![]() ![]() As it happens, they’re 100% online so he could have saved himself the journey, but he tries not to focus on the negatives.įor just £149, they link him with a friendly, expert accountant who explains all he needs to know about the Inheritance Tax and Capital Gains Tax implications of his sale of the one ring. He journeys to a land far, far away (ok, it’s Rivendell) and consults with the elves who tell him of a mystical force called TaxScouts. Capital Gains Tax (CGT).Ĭross and dejected, Frodo accepts that he needs help. Frodo also owes tax on the profit a.k.a.the value of ruling Middle Earth supreme. If he sells it to Sauron, the profit will be massive – a few freshly-caught fish vs.And what’s that, just a few freshly-caught fish from the river? His uncle, Bilbo, stole the ring from Gollum – so perhaps it’s not worth the value of reigning supreme over Middle Earth after all, but whatever it was worth to Gollum.He’s had time to think about things and a few concerns have come to his attention: The payment reference number arrives by post, but Frodo can’t even pretend to be relieved. He starts to wish that he’d just chucked the ring into the fires of Mount Doom after all. “It’s the job that’s never started as takes longest to finish,” Sam says, appearing over Frodo’s shoulder.īut he agrees. He scratches his hairy foot – and why would you get a payment reference number before making a payment? And he can only make the payment after he’s had the reference number for 3 weeks or he has to wait 3 weeks for the reference number to arrive. Joy of joys – except he needs a payment reference number. On the IHT page, it looks like he’s in the right place to pay. He sighs, frustrated by the time wastage, but clicks on it anyway. He types in, Inheritance Tax (IHT) and is directed back to gov.uk. “My old friend,” he thinks to himself, the words of his uncle haunting him. It’s at this point that Frodo realises that he hasn’t even checked whether what he needs to do is a Self Assessment. ![]() “Urgh, be quiet, Boromir,” he says, and closes the tab. “Frodo, one does not simply walk into the government gateway.” He clicks Register Now, but when the page loads, he’s confronted by a selection of forms.īoromir laughs from behind him. Hmm, he thinks and clicks, Not self-employed, although he isn’t sure that any accurately describes his status as a hobbit. He navigates down to Deadlines under which are three options: When he gets to the Overview page, he’s surprised by the volume of hyperlinks that seem to divert him from where he needs to be. Frodo heads straight for the government gateway to start the process of his Self Assessment. “It is a strange fate that we should suffer so much fear and doubt over so small a thing,” Boromir said.Įxactly, Frodo thinks, although he’s not certain where he came from. Someone that considered a perilous journey all the way to Mordor could manage a tiny task like a tax return, right? He has 6 months to cough up 40% of Bilbo’s estate that’s worth way more than £325,000 – the maximum you can accept as a gift tax-free within a given tax year. Combined with the value of the ring, he now owes Inheritance Tax. Without its powers to help him live his best life, his time comes earlier than expected.Įven more unfortunately for Frodo, Bilbo leaves him his house in The Shire. Unfortunately, Bilbo passes away soon after Frodo takes off with the ring. Then it was worth, what, the value of ruling supreme over Middle Earth? Incalculable. Especially if he cashed it in by selling it back to Sauron. The only thing is, being the most powerful of all rings and all, and being forged by the Dark Lord Sauron himself, it had a hefty price tag. What if instead of throwing the one ring into the fires of Mount Doom, Frodo decided to cash in and treat it as a gift from his uncle. ![]()
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