie in the sky economist thinking, no politician will ever vote for this (well maybe a few, but only if they're sure it'll be a wasted vote that will boost their credentials with their constituents).

    M
    The more than 100 page report published yesterday seems to indicate that it would indeed include main residence and value of pension pots!

  35. #35
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    Quote Originally Posted by gbn13 View Post
    The more than 100 page report published yesterday seems to indicate that it would indeed include main residence and value of pension pots!
    Correct. The report I saw said "Its final report made the case for a threshold-based charge against all assets of UK residents and non-doms, including pensions and homes".

    Given that you probably have a pension pot worth a million if you do 10 years as an MP, we can assume that there will be some carve out for their pension arrangements in the event that this comes to fruition.

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