The richest man in France has officially transferred his multi-billion pound fortune out of his homeland to Belgium.
Bernard Arnault, head of luxury goods group LVMH, insists he has moved his assets for ‘family inheritance reasons’.
You can\’t pluck the geese if the geese won\’t sit still to be plucked.
And the EU says you\’re not allowed to tax people when they do move.
I wonder how this will play out in Silicon Valley?
http://yro.slashdot.org/story/13/01/24/2232237/californias-surreal-retroactive-tax-on-tech-startup-investors?utm_source=rss1.0mainlinkanon&utm_medium=feed
California have removed a State tax-break on start-ups. And made it retrospective.
(Strangely announced on Christmas Eve)
‘family inheritance reasons’: does he mean that he’s avoiding Inheritance Tax rather than income tax, or that he wants more freedom to direct his bequests where he may?
dearieme: No, he wants some money left to bequeath.
Strange: IHT in Belgium is 70%
“Strange: IHT in Belgium is 70%” Golly. Does it fall on the estate or on the recipient(s)?
Phil Mickelson mentioned the possibility of leaving California for tax reasons. He quickly apologized to phantom complainers. He said he shouldn’t have gone public. Which I take to mean he should have just moved to Lake Nona or Isleworth without saying anything.
Doesnt matter where billionaires go does it? they dont pay tax anywhere i thought
Makes me want to go out and buy a Zenith watch just to give Arnault something to pass along to his kids.
The billionaires will pay tax. Just at the appropriate rate for their income.
Which is not the same rate as employees as governments set different rates for different types of income.
The Belgian inheritance tax rate system depends on the relationship between the deceased and the recipient. It also varies from region to region. The 70% rate only applies to distant relatives and unrelated persons. The top rate for inheritances received by children is only 30%.
“only 30%’ hey ho.