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fru-gal

"Britain's financial fat cats, politicians, and royals are among a hand-picked group GIVEN rare new £5 notes worth thousands of pounds as a gift from the Bank of England"

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1 hour ago, fru-gal said:

The Queen protects the leaches who own and run the private company, Bank of England from public records, no tax filings for those who benefit by royal charter so no wonder why she got a kick.  Actually looking at the notes, most have her face on them so during a currency crisis who will they blame?

I can only hope they become worthless with the rest of her fiat as they inflate away the country's (scrub that out, their excessive lending, "glass half full/empty") debts.

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Hope they've been taxed at their rarity value rather than their face value.  Plenty of examples in case-law showing that gifting at the face value would be tax avoidance.  And as they probably won't sell them, and they'll probably be worth less in the future (seems like a mania to me -- it'll calm down in a few months), the HMRC could do okay out of it.

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4 hours ago, dgul said:

Hope they've been taxed at their rarity value rather than their face value. 

I'm not an expert,  but I didn't think that applied to legal tender (especially still current legal tender!).  Isn't that why certain gold coins are more desirable? 

That aside,  I find it hard to get excited about Carney giving out a few novelty fivers..  hardly some major corruption scandal. 

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I think a fiver will buy five pounds worth of stuff.

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7 hours ago, libspero said:

I'm not an expert,  but I didn't think that applied to legal tender (especially still current legal tender!).  Isn't that why certain gold coins are more desirable? 

That aside,  I find it hard to get excited about Carney giving out a few novelty fivers..  hardly some major corruption scandal. 

Plenty of case law shows they are taxed at actual value rather than face value.  That's why you can't just pay your staff (or gift corporate friends etc) in gold sovereigns (or stamps, or wine, or art for that matter) and not pay any income tax / NI.

It does depend 'who' they were gifted to.  It it was 'the office of the prime minister' then there is no tax, and it sits in a box / cabinet at no.10 for people to gawk at, or is given to charity for them to auction and make money (just like lots of gifts from visiting dignitaries, etc).  But if it is a gift to the individual, then it counts as taxable.

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