Are there any millionaires who contribute to MSE?

InvesterJones

Out of interest, according to HMRC, millionaires may not be 'wealthy' - that's instead defined as those with incomes of £200,000 or more, or assets equal to or above £2m, in any of the last three years.

subjecttocontract

Well that covers a large number of BBC employees and a majority of MPs I would imagine.

GeoffTF

Eco_Miser said:

GeoffTF said:

Eco_Miser said:

GeoffTF said:

artyboy said:

GeoffTF said:

mebu60 said:

OAP1952 said:

And the question I really want answered:  how do we change the life-long habits and spend the cash?!!!

There's many a thread on here endeavouring to find ways and means of making ourselves try to do that! 

Spending money is not a virtue. Give to charity.

The two things are not mutually exclusive! 

But by all means pontificate away if it makes you feel better...

Of course, we all have needs. I was responding to the suggestion that I should spend £millions at the local public houses to avoid it burning a hole in my pocket (assuming that I have £millions of liquid assets, of course). I would not do that, even if it was feasible and was not injurious to my health. Much the same applies to gorging myself with unhealthy food at the local eateries. I expect that there are those who would regard me as an old eccentric, but it takes all sorts to make a world. There are people with greater needs than me.

I don't see any suggestion of spending anything at the local public houses, or gorging on unhealthy food at the local eateries (except from you). Rather a question of how to reduce a frugal mind-set and actually get some benefit from the accumulated wealth.  

Personally I prefer to donate to community organizations that are not charities, but still doing important work. 

I was responding to Section62 above: "Depends how and where you spend your money.  Supporting local facilities (shops/post offices/pubs/cafes/farm shops etc) possibly has a lot more social value than some charity donations will achieve." The context here is £1 million+, presumably in liquid assets, since this is a savings and investments board.

Pity you failed to quote that. However the context is having a million quid and being too frugal to spend more than the absolutely necessary; not on squandering millions at the local pub, or the local post office or farm shop. 

Really, I can't see how you turned a suggestion to support your local cafe into gorging yourself on unhealthy food .

Funnily enough the cafe I do visit fairly regularly, for good healthy meals, is run by a charity.

I took the context to be "Supporting local facilities (shops/post offices/pubs/cafes/farm shops etc)" as an alternative to be giving £millions to charity. I do think not even gorging yourself at the local cafe will make much of a dent, assuming that it has already taken most of your life to accumulate the £millions. To take it to the extreme, it would be absurd to suggest that Bill Gates should spend his money in the local pub rather than give it to charity. Nonetheless, I clearly did not make that context sufficiently clear. Apologies for that.

Albermarle

InvesterJones said:

Out of interest, according to HMRC, millionaires may not be 'wealthy' - that's instead defined as those with incomes of £200,000 or more, or assets equal to or above £2m, in any of the last three years.

I think these figures are for individuals rather than households. So I guess if you are married then the family would have to £4M in assets for the individual to have £2M?
Also I wonder how they work out how many assets someone has ? Maybe it is just a rough guideline to work around.

Also you could be rich in assets, but be paying very little tax ( legally) so would be of little interest to HMRC anyway.

InvesterJones

Albermarle said:

InvesterJones said:

Out of interest, according to HMRC, millionaires may not be 'wealthy' - that's instead defined as those with incomes of £200,000 or more, or assets equal to or above £2m, in any of the last three years.

I think these figures are for individuals rather than households. So I guess if you are married then the family would have to £4M in assets for the individual to have £2M?
Also I wonder how they work out how many assets someone has ? Maybe it is just a rough guideline to work around.

Also you could be rich in assets, but be paying very little tax ( legally) so would be of little interest to HMRC anyway.

I don't think they bother to work out assets - the statement was in an article criticising them for having a definition of wealthy but no real idea of how many people it applied to thus were unable to meaningfully contribute to looking at the effects of taxation changes at the high end.

GeoffTF

Albermarle said:

InvesterJones said:

Out of interest, according to HMRC, millionaires may not be 'wealthy' - that's instead defined as those with incomes of £200,000 or more, or assets equal to or above £2m, in any of the last three years.

I think these figures are for individuals rather than households. So I guess if you are married then the family would have to £4M in assets for the individual to have £2M?
Also I wonder how they work out how many assets someone has ? Maybe it is just a rough guideline to work around.

Also you could be rich in assets, but be paying very little tax ( legally) so would be of little interest to HMRC anyway.

The HMRC thresholds are for tax payers. It is possible for one partner in a marriage to be rich and the other poor. Joint assets would be split down the middle.

HMRC will have data concerning your financial assets from banks, building societies, investment platforms etc.. That information is shared internationally nowadays. They will also have access to the Land Registry records. I expect that they have data from other sources too, e.g. auction houses, and bullion dealers. Small time jewellers? I do not know. They have recently said that they do not know how many billionaires there are in the UK, so their systems clearly have limitations.

If you are over either of their thresholds, they will want to turn over every stone they can find, and they are getting more staff to it.

Eco_Miser

GeoffTF said:

Eco_Miser said:

GeoffTF said:

Eco_Miser said:

GeoffTF said:

artyboy said:

GeoffTF said:

mebu60 said:

OAP1952 said:

And the question I really want answered:  how do we change the life-long habits and spend the cash?!!!

