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3 Million Quid Car Found In Garage After 50 Years!  
User currently offlineCumulus From United Kingdom, joined Aug 2006, 1402 posts, RR: 1
Posted (5 years 3 months 2 weeks 2 days 20 hours ago) and read 3164 times:

Amazing story, a 1937 Bugatti formerly belonging to Earl Howe was been discovered in Barn after the death of it's current owner last year.

The car is valued at 3 million quid, and the family are delighted (obviously) but considering the nil rate band of Inheritance Tax is about £320,000 and it reaches it's valuation there will be over a million quid in IHT to pay!!!

http://www.classicandperformancecar....4/lord_howes_bugatti_atalante.html


What Goes Up Must Come Down, Hopefully In One Piece!
11 replies: All unread, jump to last
 
User currently offlineFrancoflier From France, joined Oct 2001, 3613 posts, RR: 11
Reply 1, posted (5 years 3 months 2 weeks 2 days ago) and read 2955 times:

What a beautiful car.

Had I found that treasure in a barn, I'd probably keep it to myself, especially if I wasn't suffering from money problems. Imagine getting your hands dirty restoring one of the most desired car ever...

Now's not a good time to be selling such classics anyway.



Looks like I picked the wrong week to quit posting...
User currently offlinePROSA From United States of America, joined Oct 2001, 5576 posts, RR: 5
Reply 2, posted (5 years 3 months 2 weeks 1 day 22 hours ago) and read 2911 times:

Whoever owns the car, presumably the last owner's heirs, might not have much choice but to sell it. Obviously it can't stay in the barn any longer. They'd have to have it transported to the most secure storage available and insure it. All that's likely to cost some serious money.


"Let me think about it" = the coward's way of saying "no"
User currently offlineCumulus From United Kingdom, joined Aug 2006, 1402 posts, RR: 1
Reply 3, posted (5 years 3 months 2 weeks 1 day 20 hours ago) and read 2887 times:



Quoting PROSA (Reply 2):
Whoever owns the car, presumably the last owner's heirs, might not have much choice but to sell it.

Either way, it's a tidy sum for HM Revenue Customs for doing absolutely f*ck all.....



What Goes Up Must Come Down, Hopefully In One Piece!
User currently offlineMortyman From Norway, joined Aug 2006, 3701 posts, RR: 1
Reply 4, posted (5 years 3 months 2 weeks 1 day 20 hours ago) and read 2871 times:

Apparently the car is to be actioned and may reach 6 million

User currently offlineFlighty From United States of America, joined Apr 2007, 8200 posts, RR: 3
Reply 5, posted (5 years 3 months 2 weeks 1 day 19 hours ago) and read 2852 times:

Those cars look so much better in their natural state. The fact that it sat in a barn forever makes it COOLER, it's dramatic. Hopefully they don't restore it. Collectors always seem to over-restore things.

User currently offlineTugger From United States of America, joined Apr 2006, 5246 posts, RR: 8
Reply 6, posted (5 years 3 months 2 weeks 1 day 16 hours ago) and read 2820 times:

Awesome car!

Sad thing about these types of vehicles is that they never get proper use once they become this rare and valuable. The proper use for this car is to be driven and driven well. A drive to the club with your lover would be the ultimate. It'll never happen though, it'll sit in some collection somewhere and people will view it (possibly only privately), it could be a fiberglass replicar for all the viewers will know. I hate how good things die when they become over-valuable. I mean look at it already, it was so special that it couldn't be taken out and so sat in a freekin' barn until it was completely forgotten. Sad.

Quoting Cumulus (Reply 3):
Either way, it's a tidy sum for HM Revenue Customs for doing absolutely f*ck all.....

Except providing a safe a secure society that strives to excel. The whole idea of taxes is to allow the State to provide an environment that allows its citizens to work, live, and succeed. And I think Britain has done a pretty damn fine job of that for many centuries compared with most of the rest of the world. Sorry to say but proper taxation is important or you end up with Mexico and worse.

Again, awesome car!

Tugg



I don’t know that I am unafraid to be myself, but it is hard to be somebody else. -W. Shatner
User currently offlinePyrex From Portugal, joined Aug 2005, 3791 posts, RR: 28
Reply 7, posted (5 years 3 months 2 weeks 1 day 9 hours ago) and read 2738 times:



Quoting Tugger (Reply 6):
Quoting Cumulus (Reply 3):
Either way, it's a tidy sum for HM Revenue Customs for doing absolutely f*ck all.....

Except providing a safe a secure society that strives to excel. The whole idea of taxes is to allow the State to provide an environment that allows its citizens to work, live, and succeed. And I think Britain has done a pretty damn fine job of that for many centuries compared with most of the rest of the world. Sorry to say but proper taxation is important or you end up with Mexico and worse.

I guess his point here is the immorality of the death tax and double (or probably triple) taxation.



Read this very carefully, I shall write this only once!
User currently onlinePPVRA From Brazil, joined Nov 2004, 8873 posts, RR: 40
Reply 8, posted (5 years 3 months 2 weeks 1 day 9 hours ago) and read 2730 times:



Quoting Tugger (Reply 6):
Sorry to say but proper taxation is important or you end up with Mexico and worse.

LOL you should check the tax levels in Mexico and the rest of Latin America.



"If goods do not cross borders, soldiers will" - Frederic Bastiat
User currently offlineBill142 From Australia, joined Aug 2004, 8434 posts, RR: 9
Reply 9, posted (5 years 3 months 2 weeks 1 day 7 hours ago) and read 2691 times:

Maybe they could take it to Bugatti and swap it for a Veyron.

User currently offlineCumulus From United Kingdom, joined Aug 2006, 1402 posts, RR: 1
Reply 10, posted (5 years 3 months 2 weeks 17 hours ago) and read 2578 times:



Quoting Pyrex (Reply 7):
I guess his point here is the immorality of the death tax and double (or probably triple) taxation.

Yep, very very wrong!!

In the UK, when the total value of the estate is calculated (including Bugattis is the shed!) the tax of 40% of EVERYTHING over £320,000 has to be paid BEFORE Probate is granted.

My Uncle died a few years back and I actually had borrow from MY bank to pay the IHT before I could cash in the investments he held and get his House on the market.



What Goes Up Must Come Down, Hopefully In One Piece!
User currently offlineTheredbaron From Mexico, joined Mar 2005, 2154 posts, RR: 8
Reply 11, posted (5 years 3 months 1 week 6 days 12 hours ago) and read 2463 times:

Mexico has a 15% sales tax.... just to clarify


The best seat in a Plane is the Jumpseat.
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