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Banksy Owners! How do you intend to avoid capital gains tax?, by Ponyboy Curtis on Aug 31, 2020 17:31:30 GMT 1, Or will will you fess up and cop the 22% or whatever it is currently? 
Genuine question tbf. Maybe write it all of against your Pejac pieces or something you've taken a bath on...
I wondered if I could swap for a classic car or similar value. Wonder if that would work....then sell the car later on...
EDIT! - Everyone should pay their taxes if they feel like it. Nothing in this thread is gospel or sage advice. Even the talking to accountant should be done with caution.
Or will will you fess up and cop the 22% or whatever it is currently? Genuine question tbf. Maybe write it all of against your Pejac pieces or something you've taken a bath on... I wondered if I could swap for a classic car or similar value. Wonder if that would work....then sell the car later on... EDIT! - Everyone should pay their taxes if they feel like it. Nothing in this thread is gospel or sage advice. Even the talking to accountant should be done with caution. |
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Banksy Owners! How do you intend to avoid capital gains tax?, by Dexter Bulldog on Aug 31, 2020 17:34:14 GMT 1, in the usa its 28% cap gains on art...
in the usa its 28% cap gains on art...
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WOOF
Junior Member
๐จ๏ธ 4,464
๐๐ป 4,762
March 2014
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Banksy Owners! How do you intend to avoid capital gains tax?, by WOOF on Aug 31, 2020 17:51:21 GMT 1, (they're just not going to pay them because a lot of people are casual tax evaders)
(they're just not going to pay them because a lot of people are casual tax evaders)
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jstjst
New Member
๐จ๏ธ 81
๐๐ป 121
May 2006
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Banksy Owners! How do you intend to avoid capital gains tax?, by jstjst on Aug 31, 2020 17:52:27 GMT 1, Or will will you fess up and cop the 22% or whatever it is currently? Genuine question tbf. Maybe write it all of against your Pejac pieces or something you've taken a bath on... I wondered if I could swap for a classic car or similar value. Wonder if that would work....then sell the car later on...
Or will will you fess up and cop the 22% or whatever it is currently? Genuine question tbf. Maybe write it all of against your Pejac pieces or something you've taken a bath on... I wondered if I could swap for a classic car or similar value. Wonder if that would work....then sell the car later on... no - my understanding is you would have to declare market value at the time of the swap - same if you gift it to someone else. In the uk currently there is a ยฃ12k cgt free annual allowance, then 10 or 20% depending on the income tax rate you pay. You can offset losses realised in a tax year. Itโs straightforward enough to understand if you check the hmrc website. |
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coller
Junior Member
๐จ๏ธ 2,384
๐๐ป 2,371
April 2015
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Banksy Owners! How do you intend to avoid capital gains tax?, by coller on Aug 31, 2020 17:55:49 GMT 1, lol no one is gonna tell you how to commit tax evasion in writing on a public forum.
pay your taxes or good luck.
or just don't sell your banksys for profit.
lol no one is gonna tell you how to commit tax evasion in writing on a public forum.
pay your taxes or good luck.
or just don't sell your banksys for profit.
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Banksy Owners! How do you intend to avoid capital gains tax?, by Ponyboy Curtis on Aug 31, 2020 17:58:07 GMT 1, Hypothetically I could swap ยฃ100ks worth of pictures for a ยฃ100k car and who really gives a monkeys? I'd have what I'm happy with and visa versa...another 10 years down the line sell the car as a single asset.
Hypothetically I could swap ยฃ100ks worth of pictures for a ยฃ100k car and who really gives a monkeys? I'd have what I'm happy with and visa versa...another 10 years down the line sell the car as a single asset.
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Deleted
๐จ๏ธ 0
๐๐ป
January 1970
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Banksy Owners! How do you intend to avoid capital gains tax?, by Deleted on Aug 31, 2020 18:04:30 GMT 1, Ready to buy a GWB at 75ยฃ if I can help anyone really
lol no one is gonna tell you how to commit tax evasion in writing on a public forum. pay your taxes or good luck. or just don't sell your banksys for profit.
Ready to buy a GWB at 75ยฃ if I can help anyone really lol no one is gonna tell you how to commit tax evasion in writing on a public forum. pay your taxes or good luck. or just don't sell your banksys for profit. |
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hellfo
Junior Member
๐จ๏ธ 1,033
๐๐ป 908
December 2017
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Banksy Owners! How do you intend to avoid capital gains tax?, by hellfo on Aug 31, 2020 18:12:15 GMT 1, Come to live in italy. No capital gain taxation if you don't trade for speculation.
Come to live in italy. No capital gain taxation if you don't trade for speculation.
