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HMRC Shows Its Economic Illiteracy

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"Assets taken can realise less than their actual value at a public auction"

Really? Their "actual value" in the auction room is what someone is willing to pay for them, how else would you define their "actual value" Mr Taxman? It might be not as much as the owner or the greedy bastard bailiffs hope but that is the "hoped for value", and if I could pay off my taxes with the "hoped for value" of objects then Her Majesty would soon build a large collection of interesting pebbles I have picked up from the beach.

Comments

But if you had spent many years collecting rare pebbles off the beach and your collection had been valued at £10,000 but only raised £10 in a small local auction house then I think you would not be happy to see your collection lost but only raising that much towards your debt because HMRC's bailiffs did not put it for sale in the right place, a specialist auction for pebble collectors/

Your assumption about actual value is correct provided that the "public" auction is really public - and properly advertised to more than just a few friends and family of HMRC staff.

Have you ever seen an HMRC auction advertised? No, I thought not.

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