I remember a profoundly dull individual from this parish going through the process in the PoF podcast.
It really is a simple as is depositing $10m into his account and him making the payment to his club for his release.
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[Albion] Valentín Barco **Signed 20/01/24**
- Thread starter Bozza
- Start date
It really is a simple as is depositing $10m into his account and him making the payment to his club for his release.
- Jun 20, 2021
- 3,304
Imagine if he just kept the money
Then he wouldn’t get his family back!Imagine if he just kept the money
brightn'ove
cringe
PSG gave Neymar £220m to pay out his Barcelona buyout clause... Now that is running away money.Imagine if he just kept the money
I think we gave Welbeck £2m so he could buy out his contract with Watford....
Mancgull
Well-known member
I would think that buying out a contract in the Uk is more difficult eg a future employer pays an individual £10m. Surely HMRC would see that as a payment for income tax purposes and then tax the individual on it accordingly? Circa £4m of tax.
Wonder how it works in Argentina?
Wonder how it works in Argentina?
- Oct 20, 2022
- 4,935
I’m hoping he doesn’t expect a scarf either because the last time I looked in the Amex store, there were only a few Mitoma scarfs left on sale - I dunno - Barber out eh
aolstudios
Well-known member
Yep. Been trying to buy my daughter a scarf for weeks
Joey Jo Jo Jr. Shabadoo
Waxing chumps like candles since ‘75
- Oct 4, 2003
- 11,187
PSG and Neymar's lawyers paid the money directly to Barcelona. Normally in Spain the buying club or a legal representative of the player pays the money to La Liga who then pay the club when the player informs them of his wish to activate the release clause and the agreement over personal terms in complete. This stops the player being responsible for any capital gains tax on the money. However La Liga were unwilling to act as the middle man over concerns of breaches of FFP by PSG, that Barcelona had previously raised. So they refused to accept the payment, meaning the clubs had to deal with each other more directly than normal.
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Sheebo
Well-known member
- Jul 13, 2003
- 29,309
Def needed a left sided player. If he can play multiple positions that’s even better. But cover for Pervis is a good start. If he did sign yesterday, I can’t see why the club haven’t just announced it if he’s not about until Feb. Or Fab is jumping the gun for an obvious exclusive as per usual - as he was nowhere near this one and it hurt his ego all those other journos broke it first?
Announce Barco
There's no income tax due on gifts. The £10mil to Barco would be a gift effectively. He's not doing any work for the club in return for recieving this £10mil. It just frees him up to then sign a contract of employment.
Similar scenario - when a parent gifts a child a deposit for a house - say £100k - the taxman doesn't try and take 40% of that do they?
AZ Gull
@SeagullsAcademy Threads: @bhafcacademy
If the giftor died within seven years of making the gift, then there would be Inheritance Tax implications, surely?
- Oct 17, 2008
- 10,843
I have a feeling this will be confirmed tomorrow. Just a hunch. Is he in the country yet?
Hâte to be boring (well not that much I guess) but actually to 10£ m would be income but the 10£m buyout clause would be a deductible expense, thus no net income and no tax due. It is the slow season….
AZ Gull
@SeagullsAcademy Threads: @bhafcacademy
He won't be in the country until February, will he?
dolphins
Well-known member
Isn't he doing the tournament there, and not coming over to Blighty until mid February?
I mean, to be even more boring my response to the original reply should have pointed out that at the time of receiving the 10mil from us, Barco wasn't tax domiciled in the UK and so anything he received whilst tax domiciled in Argentina would be absolutely nothing to do with HMRC, whether they'd give a toss or not.
aolstudios
Well-known member
Yep