The instalments on the Bentley are killing me
one thing that seems to have escaped the attention of many here is if the garden centre owners had to pay capital gains tax on the amount they sold it for. there just isn't enough context in the OP.
it may well be that they didn't pay CGT but equally they could have taken a big hit so ultimately their annuity is based on a much smaller figure
it seems to me that there's an awful loty of jealousy going on here of someone who has done well in business and is now reaping the benefits. I woud applaud the garden centre owners for being successful not damning them for what they have earned from the sale.
blame the city guys, the greedy bankers etc who have been fucking around with many people's low finances and making themselves rich on the back of pure greed. blame the CEO's of major corps who have ruined people's lived yet walk away with £multi-million severance packages.
sure, the garden centre owners will be comfortably off in their retirement but at least it's probably off the back of hard graft rather than fucking people's live up.
I read the article again.
Not bothered about his business success. Not bothered about him taking jobs off younger people (he's self employed)
He's talking as though he hasn't got a pot to piss in. And the article is suggesting that his is a typical example of the hardships faced by those in his position.
The hardships of only having £1.25M to hand, unless its been removed from them by some means. No mention of having it no longer.
The wealth being mentioned is relative. To those with £10M its peanuts. I just wonder how many readers identify with his plight.
You can chose to believe the contents of the story or question what possible reason would be to write it.
The feature was about retired types being forced back to work.
I can only imagine this guy lives surrounded by those CEO's.
have you got a link to the article - I'd lke to have a read. if it's from the Daily Rant or Daily Excess than I wouldn't bother with the content as it will usually be scaremongering and like many press articles, what is often reported is a distortion of the truth
does it mention him being forced to work or something that he has chosen to do. the inference from the OP is that he chose to work as he was bored as often many people who retire early become.
£1.25m is not excessive wealth these days - many who came through the housing boom of last century would be sitting on assets worth much more than that through doing fuck all bar riding a financial boom. at least the guy mentioned worked for his wealth so don't knock him for that. he probably didn't have a nice index linked, final salary pension fund that many government employees get - his business was his pension fund and he worked for it.
I really don't see what you're getting so het up about - bar perhaps jealousy of someone working hard and doing well.
RicF, since you've provided no link to the article, we can't read it ourselves and can only go from the limited quote you've given in your opening post.
Nowhere in the quote you've given, which presumably you chose because it suitably emphasised the point you wanted to make, does it imply the man thinks he's facing hardship and hasn't a pot to piss in.
1.25 million, for the sale of a business he and his wife have built up and worked hard on over the years, is really not a huge amount.... he's hardly Rockerfeller.
As FB points out, he'll be paying tax on that amount (and on the annuity? I'm guessing that's taxable too).
Since the business was a garden center, it's possible they lived on-site so the sale may have included the family home as well.
X-post with FB.... I think we've said roughly the same thing!
JF - an annuity is an income so you're taxed in the same way as a salary. the only income he won't be taxed on is his state pension and at 60 he doesn't qualify yet.
Thanks FB, I thought that might be the case.
1.25M won't get near 75k a year.
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