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peppino
New Member
๐จ๏ธ 269
๐๐ป 191
October 2019
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Banksy Owners! How do you intend to avoid capital gains tax?, by peppino on Aug 31, 2020 18:48:41 GMT 1, Come to live in italy. No capital gain taxation if you don't trade for speculation.
Italy is just worse for all the rest when it comes to taxes ๐ญ
Come to live in italy. No capital gain taxation if you don't trade for speculation. Italy is just worse for all the rest when it comes to taxes ๐ญ |
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Winter
Junior Member
๐จ๏ธ 7,155
๐๐ป 4,461
March 2007
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Banksy Owners! How do you intend to avoid capital gains tax?, by Winter on Aug 31, 2020 18:53:27 GMT 1, Doubt a lot of people on here bother. Especially if they have full time jobs and donโt complete tax returns.
Doubt a lot of people on here bother. Especially if they have full time jobs and donโt complete tax returns.
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ca
Junior Member
๐จ๏ธ 1,925
๐๐ป 2,375
March 2011
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Banksy Owners! How do you intend to avoid capital gains tax?, by ca on Aug 31, 2020 20:26:56 GMT 1, cocaine, a lot of it
cocaine, a lot of it
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juni0209
New Member
๐จ๏ธ 788
๐๐ป 558
February 2018
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Banksy Owners! How do you intend to avoid capital gains tax?, by juni0209 on Aug 31, 2020 20:52:48 GMT 1, private sale cash is king
private sale cash is king
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Poster Bob
Junior Member
๐จ๏ธ 5,891
๐๐ป 5,527
September 2013
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Banksy Owners! How do you intend to avoid capital gains tax?, by Poster Bob on Aug 31, 2020 23:33:10 GMT 1, Just do pay as you go declarations and payments. Makes life easier.
Just do pay as you go declarations and payments. Makes life easier.
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cest
Junior Member
๐จ๏ธ 1,725
๐๐ป 1,160
September 2018
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Banksy Owners! How do you intend to avoid capital gains tax?, by cest on Sept 1, 2020 2:51:25 GMT 1, I already turned you in for the reward.
#snitchin
I already turned you in for the reward.
#snitchin
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duffer31
New Member
๐จ๏ธ 382
๐๐ป 359
November 2016
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Banksy Owners! How do you intend to avoid capital gains tax?, by duffer31 on Sept 1, 2020 6:17:47 GMT 1, I only pay in cash.
In One pound coins to be exact.
Takes a little bit longer to get the deal done quickly, especially if the seller wants to count every coin.
Looking to buy, cash ready. (Can supply a wheelbarrow if necessary).
I only pay in cash.
In One pound coins to be exact.
Takes a little bit longer to get the deal done quickly, especially if the seller wants to count every coin.
Looking to buy, cash ready. (Can supply a wheelbarrow if necessary).
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acaipride
New Member
๐จ๏ธ 906
๐๐ป 447
April 2020
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Banksy Owners! How do you intend to avoid capital gains tax?, by acaipride on Sept 1, 2020 6:24:12 GMT 1, I only pay in cash. In One pound coins to be exact. Takes a little bit longer to get the deal done quickly, especially if the seller wants to count every coin. Looking to buy, cash ready. (Can supply a wheelbarrow if necessary).
I only accept this kind of payments as well, stipulation is that it has to be counted in front of me in Spanish or Portuguese. Banksy available for sale just for you
I only pay in cash. In One pound coins to be exact. Takes a little bit longer to get the deal done quickly, especially if the seller wants to count every coin. Looking to buy, cash ready. (Can supply a wheelbarrow if necessary). I only accept this kind of payments as well, stipulation is that it has to be counted in front of me in Spanish or Portuguese. Banksy available for sale just for you |
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Javier
Junior Member
๐จ๏ธ 1,181
๐๐ป 1,846
November 2019
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Banksy Owners! How do you intend to avoid capital gains tax?, by Javier on Sept 1, 2020 6:30:50 GMT 1, I only pay in cash. In One pound coins to be exact. Takes a little bit longer to get the deal done quickly, especially if the seller wants to count every coin. Looking to buy, cash ready. (Can supply a wheelbarrow if necessary). I only accept this kind of payments as well, stipulation is that it has to be counted in front of me in Spanish or Portuguese. Banksy available for sale just for you
๐๐ปโโ๏ธ
Uno, dos, tres, cuatro...
Um, dois, trรชs, quatro...
Good to live in Galicia (NW Spain), where we have an extra language quite similar to Portuguese...
