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fru-gal

Footballers Who Once Earned Millions Face Penury Over Tax Demands

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There's worse ways of saving than putting it in the building society :lol:

These stories come up regularly over the years and it's usually been celebrities and pop music stars but now footballers because they earn such huge amounts. It's nearly always the financial advisers bad advice - lessons aren't being learnt even though the lessons are being given year in year out.

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There's worse ways of saving than putting it in the building society :lol:

According to Paul Hodges on the concurrent thread there may be no where else to put your savings, other than simple cash, come the great unwinding.

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The other thing about these stories is that they never seem to give the full picture of the investments causing the "penury".

They're claiming they're going bankrupt because they tried to get a tax benefit by investment in movies and it's not allowed by HMRC but there's no mention whether, for example, they put any of their £millions into a pension fund for those legal and well established tax benefits. There's no mention of whether they're having to sell their BTLs.

Of course they might well have been ripped off by the pension funds as well like so many relatively poor people in the UK over the years especially in the last couple of decades (Equitable Life et al) as the fraudsters and crooks are everywhere in the financial sector - but the full detail is never given.

Edited by billybong

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One agent to top players, who also did not want to be named, said he believed there had been a culture of seeking to minimise tax bills. He said that although the players earned salaries way beyond the realities of ordinary people, the consequent size of the tax bills leads richer people to resent paying tax more than the less well paid.

Guardian

Funny old world. The more you have; the more you resent paying tax.

Edited by juvenal

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According to Paul Hodges on the concurrent thread there may be no where else to put your savings, other than simple cash, come the great unwinding.

Will the geat unwinding be like 'The Fappening'?

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Reminds me of the GP interviewed on Fivelive before Christmas who sounded shocked that he had to pay for his own pension out of his own salary and wanted a payrise as a result.

:rolleyes:

Are GPs excused from paying into the State Pension through NI?

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My first thought is if this was an "investment" where's all the money???

The risk with any scheme to avoid tax is that HMRC may at some point turn up and ask for the tax, if this was a geniune investment why can't they cash out and meet the tax demand? Have they stupidly spent all the money??

If you are going to try avoid paying tax you have to remember that the taxman might actually ask you at some point for the money, so you need to keep it just in case you get landed with a tax bill for the tax you've avoided. Is it 7 years that taxman can back date it for? Seems logical that you need to keep that money you've not paid tax on safe for 7 years minimum before you spend it.

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My first thought is if this was an "investment" where's all the money???

The risk with any scheme to avoid tax is that HMRC may at some point turn up and ask for the tax, if this was a geniune investment why can't they cash out and meet the tax demand? Have they stupidly spent all the money??

If you are going to try avoid paying tax you have to remember that the taxman might actually ask you at some point for the money, so you need to keep it just in case you get landed with a tax bill for the tax you've avoided. Is it 7 years that taxman can back date it for? Seems logical that you need to keep that money you've not paid tax on safe for 7 years minimum before you spend it.

I thought it was 6 yrs the taxman could go back

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Good.

Nothing good about the fact the state can ruin the lives of kids brought up in a working class background who due to spending time learning their trade didnt have the time or inclination to study Britains extremely and deliberately confusing tax laws.

The less money the government has to waste on propping up the housing market and create endless non jobs and laws the better.

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