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 Post subject: I Don't Care Anymore
PostPosted: Tue Jul 17, 2012 11:33 pm 
I paid a sum of money for my plate, not a lot in the league of things and I've had 15 years no radio charges use from it, plus if it zero's tomorrow I have my capital to claim back from HMRC, but that isn't why I posted tbh, the reason I posted is because we are fighting to preserve something for something that wants us out anyway, yep Johnny Foreigner, I don't know what it's like for you, but here it's a Mexican standoff, they don't like us, the odd one is a good boy and mingles but the overall body looks at with me with contempt tbh, I'm an obsticle in the way of domination, I'm tollerated in my own city by those that arrived yesterday, and if you want to pull a race card on me for what I've just said pull it in my favour because I am the victim in this, there is much more I could add but I won't because of miss-interpretation and liable, I've been in this job a long time and this job has taught me how to read and recognise people, and I know for a full fact we are fighting for something that won't be ours much longer, even my chief LO said he doesn't expect to see many British names on the register when he retires in 12 years time, so after that sobering thought how do you feel about fighting to save something that will eventually be soley in the hands of those that overcharge, can't hold a conversation, and don't know where anything is, welcome to the future, ain't it great, Viva la revolution.


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 Post subject: Re: I Don't Care Anymore
PostPosted: Tue Jul 17, 2012 11:46 pm 
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sorry to tell you HMRC.... don't allow it as a loss... but will charge you if you make a profit...

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Justice for the 96. It has only taken 27 years...........repeat the same lies for 27 years and the truth sounds strange to people!


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 Post subject: Re: I Don't Care Anymore
PostPosted: Wed Jul 18, 2012 12:42 am 
MR T wrote:
sorry to tell you HMRC.... don't allow it as a loss... but will charge you if you make a profit...


Oh no T don't settle for that, I had to give them £2.5k some years back as my accountant had claimed it previously, they told me we don't allow it until you sell it, if it makes a profit you start paying from the level you paid for it, if it devalues you get it in capital gains losses, don't be fobbed off, and if you are right then it is what it is regardless, worthless with nowt to pay on, they can't have it all ways, they do try but I have it on record as they record all you say that I am entitled to claim any loss in future, straight out of the tax inspectors mouth with witnesses present.


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 Post subject: Re: I Don't Care Anymore
PostPosted: Wed Jul 18, 2012 1:33 am 
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Well if they charge capital gains tax on a profit then they must allow a loss, but as far as I'm aware there's a big problem with that, as below.

Anyway, say you bought a plate for £10k, and sold it for £40k.

That's £30k in capital gains. But you get a yearly allowance, which is currently around £10k, so you'd only pay tax on £20k. There's also an adjustment for inflation (called indexation) because if the price of a plate rises only slowly you're not really any better off due to prices and wages rising anyway.

However, the problem with a loss on a plate is that (as I recall it) the losses can only be used against other capital gains.

So say you lost £50k on a plate but made £80k selling some shares :roll: . You could use the loss on the plate against the gain on the shares, so your net gain would only be £30k.

And with your £10k yearly allowance this means that your taxable gains would only be £20k.

However, the problem is that the average taxi driver doesn't normally have much in the way of capital gains, so any loss on a plate couldn't be used against something else. I think the losses can be carried forward for a few years, but perhaps not indefinitely, but again the average cab driver may never have any capital gains to set the loss on the plate against.

And the only capital gain that many a cabbie may have - that on the sale of a house - isn't subject to capital gains tax anyway, since it's normally their main residence (if they owned a couple of houses then they'd be subject to capital gains on the other one. That was what the MPs were up to with their 'flipping' and the like - they were trying to change which house was their main residence so that they could avoid paying the CGT).

Anyway, the gain or loss normally only becomes relevant when the plate is sold - paper profits or losses in the years inbetween aren't relevant.

However, I was just wondering if a loss might arise (or 'crystallise', to use the jargon) if delimitation took place, even if the plate is retained by the vehicle proprietor.

I think the rules are that if an asset loses its value permanently then the loss can be claimed even if the asset is retained and not sold or otherwise disposed off (for example, if you had shares in a company which went bankrupt and the shares became worthless). Not sure how that might apply to HC licences, but it's an interesting thought. :-k

But again the problem might be finding a capital gain to set the loss on the plate against.

Anyway, I think that's basically it in a nutshell, but anyone requiring the full ins and outs should of course seek professional advice.


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 Post subject: Re: I Don't Care Anymore
PostPosted: Wed Jul 18, 2012 5:11 pm 
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Dusty Bin wrote:
Well if they charge capital gains tax on a profit then they must allow a loss, but as far as I'm aware there's a big problem with that, as below.

Anyway, say you bought a plate for £10k, and sold it for £40k.

That's £30k in capital gains. But you get a yearly allowance, which is currently around £10k, so you'd only pay tax on £20k. There's also an adjustment for inflation (called indexation) because if the price of a plate rises only slowly you're not really any better off due to prices and wages rising anyway.

However, the problem with a loss on a plate is that (as I recall it) the losses can only be used against other capital gains.

So say you lost £50k on a plate but made £80k selling some shares :roll: . You could use the loss on the plate against the gain on the shares, so your net gain would only be £30k.

And with your £10k yearly allowance this means that your taxable gains would only be £20k.

However, the problem is that the average taxi driver doesn't normally have much in the way of capital gains, so any loss on a plate couldn't be used against something else. I think the losses can be carried forward for a few years, but perhaps not indefinitely, but again the average cab driver may never have any capital gains to set the loss on the plate against.

