Bernie Pulled A Fast One.

HAYSIE

Tikay10

Imagine having to write a cheque for £653,000,000.

Even better, imagine being able to write a cheque for £653,000,000.

Enut

From what I read he has 18 years to pay £653,000,000. So assuming it's spread equally over 18 years , he simply needs to get 5.6% return on that capital over 18 years and he can keep the capital and simply pay HMRC the interest.

Well done HMRC you played a blinder there. He is apparently worth in in excess of £2.5 billion so the fine is about a quarter of his net worth. Maybe make him pay it all in one go, or over a couple of years to allow him time to liquidate assets, but 18 years? Yup he's played HMRC for fools.

Essexphil

Enut said:

From what I read he has 18 years to pay £653,000,000. So assuming it's spread equally over 18 years , he simply needs to get 5.6% return on that capital over 18 years and he can keep the capital and simply pay HMRC the interest.

Well done HMRC you played a blinder there. He is apparently worth in in excess of £2.5 billion so the fine is about a quarter of his net worth. Maybe make him pay it all in one go, or over a couple of years to allow him time to liquidate assets, but 18 years? Yup he's played HMRC for fools.

True.

But, then again, he is 93 later this month. On the assumption that he doesn't live to 111, then it will be due earlier.

Although the cynic in me suspects that all that reported wealth is already in Trust for his kids.

Tikay10

Enut said:

From what I read he has 18 years to pay £653,000,000. So assuming it's spread equally over 18 years , he simply needs to get 5.6% return on that capital over 18 years and he can keep the capital and simply pay HMRC the interest.

Well done HMRC you played a blinder there. He is apparently worth in in excess of £2.5 billion so the fine is about a quarter of his net worth. Maybe make him pay it all in one go, or over a couple of years to allow him time to liquidate assets, but 18 years? Yup he's played HMRC for fools.

@Enut


Goodness me, I was not aware he had been given 18 years to pay. Using your logic, it's almost a freeroll for him. Especially as he must be well over 90 years old so the chances of him being around in 18 years are somewhat slim.

Enut

Tikay10 said:

Enut said:

From what I read he has 18 years to pay £653,000,000. So assuming it's spread equally over 18 years , he simply needs to get 5.6% return on that capital over 18 years and he can keep the capital and simply pay HMRC the interest.

Well done HMRC you played a blinder there. He is apparently worth in in excess of £2.5 billion so the fine is about a quarter of his net worth. Maybe make him pay it all in one go, or over a couple of years to allow him time to liquidate assets, but 18 years? Yup he's played HMRC for fools.

@Enut


Goodness me, I was not aware he had been given 18 years to pay. Using your logic, it's almost a freeroll for him. Especially as he must be well over 90 years old so the chances of him being around in 18 years are somewhat slim.

He's 92, one assumes that HMRC will get the money in full when he dies if it's before age 110, however it wouldn't surprise me if they have failed to secure the debt in that way.

Tikay10

I'm not a fan of tax-dodgers & the like, but I have to admit, I've always been a bit of a Bernie fanboy.

He's like a typical East End second hand car dealer multiplied by a zillion. And that's how he started, selling second hand cars.

I've read every book about his life - there are a lot - & all of them are tremendous reads.

When it came to negotiations, you never wanted to see Bernie on the other side of the table.

Enut

I think I might ask HMRC for 18 years to pay my next tax bill and see how that works out, I suspect the FCA would immediately revoke my licence to trade. Ironically I am just about to complete my FCA Financial Resilience Survey, to be able to prove that I am financially sound enough to keep my job.

As the old saying goes, if you owe a casino £10,000 you have a problem, if you owe a casino £10 million they have a problem. (replacing casino with HMRC in this case obviously).

rabdeniro

He's a prime example of what money can do for you.