My Bank Have Put a Block on My Account due to a PM Bank Transfer Payment

[ArgentSmith]

In other words they just make up the rules as they go along. This country is becoming a Lawless cess pit.

[JohnA1]

4 hours ago, ZRPMs said:

...Perhaps, They are trying to say in this instance it belongs to them. In a twisted way I suppose they could argue that once deposited it became the banks property and I only had a call on it. If they deemed that they didn't want to release it as in their opinion I didn't align with their business model then they don't have to release the cheque.

Precisely.

It is not twisted at all, it is according to the terms of engagement (that you've agreed in advance when you opened the account).

The deposit is not yours, it is theirs. You are just an unsecured creditor. (which is why they can bail in)

The cheque is not yours, it is theirs. Remember, you filled in something they issued and sent to you.

In fact even if you don't deposit the cash, the banknotes aren't yours even then! They belong to the BoE that issued them. You are just allowed to use them (exchanging payment promises!) at a price. They can cancel them anytime they wish.

Yep.

What is twisted is how they quietly rigged the share/bond ownership system so that any such products you think you own someone else has first dibs (they have been secretly hypothycated in effect). The Great Taking goes into depth, got a link on another post.

....back to PMs that are nobody's liability..😇

Edited Saturday at 13:32 by JohnA1

[Bratnia]

3 hours ago, JohnA1 said:

Precisely.

It is not twisted at all, it is according to the terms of engagement (that you've agreed in advance when you opened the account).

The deposit is not yours, it is theirs. You are just an unsecured creditor. (which is why they can bail in)

The cheque is not yours, it is theirs. Remember, you filled in something they issued and sent to you.

In fact even if you don't deposit the cash, the banknotes aren't yours even then! They belong to the BoE that issued them. You are just allowed to use them (exchanging payment promises!) at a price. They can cancel them anytime they wish.

Yep.

What is twisted is how they quietly rigged the share/bond ownership system so that any such products you think you own someone else has first dibs (they have been secretly hypothycated in effect). The Great Taking goes into depth, got a link on another post.

....back to PMs that are nobody's liability..😇

So if your capital is a loan, then ... borrowing (reverse psychology)

Some actually do that in practice, 10% in 10x leveraged stock (Options), 90% 'safe' to reduce counter-party risk right down. Zvi Bodie as one example.

For passing on capital that might otherwise be taxed, such as to their son, the son paints a few broad brush strokes onto some canvas and dad buys it as a proclaimed gifted artwork for a 7 digit sum (fundamental concept, albeit in practice via a more obscure method).

Banks and cash ... are just for immediate spending, 'current' account (short term income/spending).

[JohnA1]

23 minutes ago, Bratnia said:

..

For passing on capital that might otherwise be taxed, such as to their son, the son paints a few broad brush strokes onto some canvas and dad buys it as a proclaimed gifted artwork for a 7 digit sum (fundamental concept, albeit in practice via a more obscure method)..

🧐

[Bratnia]

4 hours ago, JohnA1 said:

🧐

For reference, I just see your reply as a square (vertical rectangle) i.e. the face with a monocle unicode value doesn't show.

[Earthmetal]

The only currency that is ownable money are coins, and the only coins with an intrinsic value similar to face value are 50p, pre 2010 5p & 10p, and pre1992 2p &1p. All the rest is Monopoly money. 

[Bratnia]

https://archive.ph/2023.09.22-142035/https://www.ft.com/content/69b297ae-7e64-4a6a-ac32-25afd699f158

Quote

HM Revenue & Customs sent nearly a third more “nudge” letters to holders of overseas assets in the tax year to April compared with the previous year, as it revived a drive to crack down on tax avoidance.

Quote

This international exchange of data, developed by the OECD and known as the Common Reporting Standard, has been approved by 110 countries. Participants include historically popular tax havens such as Switzerland, Bermuda, the British Virgin Islands and the Cayman Islands.

HMRC uses algorithms to trawl data looking for anomalies

Quote

HMRC said: “We have a strong track record in tackling offshore non-compliance. We have secured around £526mn from offshore initiatives since 2019, demonstrating our commitment to tackling all forms of non-compliance and ensuring everyone pays their share of tax.”

Fair taxes are reasonable. HMRC however has a history of punitive taxation at times, 1968 for instance where a retrospective taxation pushed higher rate taxation up to 130% (David Bowie, Rolling Stones ...etc. decided to self exile due to such 'confiscations').

You can almost feel the groundwork being prepared for such a period of punitive taxation again. Lock-down, and then hit. Part of more cases of the likes of gold purchases resulting in transactions being blocked/bank accounts closed is likely with that in mind.

It may become increasingly difficult to buy/sell physical gold as that momentum builds. Tories prepare the lock-down, Labour (after next General Election) do the confiscation.

The rich as ever will side step such practices. Assets that generate no regular income flows that can be tracked; Dispose of assets via private sales (buy a painting from another for a ludicrous amount, such that when they die their estate includes a asset that is valued at much less than the price paid, or that is re-sold at a massive capital loss to offset against capital gains elsewhere) ...etc.

We're entering a era where once again primary focus turns to return-of-money rather than return-on-money. I believe we're already at a point where the public sector as funded by the private sector, has the public sector being larger than the private sector (unsustainable).

See also https://www.fusionconsult.co.uk/what-is-hmrcs-connect-computer-system-and-how-can-it-help-with-tax-compliance/ (HMRC's CONNECT system)

Quote

And that’s just the tip of the iceberg, records that can be accessed include:

•     Tax returns (including VAT, PAYE, income tax and corporation tax returns).
•     Bank accounts and pensions.
•     Online social networking such as Facebook and Instagram.
•     Credit reference agencies.
•     Amazon, eBay, Gumtree and similar sales websites.
•     Credit and debit card accounts.
•     Online payment providers such as PayPal.
•     Travel information including flights and insurance
•     Government agencies such as Companies House, the Land Registry and the Border Agency.
•     Foreign tax jurisdictions (including treaties and automatic exchange agreements) and the common reporting standard.
•     Property websites such as Zoopla and Rightmove.
•     Google Street View.
•     Council tax records.
•     DVLA records.
•     DWP records.
•     Electoral roll.
•     Insurance companies.
•     Charities Commission.

HMRC can now charge a penalty of up to 110% of the outstanding tax for non-disclosure.

 

[SidS]

Ever felt bent over a barrel? - or so the saying goes.

Which begs the question: How long till they charge you rent, minus tax, for your time bent over the said barrel whilst they shaft you?

 

Edited 15 hours ago by SidS