The Brexit referendum thread: potential consequences for GB, EU and the Brits in CH

[fatmanfilms]

	Quote:
	2000 quid 40 years ago? Are you sure? Never mind a car, 2000 quid would have bought best part of a house back then. Who could afford to shell that out on an investment whim?

Yes the £ was worth around $2.50, A base model Volvo 125 was £1785 & it did not have a radio fitted.

You could buy a house for a £1 in Stoke on Trent in 2013. https://www.telegraph.co.uk/property...lling-homes-1/

Plenty of people trolling me on this thread are driving cars costing 50,000 CHF or more. To put this in perspective I never owned a new car myself. I have just bought an Audi A3 first registered in 2010 with 141,000 km. People have a choice & those choices effect their future.

[fatmanfilms]

Still to agreement from the EU for an extension 3 1/2 days to go, looks like a hard Brexit it still the most likely option.

[greenmount]

	Quote:	fatmanfilms
	Plenty of people trolling me on this thread are driving cars costing 50,000 CHF or more. To put this in perspective I never owned a new car myself. I have just bought an Audi A3 first registered in 2010 with 141,000 km. People have a choice & those choices effect their future.

So maybe some do get "rich" by having a job? Funny how the rich elite hates the working class who made it. I guess it's frustrating to see that sometimes things work in their favour too.
You'll get over it.

[k_and_e]

	Quote:	greenmount
	So maybe some do get "rich" by having a job? Funny how the rich elite hates the working class who made it. I guess it's frustrating to see that sometimes things work in their favour too. You'll get over it.

The ones that get rich by having a job are actually the elite.

The working class people that made it started their own company, work hard, act like entrepreneurs and carried all the risk themselves. I have a lot of respect for such people.

	Quote:	fatmanfilms
	Yes the £ was worth around $2.50, A base model Volvo 125 was £1785 & it did not have a radio fitted. You could buy a house for a £1 in Stoke on Trent in 2013. https://www.telegraph.co.uk/property...lling-homes-1/ Plenty of people trolling me on this thread are driving cars costing 50,000 CHF or more. To put this in perspective I never owned a new car myself. I have just bought an Audi A3 first registered in 2010 with 141,000 km. People have a choice & those choices effect their future.

Still, there can’t have been many people 40 years ago willing to invest the equivalent of a radioless Volvo on an investment whim. People who make risky investment choices instead of practical purchases clearly already have money to lose.

You mention you are being trolled but to be fair, so far, your logic and reasoning are so bonkers, any response or fact check to it is going to look like ‘trolling’.

The house-for-a-pound reasoning, while it may exist here and there, is by no means the norm so still doesn’t prop up your justification for a lucky dabble on the stock market 40 years ago.

	Quote:	greenmount
	So maybe some do get "rich" by having a job? Funny how the rich elite hates the working class who made it. I guess it's frustrating to see that sometimes things work in their favour too. You'll get over it.

I suspect this is closer to the truth than some are willing to admit...

	Quote:
	Still, there can’t have been many people 40 years ago willing to invest the equivalent of a radioless Volvo on an investment whim. People who make risky investment choices instead of practical purchases clearly already have money to lose. You mention you are being trolled but to be fair, so far, your logic and reasoning are so bonkers, any response or fact check to it is going to look like ‘trolling’. The house-for-a-pound reasoning, while it may exist here and there, is by no means the norm so still doesn’t prop up your justification for a lucky dabble on the stock market 40 years ago.

Not to mention the old adage, only invest what you can afford to lose.

We are talking about 0.1% of the 0.1% who could afford to spunk the price of a house up against the wall on a hunch in the early 70s. The only other people who could afford that were people who lived on a council estate and won a speedboat on Bullseye.

[greenmount]

	Quote:	k_and_e
	The ones that get rich by having a job are actually the elite. .

I'm pretty sure my notion of "rich" doesn't even begin to resemble FMF's notion of rich. I'm not very familiar with that segment of society, nor do I feel the urge to be part of it.

	Quote:	k_and_e
	The working class people that made it started their own company, work hard, act like entrepreneurs and carried all the risk themselves. I have a lot of respect for such people.

Me too. Especially when I know a few people who started this way and from these premises and were crushed like some bugs in the process....those who make it deserve standing ovations.

	Quote:	fatmanfilms
	Still to agreement from the EU for an extension 3 1/2 days to go, looks like a hard Brexit it still the most likely option.

Breaking news: 31 Jan deadline agreed...

	Quote:	fatmanfilms
	Still to agreement from the EU for an extension 3 1/2 days to go, looks like a hard Brexit it still the most likely option.

*cough*

[Blueangel]

	Quote:	RufusB
	This. My parents bought (well got a mortgage for) their first house in 1972. It cost £2340.

	Quote:	fatmanfilms
	Yes the £ was worth around $2.50, A base model Volvo 125 was £1785 & it did not have a radio fitted.