There's many a thread on here endeavouring to find ways and means of making ourselves try to do that! 

Spending money is not a virtue. Give to charity.

The two things are not mutually exclusive! 

But by all means pontificate away if it makes you feel better...

Of course, we all have needs. I was responding to the suggestion that I should spend £millions at the local public houses to avoid it burning a hole in my pocket (assuming that I have £millions of liquid assets, of course). I would not do that, even if it was feasible and was not injurious to my health. Much the same applies to gorging myself with unhealthy food at the local eateries. I expect that there are those who would regard me as an old eccentric, but it takes all sorts to make a world. There are people with greater needs than me.

I don't see any suggestion of spending anything at the local public houses, or gorging on unhealthy food at the local eateries (except from you). Rather a question of how to reduce a frugal mind-set and actually get some benefit from the accumulated wealth.  

Personally I prefer to donate to community organizations that are not charities, but still doing important work. 

I was responding to Section62 above: "Depends how and where you spend your money.  Supporting local facilities (shops/post offices/pubs/cafes/farm shops etc) possibly has a lot more social value than some charity donations will achieve." The context here is £1 million+, presumably in liquid assets, since this is a savings and investments board.

Pity you failed to quote that. However the context is having a million quid and being too frugal to spend more than the absolutely necessary; not on squandering millions at the local pub, or the local post office or farm shop. 

Really, I can't see how you turned a suggestion to support your local cafe into gorging yourself on unhealthy food .

Funnily enough the cafe I do visit fairly regularly, for good healthy meals, is run by a charity.

I took the context to be "Supporting local facilities (shops/post offices/pubs/cafes/farm shops etc)" as an alternative to be giving £millions to charity. I do think not even gorging yourself at the local cafe will make much of a dent, assuming that it has already taken most of your life to accumulate the £millions. To take it to the extreme, it would be absurd to suggest that Bill Gates should spend his money in the local pub rather than give it to charity. Nonetheless, I clearly did not make that context sufficiently clear. Apologies for that.

Now I didn't see any suggestion of giving millions to charity, or spending millions in the local economy (except from you), ( because a millionaire may only have one million) just relaxing the habits of a lifetime and spending on nice-to-haves. Bill Gates, being the richest man in the world before he started giving it all away, is obviously in a completely different situation to anyone on this board.
OAP1952  will come back and expand on their question.

GeoffTF

Eco_Miser said:

GeoffTF said:

Eco_Miser said:

GeoffTF said:

Eco_Miser said:

GeoffTF said:

artyboy said:

GeoffTF said:

mebu60 said:

OAP1952 said:

And the question I really want answered:  how do we change the life-long habits and spend the cash?!!!

There's many a thread on here endeavouring to find ways and means of making ourselves try to do that! 

Spending money is not a virtue. Give to charity.

The two things are not mutually exclusive! 

But by all means pontificate away if it makes you feel better...

Of course, we all have needs. I was responding to the suggestion that I should spend £millions at the local public houses to avoid it burning a hole in my pocket (assuming that I have £millions of liquid assets, of course). I would not do that, even if it was feasible and was not injurious to my health. Much the same applies to gorging myself with unhealthy food at the local eateries. I expect that there are those who would regard me as an old eccentric, but it takes all sorts to make a world. There are people with greater needs than me.

I don't see any suggestion of spending anything at the local public houses, or gorging on unhealthy food at the local eateries (except from you). Rather a question of how to reduce a frugal mind-set and actually get some benefit from the accumulated wealth.  

Personally I prefer to donate to community organizations that are not charities, but still doing important work. 

I was responding to Section62 above: "Depends how and where you spend your money.  Supporting local facilities (shops/post offices/pubs/cafes/farm shops etc) possibly has a lot more social value than some charity donations will achieve." The context here is £1 million+, presumably in liquid assets, since this is a savings and investments board.

Pity you failed to quote that. However the context is having a million quid and being too frugal to spend more than the absolutely necessary; not on squandering millions at the local pub, or the local post office or farm shop. 

Really, I can't see how you turned a suggestion to support your local cafe into gorging yourself on unhealthy food .

Funnily enough the cafe I do visit fairly regularly, for good healthy meals, is run by a charity.

I took the context to be "Supporting local facilities (shops/post offices/pubs/cafes/farm shops etc)" as an alternative to be giving £millions to charity. I do think not even gorging yourself at the local cafe will make much of a dent, assuming that it has already taken most of your life to accumulate the £millions. To take it to the extreme, it would be absurd to suggest that Bill Gates should spend his money in the local pub rather than give it to charity. Nonetheless, I clearly did not make that context sufficiently clear. Apologies for that.

Now I didn't see any suggestion of giving millions to charity, or spending millions in the local economy (except from you), ( because a millionaire may only have one million) just relaxing the habits of a lifetime and spending on nice-to-haves.

They may not have millions to give to charity. I am not going to pass judgement on your spending habits.

alfred64

Thread asks if there are any millionaires who contribute to mse not if there are millionaires who contribute to hmrc

Ibrahim5

I am a millionaire who tries to help people on MSE. Some people don't want to listen though.