I only pay in cash. In One pound coins to be exact. Takes a little bit longer to get the deal done quickly, especially if the seller wants to count every coin. Looking to buy, cash ready. (Can supply a wheelbarrow if necessary). I only accept this kind of payments as well, stipulation is that it has to be counted in front of me in Spanish or Portuguese. Banksy available for sale just for you ๐๐ปโโ๏ธ Uno, dos, tres, cuatro... Um, dois, trรชs, quatro... Good to live in Galicia (NW Spain), where we have an extra language quite similar to Portuguese... |
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duffer31
New Member
๐จ๏ธ 382
๐๐ป 359
November 2016
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Banksy Owners! How do you intend to avoid capital gains tax?, by duffer31 on Sept 1, 2020 6:33:53 GMT 1, I only pay in cash. In One pound coins to be exact. Takes a little bit longer to get the deal done quickly, especially if the seller wants to count every coin. Looking to buy, cash ready. (Can supply a wheelbarrow if necessary). I only accept this kind of payments as well, stipulation is that it has to be counted in front of me in Spanish or Portuguese. Banksy available for sale just for you
Thankfully, Iโve watched enough Dora the Explorer to get my Spanish up to speed.
A suit case full of pounds coins adds an extra cost on the Ryanair excess baggage charge.
I only pay in cash. In One pound coins to be exact. Takes a little bit longer to get the deal done quickly, especially if the seller wants to count every coin. Looking to buy, cash ready. (Can supply a wheelbarrow if necessary). I only accept this kind of payments as well, stipulation is that it has to be counted in front of me in Spanish or Portuguese. Banksy available for sale just for you Thankfully, Iโve watched enough Dora the Explorer to get my Spanish up to speed. A suit case full of pounds coins adds an extra cost on the Ryanair excess baggage charge. |
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acaipride
New Member
๐จ๏ธ 906
๐๐ป 447
April 2020
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Banksy Owners! How do you intend to avoid capital gains tax?, by acaipride on Sept 1, 2020 6:56:00 GMT 1, Plus the cost of meeting the stipulation, count in front of me..flying over to the states, that's a hefty cost you'll have to cover..there's always ye good ol sea
Plus the cost of meeting the stipulation, count in front of me..flying over to the states, that's a hefty cost you'll have to cover..there's always ye good ol sea
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Javier
Junior Member
๐จ๏ธ 1,181
๐๐ป 1,846
November 2019
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Banksy Owners! How do you intend to avoid capital gains tax?, by Javier on Sept 1, 2020 7:05:14 GMT 1, I only accept this kind of payments as well, stipulation is that it has to be counted in front of me in Spanish or Portuguese. Banksy available for sale just for you Thankfully, Iโve watched enough Dora the Explorer to get my Spanish up to speed. A suit case full of pounds coins adds an extra cost on the Ryanair excess baggage charge.
In my case Iโve got a master degree of jumping up and down In muddy puddles... those good times when I made my kid watch cartoons in original language... until Doraemon ruined it all!
I only accept this kind of payments as well, stipulation is that it has to be counted in front of me in Spanish or Portuguese. Banksy available for sale just for you Thankfully, Iโve watched enough Dora the Explorer to get my Spanish up to speed. A suit case full of pounds coins adds an extra cost on the Ryanair excess baggage charge. In my case Iโve got a master degree of jumping up and down In muddy puddles... those good times when I made my kid watch cartoons in original language... until Doraemon ruined it all! |
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ab3
New Member
๐จ๏ธ 328
๐๐ป 539
December 2017
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Banksy Owners! How do you intend to avoid capital gains tax?, by ab3 on Sept 1, 2020 8:08:00 GMT 1, The chancellor may be making an announcement on increasing revenues from Capital Gains Tax (amongst other things) soon. In order to pay for all the borrowing they've been doing.
(this is according to some papers though, but I can see him doing this and raising tax on petrol as well at the very least).
The chancellor may be making an announcement on increasing revenues from Capital Gains Tax (amongst other things) soon. In order to pay for all the borrowing they've been doing.
(this is according to some papers though, but I can see him doing this and raising tax on petrol as well at the very least).
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RoboJ
Artist
Junior Member
๐จ๏ธ 1,202
๐๐ป 1,332
July 2015
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Banksy Owners! How do you intend to avoid capital gains tax?, by RoboJ on Sept 1, 2020 8:15:46 GMT 1, Why are people so angry about corporations not paying tax when as soon as they have a potential tax liability theyโre also looking for ways out.
Why are people so angry about corporations not paying tax when as soon as they have a potential tax liability theyโre also looking for ways out.
