Chess and Pension Fraud - allegation

[Mick Norris]

Osborne reforms

That's a snorter

Just like in 1986 (I've been in pensions for longer than that), the changes to pensions take a long time to have a completely clear effect; there are people with poorer retirements now thanks to those, and they'll soon be people with poorer retirements thanks to these changes too

I expect I'll be retired before we have sensible pension policy from any government (or maybe we never will)

Of course, when I can afford to retire is partly down to how much compensation scheme levy I have to pay thanks to the cowboys involved in things like pension liberation

[Roger de Coverly]

It's a new story, but an old one.

https://forums.moneysavingexpert.com/sh ... ?t=4985460

A "solution" would be that SIPPs or at least retail ones had to follow the same rules for eligible investments as ISAs.

Also

https://www.pinsentmasons.com/out-law/n ... liberation

and

https://www.tltsolicitors.com/insights- ... liability/

[Joey Stewart]

Osborne reforms

That's a snorter

Just like in 1986 (I've been in pensions for longer than that), the changes to pensions take a long time to have a completely clear effect; there are people with poorer retirements now thanks to those, and they'll soon be people with poorer retirements thanks to these changes too

I expect I'll be retired before we have sensible pension policy from any government (or maybe we never will)

Of course, when I can afford to retire is partly down to how much compensation scheme levy I have to pay thanks to the cowboys involved in things like pension liberation

Hi Mick, I didnt know you were a pensions guy. I have not been paying into one for the last 5 years and trying to do my own "investments" with the money instead as I am not entirely convinced that the pension system will be viable at all in the next 30-40 years when or if I do retire - do you think more people are of the same opinion these days? (the prevalence of pension scams seems to suggest a lot of people seem to want access to the money sooner for one reason or another)

[Martin Crichton]

sounds like there are a few cash wizards in the chess community here in the UK.....I have a capital loss of several hundred thousand pounds which has been rolling over for several years now.....anyone got any ideas how I might be able to recoup this loss partially or maybe I could sell it? any ideas that are legal or borderline legal or totally immoral are welcome!! Gary?
Regards
Martin

[Gerard Killoran]

Anyone interested in Gary Quillan's past problems with HMRC should google "R vs Quillan".

[NickFaulks]

Anyone interested in Gary Quillan's past problems with HMRC should google "R vs Quillan".

Aha, I remember that case, although I did not at the time notice the chess connection.

The scheme was obviously a million miles from anything the SIPP legislation was intended to encourage, but HMRC had got it wrong and responded with what has sadly become their customary legal thuggery. Quillan took them on, as I am sure he knew he would have to, was well prepared and scored a resounding win.

I do not know whether the authorities have reinforced their ramparts since then ( do any of our experts? ) and look forward to the rematch.

[Kevin Thurlow]

"HMRC had got it wrong and responded with what has sadly become their customary legal thuggery. "

Yes, and since HMRC was formed the IR part has contaminated Customs as well.

[Martin Crichton]

so getting back to my situation....(sounds like Gary would be very knowledgeable) ....a large capital loss can be used to offset against future capital gains and capital gains tax is circa 18% ...does anyone know if it is possible to sell my capital loss and somehow recoup 18% of it...(I'd sell it for 10% if that were possible? I could do with some £ )
I know it is common practice for businesses to buy loss making businesses so they can use those losses to offset against their profits...perhaps similar schemes exist for personal tax payers?
Regards
Martin

[Kevin Thurlow]

"perhaps similar schemes exist for personal tax payers?"

Probably only very rich ones!

[David Robertson]

And then there's this today on the financial collapse of Bury FC. From which we read:

Day’s property ventures were not even supported by banks; he had borrowed heavily from Lendy, a model based on attracting money from thousands of individual investors, which has itself collapsed and is now subject to a Financial Conduct Authority investigation. Day also pre-sold individual flats, promising guaranteed returns from students’ rent payments, and many investors are now distraught at seeing life savings lost.

At Bury itself, loans now up to £3.7m, secured on Gigg Lane, were taken from an outfit called Capital Bridging Finance Solutions, based in Crosby, with 40% commissions paid to still-unnamed third parties as introduction fees. The publicly filed documents state that Capital in turn mortgaged Bury’s ground to a company registered in Malta, whose own lenders for the deal were eight companies domiciled in the offshore tax haven of the British Virgin Islands. Perhaps you have to know and have been to Gigg Lane, a football haven amid terraced streets just off Manchester Road, to feel in your guts the ludicrous nature of such house-of-cards economics.

[Michael Farthing]

That's the gig economy for you.

[JustinHorton]

Spivs and chancers, everywhere.

[Mick Norris]

And then there's this today on the financial collapse of Bury FC. From which we read:

Day’s property ventures were not even supported by banks; he had borrowed heavily from Lendy, a model based on attracting money from thousands of individual investors, which has itself collapsed and is now subject to a Financial Conduct Authority investigation. Day also pre-sold individual flats, promising guaranteed returns from students’ rent payments, and many investors are now distraught at seeing life savings lost.

At Bury itself, loans now up to £3.7m, secured on Gigg Lane, were taken from an outfit called Capital Bridging Finance Solutions, based in Crosby, with 40% commissions paid to still-unnamed third parties as introduction fees. The publicly filed documents state that Capital in turn mortgaged Bury’s ground to a company registered in Malta, whose own lenders for the deal were eight companies domiciled in the offshore tax haven of the British Virgin Islands. Perhaps you have to know and have been to Gigg Lane, a football haven amid terraced streets just off Manchester Road, to feel in your guts the ludicrous nature of such house-of-cards economics.

Some of us have been living with this slowly unravelling for over 5 years now; and now my football club has been taken away from lots of people to whom it means a great deal, some of whom I know, and all of whom deserve sympathy

Unfortunately, some of the Bury fans are very angry and some of the individuals involved in bringing it to this point may fear for their physical safety

I would hope for a thorough investigation of the various deals, ideally followed by some people going to prison, but I doubt that will happen any more than I expect that Bury FC will be the only club to go down; unless football is reformed, many other clubs will follow

[Alex Holowczak]

I would hope for a thorough investigation of the various deals, ideally followed by some people going to prison, but I doubt that will happen any more than I expect that Bury FC will be the only club to go down; unless football is reformed, many other clubs will follow

I fear that despite the rhetoric from various sources, football administrators don't care about clubs like Bury really. The league pyramid is such that for every Bury and Bolton who suffer this demise, there will be other clubs who move up to take their place in the pyramid. With Bury (and maybe Bolton) soon to be excluded, they'll presumably just bump more clubs up from the Conference, and as teams get shifted up throughout the pyramid, eventually Bury and Bolton - or their successor clubs with the same name - will find some vacant spots in a league that'll take them in 2019-20.

The Montreal Expos almost went bankrupt a few years back, and MLB just ran the franchise themselves, before relocating them to Washington. I'm pretty sure the Phoenix Coyotes were also owned by the NHL for a period. The franchise model actually seems to offer greater protection for keeping teams afloat, even if there is a much greater threat of franchises relocating to achieve that than in the football league system.

[NickFaulks]

The franchise model actually seems to offer greater protection for keeping teams afloat, even if there is a much greater threat of franchises relocating to achieve that than in the football league system.

You still don't want to get an old Wimbledon FC fan started on MK Dons.