You really have reading comprehension issues don’t you ?
The post notes that it’s impossible to hide or move real estate overseas thus making it impossible to avoid.
Even if someone tried to avoid the tax by destroying the building you still can’t avoid it because the land is the value not the building.
Ergo you pay the property wealth tax or the government reposses the property.
Unlike cash that can be hidden the asset is visible and hence tax is easily enforced
So to answer your question, the only one who would seek to destroy the building is someone trying to avoid a wealth tax (someone who thinks “I’d rather destroy my asset than pay tax” ie a nutter) in which case the government just seizes the land and the nutter tax avoider gets a banner over his head of “fucking idiot and welcome to jail here’s your blanket dont drop the soap”
Did you even read the thread? I’ll repeat the question - you take the mansion, now what? How do you convert a mansion into school uniforms? Oh wait, you don’t! That changes nothing!
Yes I did read the thread, and the downvotes you constantly got indicates which of us is missing the point.
So, no, that’s not how it went.
If a government wants to place a wealth tax they pass a law that says (for example) “everyone owning a house worth more than £2m owes £10000 plus 1% of the value as wealth tax per annum”
Person A fails to pay tax, govt takes possession of house, sells it to highest bidder person b, they takes taxes payable out of sale proceeds give A whats left and transfer title to B
It’s not complicated, and the best part is you can’t hide a house, and you can’t play shelf company hidden directors jiggery pokery because if the law is written correctly the govt. can say “I don’t care who owns it, if the tax isn’t paid I take possession, end of discussion” pay up or else.
Central revenue gets their money slimey toffs get rinsed, poor people get basic services. Everyone who matters wins.
You really have reading comprehension issues don’t you ?
The post notes that it’s impossible to hide or move real estate overseas thus making it impossible to avoid.
Even if someone tried to avoid the tax by destroying the building you still can’t avoid it because the land is the value not the building.
Ergo you pay the property wealth tax or the government reposses the property.
Unlike cash that can be hidden the asset is visible and hence tax is easily enforced
So to answer your question, the only one who would seek to destroy the building is someone trying to avoid a wealth tax (someone who thinks “I’d rather destroy my asset than pay tax” ie a nutter) in which case the government just seizes the land and the nutter tax avoider gets a banner over his head of “fucking idiot and welcome to jail here’s your blanket dont drop the soap”
Did you even read the thread? I’ll repeat the question - you take the mansion, now what? How do you convert a mansion into school uniforms? Oh wait, you don’t! That changes nothing!
Yes I did read the thread, and the downvotes you constantly got indicates which of us is missing the point.
So, no, that’s not how it went.
If a government wants to place a wealth tax they pass a law that says (for example) “everyone owning a house worth more than £2m owes £10000 plus 1% of the value as wealth tax per annum”
Person A fails to pay tax, govt takes possession of house, sells it to highest bidder person b, they takes taxes payable out of sale proceeds give A whats left and transfer title to B
It’s not complicated, and the best part is you can’t hide a house, and you can’t play shelf company hidden directors jiggery pokery because if the law is written correctly the govt. can say “I don’t care who owns it, if the tax isn’t paid I take possession, end of discussion” pay up or else.
Central revenue gets their money slimey toffs get rinsed, poor people get basic services. Everyone who matters wins.