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.
11 responses so far ↓
1 VftS // Jan 25, 2013 at 11:02 am
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)
2 dearieme // Jan 25, 2013 at 11:20 am
‘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?
3 Matthew L // Jan 25, 2013 at 12:15 pm
dearieme: No, he wants some money left to bequeath.
4 Recusant // Jan 25, 2013 at 12:22 pm
Strange: IHT in Belgium is 70%
5 dearieme // Jan 25, 2013 at 12:53 pm
“Strange: IHT in Belgium is 70%” Golly. Does it fall on the estate or on the recipient(s)?
6 Gamecock // Jan 25, 2013 at 2:16 pm
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.
7 roym // Jan 25, 2013 at 2:58 pm
Doesnt matter where billionaires go does it? they dont pay tax anywhere i thought
8 Dennis The Peasant // Jan 25, 2013 at 3:02 pm
Makes me want to go out and buy a Zenith watch just to give Arnault something to pass along to his kids.
9 Martin Davies // Jan 25, 2013 at 3:57 pm
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.
10 Phil // Jan 25, 2013 at 10:10 pm
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%.
11 john malpas // Jan 25, 2013 at 11:33 pm
“only 30%’ hey ho.
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