cumulus
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3 Million Quid Car Found In Garage After 50 Years!

Thu Jan 01, 2009 6:52 pm

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
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Francoflier
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RE: 3 Million Quid Car Found In Garage After 50 Years!

Fri Jan 02, 2009 2:32 pm

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.
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prosa
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RE: 3 Million Quid Car Found In Garage After 50 Years!

Fri Jan 02, 2009 4:33 pm

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.
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cumulus
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RE: 3 Million Quid Car Found In Garage After 50 Years!

Fri Jan 02, 2009 6:05 pm



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.....
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Mortyman
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RE: 3 Million Quid Car Found In Garage After 50 Years!

Fri Jan 02, 2009 6:28 pm

Apparently the car is to be actioned and may reach 6 million
 
Flighty
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RE: 3 Million Quid Car Found In Garage After 50 Years!

Fri Jan 02, 2009 7:34 pm

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.
 
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Tugger
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RE: 3 Million Quid Car Found In Garage After 50 Years!

Fri Jan 02, 2009 10:17 pm

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
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Pyrex
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RE: 3 Million Quid Car Found In Garage After 50 Years!

Sat Jan 03, 2009 5:25 am



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.
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PPVRA
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RE: 3 Million Quid Car Found In Garage After 50 Years!

Sat Jan 03, 2009 5:42 am



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.
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bill142
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RE: 3 Million Quid Car Found In Garage After 50 Years!

Sat Jan 03, 2009 7:53 am

Maybe they could take it to Bugatti and swap it for a Veyron.
 
cumulus
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RE: 3 Million Quid Car Found In Garage After 50 Years!

Sat Jan 03, 2009 9:34 pm



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.
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TheRedBaron
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RE: 3 Million Quid Car Found In Garage After 50 Years!

Mon Jan 05, 2009 2:50 am

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