Iraq/Dinar News. 09/05 to 01/14/07

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Originally Posted by nej

Good news about Natwest, I bank with them too.

Megan - the 20% thing up to 33,000... what about over 33,000 is it 40%?

I did read that if its for "personal use" then there is no tax. I'm not sure how to persuade Brown that it's for personal use though... ("I was going to go on holiday to Iraq, but changed my mind. Then suddenly these dinars were worth loads of money. Not my fault that happened") Doubt they'd buy it.

It might be worth us pooling some money and getting the opinion of a professional tax expert?

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There are ways round it, like flying to Dubai, exchanging them and wiring it to an offshore account in Switzerland. Failing that, drive over there (Switzerland) from the UK and pay into an offshore account. You'd only pay tax here on the interest you're gaining in the account and not the horrendous 40% on your total amount in a UK account which is BS.

We'll see, we have a Spanish account as we have an apartment in Valencia, also hope to buy and spend plenty of time in Portugal when this baby goes down so offshore will be the way to go.

I'm not being greedy but I object to being robbed of 40% by Tosser Brown who has done nothing to earn it.

Also guys, just heard the Halifax and RBOS are buying/selling them!!

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Originally Posted by Adster

There are ways round it, like flying to Dubai, exchanging them and wiring it to an offshore account in Switzerland. Failing that, drive over there (Switzerland) from the UK and pay into an offshore account. You'd only pay tax here on the interest you're gaining in the account and not the horrendous 40% on your total amount in a UK account which is BS.

We'll see, we have a Spanish account as we have an apartment in Valencia, also hope to buy and spend plenty of time in Portugal when this baby goes down so offshore will be the way to go.

I'm not being greedy but I object to being robbed of 40% by Tosser Brown who has done nothing to earn it.

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If it's offshore, how do we spend it in the Uk? I'd want to pay off some finance (cards, loan, mortgage etc). If I bring it back into the Uk (electronically I presume) does it become liable for tax then?

Oooh,

We must be close Adam - I can feel it in the air!!

So that's RBOS, Halifax, Natwast and I think I read HBSC and another bank in the ciddy that will exchange them.

Maybe us brits can start a tax/exchange thread when the dinars peg and pool our information.

I'm with you Nej and wouldn't mind getting the opinion of a professional tax expert?

Ciao

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Originally Posted by nej

If it's offshore, how do we spend it in the Uk? I'd want to pay off some finance (cards, loan, mortgage etc). If I bring it back into the Uk (electronically I presume) does it become liable for tax then?

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Even offshore accounts SHOULD be declared to the IRS but you are taxed on the interest earned in your account and not the total amount of your account. But yes, once you bring it into the UK, you would be charged at 40% if you told them/they found out.

But if you bought a property abroad and kept all monies outside of the UK you wouldn't be charged the full 40%.

No doubt we'll have to pay some tax, but minimising it is sensible and won't leave you feeling 'raped' by good old Gordy Brown.

Reckon half anf half is the way to go, cash in a little at a time, get good advice from an accountant/tax expert, pay enough taxes legally and sleep well at night. The famous folk like Sean Connery and George Michael have the right idea by only staying in the UK no more than 83 days a year and avoid paying huge taxes.

20 July 2006 (Los Angeles Times)
Iraq may open its potentially lucrative oil business to foreign investors by the end of the year, Energy Secretary Samuel W. Bodman said after a day of meetings with Iraqi counterparts in Baghdad.

"Iraq will only realize its very considerable potential as an oil producer with the help of investors," he said. "They need to pass a hydrocarbon law under which foreign companies can invest."

Outside capital could help revamp pumps, pipelines and refineries that were neglected for a quarter-century or longer under Saddam Hussein, Bodman said.

http://www.iraqupdates.com/p_articl...06&article=9475

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Originally Posted by cigarman

Mike, my answer is funnier. Is that a word? LOL. I'm sure ourhouse will correct me even though she left out the t in inTernational twice now. LOL. Just pickin ya'll

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good one! The chickens come home to roost. innernationally speaking.

Oil smuggling declines by 80%
Oil smuggling from Basrah declines by 80%

(MENAFN) The smuggling of crude oil and petroleum products declined by %80, according to the governor of Basrah, Iraqi National Congress reported.

The governor said that the smuggling of petroleum and inherited from the previous government, where the government figures sponsor a black-and the sale of oil derivatives to other neighboring countries.
http://www.menafn.com/qn_news_story...ryId=1093120633

all righty then. I'm off to a day of toil and labor and I fully expect a bunch of good news when I get home tonight. There's your menu for the day Addie, bring Kristin the good news. THE good news. Ok? good.
thank you

don't work to hard ! you will be retiring soon . So save some energy for party time. bob