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.
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.