Wealth tax holes

[RowsOfFlowers]

Yay, just what the UK needs… more super rich and wealthy people avoiding tax.

You are very welcome to voluntarily pay tax to HMRC at any point in your life if you’re so offended by IHT not being high enough.

It’s exactly about an SME. Based on the original post, most of the wealth is tied up in the enterprise that operates Glastonbury, which is a Ltd company as understand it. So, the sensible tax planning he’s doing now is to minimise the impact of Labour’s anti business tax polices on his death. Otherwise it appears as if there’s an £80m tax bill, which would mean a massive extraction from the business (itself subject to tax) to generate sufficient liquidity to pay HMRC.

Now, as it happens, I imagine that the type of business that organises large scale events such as Glastonbury has more liquidity than a company running care homes or producing food, and almost certainly operates on higher margins. But when the turnover from ticket sales at Glastonbury is around £70 million once can see why a tax bill of £80m is a potential challenge…and for most business completely unsustainable. So of course business owners are putting in places measures / structure to mitigate. Otherwise these business would end up folding or being sold. Which is obviously great for growth and employment