Diesel gate

user1977

facade said:

user1977 said:

facade said:

won't any actual payout be taxable as unearned income as well?

I don't see why it would be taxable? Income Tax only applies to specific types of income, there's no general rule that everything you receive is taxed.

I thought the general rule is that everything is taxed, except certain things that fall within specific allowances.

You thunk wrong. "Income" for the purposes of Income Tax only means the things defined as such e.g. salary, bank interest, property rental income etc.

facade

user1977 said:

facade said:

user1977 said:

facade said:

won't any actual payout be taxable as unearned income as well?

I don't see why it would be taxable? Income Tax only applies to specific types of income, there's no general rule that everything you receive is taxed.

I thought the general rule is that everything is taxed, except certain things that fall within specific allowances.

You thunk wrong. "Income" for the purposes of Income Tax only means the things defined as such e.g. salary, bank interest, property rental income etc.

Isn't "hush money" or a bribe income? It is in the USA and taxable, you'd think HMRC wouldn't miss an opportunity to claim 20% or better, 40% of £193 million

This isn't compensation, it is hush money.

Grumpy_chap

I think my wife was mis-sold her car in 2017.  It's a petrol Fiesta but the Salesman never told her that it did not come with £190m free after a few years.  If she was told that, she would have bought a diesel VW instead.  Who can she claim the losses from?

ontheroad1970

facade said:

[Deleted User] said:

facade said:

[Deleted User] said:

There is also the psychological harm caused by knowing that their vehicle was contributing more than they thought to climate change and damaging other people's health.

I still fail to see why the person responsible for damaging my health by producing all that deadly nitrogen oxide should be rewarded financially for doing it, whereas I just get to die a bit sooner. Where is my compensation as a pedestrian?

Good point. Shame you didn't launch your own claim for compensation before the time limit ran out.

But I can't quantify my losses, or even prove how many extra days of good health I could have enjoyed without VW diesels.

Now if VW admitted liability and gave a few billion pounds to the NHS to care for the people who's health their cars have damaged I'd be happy- but VW have admitted nothing, and have simply bought off the case, in the same way that Elites give money to people they have never met to make them drop unfounded legal action, go away and be quiet.

Also we don't know how much of the payout will reach the claimers, VW have paid "tens of millions" towards legal fees, the remaining 193 million in legal fees will come from the payout- won't any actual payout be taxable as unearned income as well?

The big winners are John Byrne (Therium UK) & David Whitmore (Slater & Gordon), I wish I'd listened to my mother and gone into Law.......

They will have signed a contract stating that a specified percentage will be taken as commission.  I doubt that Slater and Gordon et al are going to be taking less than what was contracted.

ontheroad1970

Grumpy_chap said:

I think my wife was mis-sold her car in 2017.  It's a petrol Fiesta but the Salesman never told her that it did not come with £190m free after a few years.  If she was told that, she would have bought a diesel VW instead.  Who can she claim the losses from?

Careful, someone might take that seriously - if they can take 25% of the proceeds

[Deleted User]

ontheroad1970 said:

[Deleted User] said:

Flight3287462 said:

[Deleted User] said:

Looking forward to apologies from everyone who gave bad advice here. Looks like it was well worth signing up to one of these lawsuits, and those with the foresight to do so are in for a nice payout.

Imagine how you would feel if you had taken that advice and missed out. I wonder if you can still join.

Really you'll be waiting a long time.  You have suffered no loss and have just jumped on a greedy bandwagon.  Hopefully what goes around comes around.

You hope VW owners will be sued and settle out of court? Seems rather vindictive.

The loss they suffered is in the value of the vehicle and the damage to their health. There is also the psychological harm caused by knowing that their vehicle was contributing more than they thought to climate change and damaging other people's health.

Some people also had to have their cars modified when the scandal came to light. As well as the time wasted, VW have not been very clear about the effects of the fix and that would probably have come out in court. I suspect they were significant.

Just because you value it at £0 is meaningless, it's what a court would value it at. VW seems to think it would be at least £190 million.

Don't all cars burning fuel do this?  So why aren't people sueing train companies also - after all diesel trains put out emissions too.  VW have admitted nothing Greedy so and sos have taken taken their 30 pieces of silver out of sheer greed.  VW settling doesn't mean it thought it would lose.  It has done it to draw a line as a bit of PR.  Statute of limitations stops any further claims which is the reason for the timing.