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rockbeer
New Member
๐จ๏ธ 364
๐๐ป 445
May 2006
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Banksy Owners! How do you intend to avoid capital gains tax?, by rockbeer on Sept 1, 2020 9:15:53 GMT 1, Just about everyone thinks tax ought to be paid by someone else.
Just about everyone thinks tax ought to be paid by someone else.
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hellfo
Junior Member
๐จ๏ธ 1,033
๐๐ป 908
December 2017
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Banksy Owners! How do you intend to avoid capital gains tax?, by hellfo on Sept 1, 2020 9:37:09 GMT 1, The chancellor may be making an announcement on increasing revenues from Capital Gains Tax (amongst other things) soon. In order to pay for all the borrowing they've been doing. (this is according to some papers though, but I can see him doing this and raising tax on petrol as well at the very least).
Borrowing from who? Your central bank? ๐
The chancellor may be making an announcement on increasing revenues from Capital Gains Tax (amongst other things) soon. In order to pay for all the borrowing they've been doing. (this is according to some papers though, but I can see him doing this and raising tax on petrol as well at the very least). Borrowing from who? Your central bank? ๐
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Dice
Junior Member
๐จ๏ธ 2,234
๐๐ป 1,526
October 2011
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Banksy Owners! How do you intend to avoid capital gains tax?, by Dice on Sept 1, 2020 11:00:06 GMT 1, CGT is very likely to be linked to income tax in the next budget. So if you are in the higher tax bracket CGT could be about 45%.
We are all going to pay higher taxes in the years ahead. Personally I donโt think banksy prices are sustainable long term, they are starting to make Warhol prints look like cheap budget alternatives! People are riding the wave now but who knows what might happen later
CGT is very likely to be linked to income tax in the next budget. So if you are in the higher tax bracket CGT could be about 45%.
We are all going to pay higher taxes in the years ahead. Personally I donโt think banksy prices are sustainable long term, they are starting to make Warhol prints look like cheap budget alternatives! People are riding the wave now but who knows what might happen later
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sandinista
New Member
๐จ๏ธ 571
๐๐ป 474
April 2020
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Banksy Owners! How do you intend to avoid capital gains tax?, by sandinista on Sept 1, 2020 14:35:55 GMT 1, Just change your name to mr amazon prior to selling it. Simples.
Just change your name to mr amazon prior to selling it. Simples.
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Balboa
New Member
๐จ๏ธ 976
๐๐ป 1,409
November 2007
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Banksy Owners! How do you intend to avoid capital gains tax?, by Balboa on Sept 1, 2020 18:23:22 GMT 1, I wonder how the tax man would know how much I paid in the first instance and thus how much has actually been gained.
I wonder how the tax man would know how much I paid in the first instance and thus how much has actually been gained.
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sandinista
New Member
๐จ๏ธ 571
๐๐ป 474
April 2020
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Banksy Owners! How do you intend to avoid capital gains tax?, by sandinista on Sept 1, 2020 18:33:23 GMT 1, down to you to prove, not him. He'll assume ยฃ35
down to you to prove, not him. He'll assume ยฃ35
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legalalien
New Member
๐จ๏ธ 178
๐๐ป 31
December 2010
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Banksy Owners! How do you intend to avoid capital gains tax?, by legalalien on Sept 1, 2020 18:47:56 GMT 1, Expect they will look to cut CGT allowances in the coming autumn budget. Think it is currently ยฃ12.3k for individuals and which can be combined if you're married? Think that changes to this are fair enough tbh.
Expect they will look to cut CGT allowances in the coming autumn budget. Think it is currently ยฃ12.3k for individuals and which can be combined if you're married? Think that changes to this are fair enough tbh.
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Lazarus II
Junior Member
๐จ๏ธ 1,804
๐๐ป 2,429
August 2019
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Banksy Owners! How do you intend to avoid capital gains tax?, by Lazarus II on Sept 1, 2020 19:46:43 GMT 1, I wonder how the tax man would know how much I paid in the first instance and thus how much has actually been gained.
a few years ago i was looking to buy some prints in my Ltd Company name and spoke to my accountant and didnt do it as it was more hassle than it was worth. Anyhow we had the conversation about any future CGT and he advised me to keep all receipts for purchases as it would be down to me to prove what i paid for prints if i ever sold for decent profit.
I wonder how the tax man would know how much I paid in the first instance and thus how much has actually been gained. a few years ago i was looking to buy some prints in my Ltd Company name and spoke to my accountant and didnt do it as it was more hassle than it was worth. Anyhow we had the conversation about any future CGT and he advised me to keep all receipts for purchases as it would be down to me to prove what i paid for prints if i ever sold for decent profit. |
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