And the only capital gain that many a cabbie may have - that on the sale of a house - isn't subject to capital gains tax anyway, since it's normally their main residence (if they owned a couple of houses then they'd be subject to capital gains on the other one. That was what the MPs were up to with their 'flipping' and the like - they were trying to change which house was their main residence so that they could avoid paying the CGT).

Anyway, the gain or loss normally only becomes relevant when the plate is sold - paper profits or losses in the years inbetween aren't relevant.

However, I was just wondering if a loss might arise (or 'crystallise', to use the jargon) if delimitation took place, even if the plate is retained by the vehicle proprietor.

I think the rules are that if an asset loses its value permanently then the loss can be claimed even if the asset is retained and not sold or otherwise disposed off (for example, if you had shares in a company which went bankrupt and the shares became worthless). Not sure how that might apply to HC licences, but it's an interesting thought. :-k

But again the problem might be finding a capital gain to set the loss on the plate against.

Anyway, I think that's basically it in a nutshell, but anyone requiring the full ins and outs should of course seek professional advice.

Pretty good..... for once you didn't presume.. you might also likely to look into how this would stand if you're selling for retirement... combining this and the rest of your assets.. calculating which would be the primary... and obviously the best for tax-relief...

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Justice for the 96. It has only taken 27 years...........repeat the same lies for 27 years and the truth sounds strange to people!


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 Post subject: Re: I Don't Care Anymore
PostPosted: Wed Jul 18, 2012 7:08 pm 
MR T wrote:
Dusty Bin wrote:
Well if they charge capital gains tax on a profit then they must allow a loss, but as far as I'm aware there's a big problem with that, as below.

Anyway, say you bought a plate for £10k, and sold it for £40k.

That's £30k in capital gains. But you get a yearly allowance, which is currently around £10k, so you'd only pay tax on £20k. There's also an adjustment for inflation (called indexation) because if the price of a plate rises only slowly you're not really any better off due to prices and wages rising anyway.

However, the problem with a loss on a plate is that (as I recall it) the losses can only be used against other capital gains.

So say you lost £50k on a plate but made £80k selling some shares :roll: . You could use the loss on the plate against the gain on the shares, so your net gain would only be £30k.

And with your £10k yearly allowance this means that your taxable gains would only be £20k.

However, the problem is that the average taxi driver doesn't normally have much in the way of capital gains, so any loss on a plate couldn't be used against something else. I think the losses can be carried forward for a few years, but perhaps not indefinitely, but again the average cab driver may never have any capital gains to set the loss on the plate against.

And the only capital gain that many a cabbie may have - that on the sale of a house - isn't subject to capital gains tax anyway, since it's normally their main residence (if they owned a couple of houses then they'd be subject to capital gains on the other one. That was what the MPs were up to with their 'flipping' and the like - they were trying to change which house was their main residence so that they could avoid paying the CGT).

Anyway, the gain or loss normally only becomes relevant when the plate is sold - paper profits or losses in the years inbetween aren't relevant.

However, I was just wondering if a loss might arise (or 'crystallise', to use the jargon) if delimitation took place, even if the plate is retained by the vehicle proprietor.

I think the rules are that if an asset loses its value permanently then the loss can be claimed even if the asset is retained and not sold or otherwise disposed off (for example, if you had shares in a company which went bankrupt and the shares became worthless). Not sure how that might apply to HC licences, but it's an interesting thought. :-k

But again the problem might be finding a capital gain to set the loss on the plate against.

Anyway, I think that's basically it in a nutshell, but anyone requiring the full ins and outs should of course seek professional advice.

Pretty good..... for once you didn't presume.. you might also likely to look into how this would stand if you're selling for retirement... combining this and the rest of your assets.. calculating which would be the primary... and obviously the best for tax-relief...



I thought so too, a very very well worded informative piece from the Bin. 8)


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 Post subject: Re: I Don't Care Anymore
PostPosted: Wed Jul 18, 2012 7:09 pm 
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Doom wrote:
I thought so too, a very very well worded informative piece from the Bin. 8)

Thank you. #-o

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 Post subject: Re: I Don't Care Anymore
PostPosted: Thu Jul 19, 2012 1:00 am 
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So who would you rather be right now? A baron? An owner? Or A lowly serf? Who's better off? And who will be be better off....


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 Post subject: Re: I Don't Care Anymore
PostPosted: Thu Jul 19, 2012 6:59 am 
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187ums wrote:
So who would you rather be right now? A baron? An owner? Or A lowly serf? Who's better off? And who will be be better off....

If all the LC's proposals were adopted the biggest losers will be the hackney owners that don't work their cabs, be they barons or the butcher the bake the candlestick maker.

The biggest winners will be the PH barons. :sad:

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 Post subject: Re: I Don't Care Anymore
PostPosted: Thu Jul 19, 2012 3:35 pm 
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Sussex wrote:
187ums wrote:
So who would you rather be right now? A baron? An owner? Or A lowly serf? Who's better off? And who will be be better off....

If all the LC's proposals were adopted the biggest losers will be the hackney owners that don't work their cabs, be they barons or the butcher the bake the candlestick maker.

The biggest winners will be the PH barons. :sad:

I have to disagree with you Sussex... the biggest losers will be private hire drivers and hackney drivers... and of course.....YOU...

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Justice for the 96. It has only taken 27 years...........repeat the same lies for 27 years and the truth sounds strange to people!


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 Post subject: Re: I Don't Care Anymore
PostPosted: Thu Jul 19, 2012 6:29 pm 
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MR T wrote:
I have to disagree with you Sussex... the biggest losers will be private hire drivers and hackney drivers... and of course.....YOU...

I'm not sure I will be at the bottom of the losers pile, but certain I wont be top of the winners pile. :wink:

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