Thread: What to do when it pegs

Hi guys
This has probably been talked about before! I'm based in UK and when it comes to taking my little beauties to the bank is it best to take a small amount for tax reasons or doesn't it matter?

Originally Posted by English

Hi guys
This has probably been talked about before! I'm based in UK and when it comes to taking my little beauties to the bank is it best to take a small amount for tax reasons or doesn't it matter?

Strictly speaking, you are liable for tax on any dinars that you exchange as they are subject to Capital Gains Tax.
I guess you could exchange a few of them each week at any travel agent and tell them that you have been on holiday in the Iraqi Riviera.

My personal slant on things is to declare the tax, then stick the remainder into a safe high interest account like ING for a couple of years, then make up for the tax you have paid with the high interest.

At least that way you are not constantly looking over your shoulder for Gordon Brown and his henchmen.

Hmmm, I'm kinda split on this. One day I'll wake up and agree with Colin as above but on a bad morning I think why the fu*k should I give that tosser 40% of money that I risked into this venture? What's he done to earn it?

We'll see, this question has been asked on investors iraq forum by other UK dinar holders, some good answers ranging from moving abroad, offshore accounts, cash them in gradually anonymously etc......

I'm going to wait to see what it revalues too.

Originally Posted by Adster

Hmmm, I'm kinda split on this. One day I'll wake up and agree with Colin as above but on a bad morning I think why the fu*k should I give that tosser 40% of money that I risked into this venture? What's he done to earn it?

We'll see, this question has been asked on investors iraq forum by other UK dinar holders, some good answers ranging from moving abroad, offshore accounts, cash them in gradually anonymously etc......

I'm going to wait to see what it revalues too.

Yeah, know what you mean mate.
Either way, it'll be a nice problem to have for once in my life.
Thinking of buying another million before it's too late as I think we are nearing a peg very soon.

Originally Posted by investor

Yeah, know what you mean mate.
Either way, it'll be a nice problem to have for once in my life.
Thinking of buying another million before it's too late as I think we are nearing a peg very soon.

Agreed, this is such a one off you don't want to look back and think, 'why didn't I buy more'? I'm in double figures for millons of dinar, anything over .25 wil make me a millionaire and that's after paying 40% tax!

But then depending what it revals at it will only go up in value so I won't offload all of my dinar, just enough to kiss bye to the day job. At 1:1 I'll cash in half maybe.

We'll see, as you say, be a nice problem to have matey.

These are the problems I like to think about! lol! How many should I cash in right away...how many should I keep for a few months to see if it goes up...decisions-decisions!! :-)

exchange it for real money, with that buy gold and bury it at a spot market x under a dog turd where no-one will want to look...

or get a safe.

cash the gold in when you need it....

or- become a charity. they dont pay tax.

brian worship is almost religious around here at times, and he hasnt even paid most people!

maybe the "church of the holy reval" can meet at the pub every monday 8am for beers, just when everyone else is starting the weekly grind....!

I live in Sweden, and here the capital gains tax is 30%. I have also been thinking about this "problem"

I think that what I will do is to cash in as much as I need to build on to my house and pay off the mortage - and pay the taxes on that money.
Then I could cash in little by little anonymously later on.
But I REALLY want to build! And I have a very bad economy (I am sick and can't work - and on top of that I am a single mom...) so there is NO way I could afford to build without this money...so I need to be able to explain the money! I also want to pay off the mortage because then, whatever happens in the future, the house will be MINE for real; not the bank's... So if I run into tough times in the future, at least I would have much less costs.

Of course it depends a bit on what it pegs to...but this is my plan for now anyway. What do you think?
Karin

I heard recently the capital gains tax in the US has been lowered to 15%...Is there any truth to this? Something that big I would have thought would be all over the news...Anyway, if it's not, then I too will be thinking of the best ways to handle the "influx" of new found wealth...

Originally Posted by everwiser

I heard recently the capital gains tax in the US has been lowered to 15%...Is there any truth to this? Something that big I would have thought would be all over the news...Anyway, if it's not, then I too will be thinking of the best ways to handle the "influx" of new found wealth...

I know...15% isn't TOO bad...if you HAVE to pay, it's better than the 40% I'm hearing from abroad! (But I'm probably going to have to make QUITE A FEW trips to the ole bank! ;-)