I can't work out if your using the 1972 or 1979 price for a Volvo. Also, which Volvo model? Do you mean the 125 Volvo P1800? https://www.volvocars.com/intl/cars/...eritage-models

1972 was the peak production year of British car manufacturing with 1.92 million cars rolling off the production line. The most popular new car in the UK that year was the MkIII Ford Cortina which had a list price from £963. https://www.motoringresearch.com/car...car-year-born/

The Ford Cortina held No.1 position in the UK for 10yrs with it's peak production being exactly 40yrs ago in 1979. The 1977 list price for a new model ranged from £2,523 (1300 two-door) to £4,795 (2300 Ghia estate). https://www.rac.co.uk/drive/car-revi...ina-1962-1982/

I remember this period clearly because my dad owned a garage and in 1972, he bought a navy blue MkIII Ford Cortina Estate Reg: OJP 880L, and changed it for a MkIV Ford Cortina Ghia Estate in Aug 1978. All Wigan registered cars of that era had the prefix OJP or NEK. (Strange the things you remember like they were yesterday).

This is chart from the FT shows the huge slump in UK car production over the last few. I wonder what might have brought that about....

	Quote:	fatmanfilms
	Plenty of people trolling me on this thread are driving cars costing 50,000 CHF or more.

Really? most expensive car I've ever bought was a BMW 318i for £2k which was a birthday+Christmas gift for my ex-husband. I've never paid over £1k for a car for myself. OH invested in classic cars for a number of years owning 23 at his peak, and he made a profit on every one of them.

I fail to see where you're going with all this, but it's really making me miss Jag's imput. (deliberate emoji because I remember how much he hated them).

[porsch1909]

Brexiters are furious this morning as Brexit has been delayed an extra hour due to the time change

[John William]

Breaking News on the morning of 28th October:

EU Agrees to Brexit deadline extension up to 31st January 2020, says Donald Tusk.

BBC News - EU Agrees Brexit extension to the 31st January 2020

	Quote:	John William
	Breaking News on the morning of 28th October: EU Agrees to Brexit deadline extension up to 31st January 2020, says Donald Tusk. BBC News - EU Agrees Brexit extension to the 31st January 2020

"Point 4 - The EU reminds the U.K. that it still has the right to revoke Brexit"

Cheeky.

[Urs Max]

	Quote:	fatmanfilms
	Well on the disposal of an asset there is a CGT charge, that would be 28% on residual property. A property with a 1982 Value of £ 250,000 That property today it's market value £4,250,000 CGT payable on disposal of a gift of the house £1,120.000 IHT Payable if death occurs in sat 18 months £1,700,000 IHT payable if death occurs in 10 years time £0 Just give it to the kids they say, not realising there is a CGT charge on disposals given away. Relationship has zero effect on tax payable except Husband & Wife assuming the are both UK Domiciled. (Domicile in the UK sense, not where you live)

"in sat 18 months" means "within 18 months of having gifted", right?

Just a guess because otherwise the total wealth tax rate in your example would exceed two thirds: aren't CGT and IHT offset, so net IHT if death occured in sat would be 480k? The analogous question arises WRT an inter-vivos trust and the 20% IHT that falls due upon its founding.

What hasn't been touched upon is income. An inter-vivos trust doesn't pay income tax, right? Ignoring the 6% every ten years (some of which seems likely to be bypassed by chosing the appropriate assets), isn't it correct to say that a trust's income is untaxed until paid out, at which point it's to be taxed as income by the recipient, right?

	Quote:	fatmanfilms
	HMRC does not want to be a landlord, the law does not allow for that. The trust has to pay CGT on the sales needed to pay the 6% of value every 10 years, so HMRC ends up with a lot more than 6% as a result.

With tax rates like that nothing needs to get sold, that's what income is for, a small portion will do.

[marton]

	Quote:	John William
	Breaking News on the morning of 28th October: EU Agrees to Brexit deadline extension up to 31st January 2020, says Donald Tusk. BBC News - EU Agrees Brexit extension to the 31st January 2020

So they ignored Boris's sneaky side letter? Good for them.

	Quote:	porsch1909
	Brexiters are furious this morning as Brexit has been delayed an extra hour due to the time change

A quick nose around social media and tabloid comments and they appear to be consoling each other with the absolute conviction that "Well, that akshuly proves that the EU needs the UK more than the UK needs the EU!"

[k_and_e]

	Quote:	John William
	Breaking News on the morning of 28th October: EU Agrees to Brexit deadline extension up to 31st January 2020, says Donald Tusk. BBC News - EU Agrees Brexit extension to the 31st January 2020

I'll watch Groundhog Day now for inspiration for my upcoming posts in this thread...

[Medea Fleecestealer]

And for those travelling to/from the UK via Dover Operation Brock is back in action. Expect delays on the M20.

https://www.bbc.com/news/uk-england-kent-50205652

Mind you there's always delays on the M20 since they're upgrading it to a "smart" motorway.

Or perhaps not.

https://www.bbc.com/news/uk-50169527

Make up your flipping minds folks.

[Jim2007]

	Quote:	marton
	So they ignored Boris's sneaky side letter? Good for them.

The treaty requires the UK to leave in accordance with it national laws...