Proceeds of Crime Hearing

[Red-Coat]

Rogue metal detectorist claims he gambled away proceeds of haul

George Powell, 40, who was jailed in 2019 alongside his fellow metal detectorist Layton Davies, 54, told a proceeds of crime act hearing that he received £20,000 for the 1,100-year-old coins.

www.dailymail.co.uk

 

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[SD51]

Well at least, the bozo can claim the loss on his taxes! If they ever print a dictionary that uses pictures instead of words to describe the definition of a word, his face would be used for the word, "MORON".

Anybody got any other words that would apply?

 

[Davers]

So it's a Tax thing ? Or ..I do know there are certain detecting laws on that side of the pond , (many of them are pretty good if I recall right ).

 

[Red-Coat]

So it's a Tax thing ? Or ..I do know there are certain detecting laws on that side of the pond , (many of them are pretty good if I recall right ).

Not just a tax a tax thing, although you do pay Capital Gains tax on money awarded to you for “Treasure” finds. The first £12,300 of capital gains are tax-free, so you deduct that from the gain and the remainder is taxed in the same way as income… 10% on the first £37,700 and then 20% on anything over that amount.

This was sheer greed, which didn't just evade taxation but also cheated the landowner out of his rightful share. As the judge said: “if you had gone on to act within the law after you found this treasure, you could have expected to have either a half share, or at very worst a third share of over £3 million to share between the two of you [him and his crony].”

So, at worst, half a million quid,.. completely legitimately, with a tax bill under £100,000