Because gold sovereign coins are legal tender

Income Tax, Council Tax, National Insurance and VAT issues.

Re: Because gold sovereign coins are legal tender

Postby diasan » Fri Mar 12, 2010 6:16 pm

I've only just come across this thread, and since I did not see my points mentioned, I thought I should chip it, albeit late as it is.

Farmer wrote:Because gold sovereign coins are legal tender, they can be used in the public to pay wages. If we assume for simplicity that a gold sovereign with a face value of £1 is worth £100 fiat, it would be possible to pay a wage with the value of £2,000 fiat per month with just 20 coins, with a legal tender value of just £20, making a yearly wage of just £240, so avoiding taxes.


I would make one correction, as it applies in the UK, change 'are' in your first sentance to 'were'.

Certainly as recently as 10 years ago the above was the case (when I took my current job someone specifically requested to be paid in sovereigns), but in the mean time this has been changed. I think it was around 5-6 year ago that this changed, such that sovereigns are no longer legal tender.

This was a moderately well known legal tax dodge, and was sucessfully used. I _think_ there was a SI (or possibly primary legislation), to effect the change. However I cannot give any reference, since I last looked in to it when the change was made public, which was well before this forum existed.

So, if someone wants to look it up they can, probably the simplest approach would be to ask the Inland Revenue when it was this 'loophole' (to use their term) was closed.
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Re: Because gold sovereign coins are legal tender

Postby Farmer » Sat Mar 13, 2010 7:47 pm

Diason: if I remember correctly, I did see this in the statute, but it appears to have been changes now. If what you say is correct, then that is to our advantage because it now clearly defines a date when there was a separation made of money and currency.
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Re: Because gold sovereign coins are legal tender

Postby DuncanSteelTheBaddestManAround » Fri Mar 19, 2010 10:02 pm

If you find an employer honest and open-minded enough to do this idea, then you may as well leave the govt. out of it completely or just make up a fake wage-amount and say that your income, but have the employer pay you more.
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Re: Because gold sovereign coins are legal tender

Postby Farmerboy » Sat Mar 20, 2010 8:26 am

There is a phrase that get used "for money or monies worth".

I don't think you'll get away with it.
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Re: Because gold sovereign coins are legal tender

Postby wntbfr33 » Tue Mar 23, 2010 6:25 pm

Isnt money like the tax of gold or dept¿

And what about banks do they need gold?
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Re: Because gold sovereign coins are legal tender

Postby Farmerboy » Tue Mar 23, 2010 6:57 pm

The tax of gold? Never heard of that.

Do banks need gold? No, not anymore. Not since fractional banking came on the scene and GB got rid of the gold standard. We left it a few times but finally in 1931. We now use fiat currency - a worthless, paper based system that relies on the faith and trust of the user.

Fiat is backed by nothing, only the faith that what one receives, one can pass on.

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Re: Because gold sovereign coins are legal tender

Postby wntbfr33 » Tue Mar 23, 2010 7:04 pm

I ment because bankers used to use gold and then later paper money because it was "easyier" So its like they made enough gold to get us in long dept ¿
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Re: Because gold sovereign coins are legal tender

Postby Farmerboy » Wed Mar 24, 2010 7:33 am

You want to watch Money as debt 2. It explains it all and far better than we can on the boards. Just google it.

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Re: Because gold sovereign coins are legal tender

Postby wntbfr33 » Wed Mar 24, 2010 3:05 pm

Thanks watching it

It doenst take a genuis to figure out the problems but it does 2 solve them :puzz:
You are all einsteins :clap:

Isnt a government ment to be independent?
FOR us¿
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Re: Because gold sovereign coins are legal tender

Postby Farmerboy » Wed Mar 24, 2010 6:16 pm

The real awakening is when you realise that you are strapped over a barrel and the government is behind you, thrusting violently. They're not using lube either. Picture the scene... Sorry to be crude but it is that severe.

Apparently, in this years budget, our borrowing will be reduced to £163 billion, down from last years £178 billion. What people don't realise is that we haven't paid off last years yet. Or the year before that, before that, before that ad nauseum. Borrowing becomes an exponential curve - google that - and who do they borrow it from? the bank of england, who is a for profit, privately owned corporation. £163 billion. That is a lot of money.

And what - or rather 'who' - pays it back? Your taxes. You - yes, YOU - do and you'll be in hock forever. What's paying for the wars? You are. Who pays a traffic wardens wages? You do. Need I go on?

Now the "over a barrel" scenario doesn't look that outlandish, does it.

Well done for getting this far! As for being Einstein, nah - we've just got a few years on you, that's all. :8-):

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