Because everyone accepts that there is a legal limit to the harm being done, and VW exceeded it.

[Deleted User]

shiraz99 said:

[Deleted User] said:

Looking forward to apologies from everyone who gave bad advice here. Looks like it was well worth signing up to one of these lawsuits, and those with the foresight to do so are in for a nice payout.

Imagine how you would feel if you had taken that advice and missed out. I wonder if you can still join.

Why, the information was and still correct. VW haven't been found guilty of anything, they've simply made a settlement due to it being less expensive than continuing the court case. Good for those that have made a claim but it's more luck than judgement that they may get anything.

Uh, do you understand how settlements work? They don't just randomly give people money, they do them when they think that there is a good chance they will lose and incur big legal costs that could be avoided by making a settlement.

facade

[Deleted User] said:

shiraz99 said:

[Deleted User] said:

Looking forward to apologies from everyone who gave bad advice here. Looks like it was well worth signing up to one of these lawsuits, and those with the foresight to do so are in for a nice payout.

Imagine how you would feel if you had taken that advice and missed out. I wonder if you can still join.

Why, the information was and still correct. VW haven't been found guilty of anything, they've simply made a settlement due to it being less expensive than continuing the court case. Good for those that have made a claim but it's more luck than judgement that they may get anything.

Uh, do you understand how settlements work? They don't just randomly give people money, they do them when they think that there is a good chance they will lose and incur big legal costs that could be avoided by making a settlement.

Or if even though they are sure that they will win, the costs incurred in doing so would be far more than they can hope to recover plus the hush money.

Or if the continual bad publicity is costing more than the hush money, and they can't put a dead cat on the table.

Car_54

[Deleted User] said:

ontheroad1970 said:

[Deleted User] said:

Flight3287462 said:

[Deleted User] said:

Looking forward to apologies from everyone who gave bad advice here. Looks like it was well worth signing up to one of these lawsuits, and those with the foresight to do so are in for a nice payout.

Imagine how you would feel if you had taken that advice and missed out. I wonder if you can still join.

Really you'll be waiting a long time.  You have suffered no loss and have just jumped on a greedy bandwagon.  Hopefully what goes around comes around.

You hope VW owners will be sued and settle out of court? Seems rather vindictive.

The loss they suffered is in the value of the vehicle and the damage to their health. There is also the psychological harm caused by knowing that their vehicle was contributing more than they thought to climate change and damaging other people's health.

Some people also had to have their cars modified when the scandal came to light. As well as the time wasted, VW have not been very clear about the effects of the fix and that would probably have come out in court. I suspect they were significant.

Just because you value it at £0 is meaningless, it's what a court would value it at. VW seems to think it would be at least £190 million.

Don't all cars burning fuel do this?  So why aren't people sueing train companies also - after all diesel trains put out emissions too.  VW have admitted nothing Greedy so and sos have taken taken their 30 pieces of silver out of sheer greed.  VW settling doesn't mean it thought it would lose.  It has done it to draw a line as a bit of PR.  Statute of limitations stops any further claims which is the reason for the timing.

Because everyone accepts that there is a legal limit to the harm being done, and VW exceeded it.

So, what is this legal limit that ‘everyone’ accepts?

[Deleted User]

facade said:

[Deleted User] said:

shiraz99 said:

[Deleted User] said:

Looking forward to apologies from everyone who gave bad advice here. Looks like it was well worth signing up to one of these lawsuits, and those with the foresight to do so are in for a nice payout.

Imagine how you would feel if you had taken that advice and missed out. I wonder if you can still join.

Why, the information was and still correct. VW haven't been found guilty of anything, they've simply made a settlement due to it being less expensive than continuing the court case. Good for those that have made a claim but it's more luck than judgement that they may get anything.

Uh, do you understand how settlements work? They don't just randomly give people money, they do them when they think that there is a good chance they will lose and incur big legal costs that could be avoided by making a settlement.

Or if even though they are sure that they will win, the costs incurred in doing so would be far more than they can hope to recover plus the hush money.

Or if the continual bad publicity is costing more than the hush money, and they can't put a dead cat on the table.

The way these claims worked is that there is insurance to cover costs in the case of a loss. They would get their money.