Chapter 93: Work Hard for Me
Hearing William's question, the lawyers seated around him laughed. "Mr. Devonshire, you have to know that for every client who makes money in futures, another client must lose money," one explained.
"When a bank like the Swiss National Bank helps clients buy and sell futures, they often internally offset the funds of clients who are buying long against those who are selling short. By doing this, the bank doesn't need to commit its own capital. As long as they control the transaction, their handling fee of no more than 3% guarantees they make a profit."
"In other words," William clarified, "when I earned my $3.4 billion, the Swiss National Bank might have taken a smaller loss than expected during the stock market crash because they had so many losing accounts they could offset my gains against? And settling all of them at once would damage their reputation?"
"Yes, Mr. Devonshire."
"God, I'm only now learning that banks can operate like this. Langte, is it possible for them to lose money with this model?"
Langte shook his head with a smile. "Of course, they can lose money, but it's rare. And when the trading volume reaches a certain level, that 3% handling fee becomes a very considerable sum."
Lawyers and bankers truly are the most sought-after professions in the world. At this moment, William was developing a real fondness for these guys. He stood up and paced around the living room excitedly.
"Langte, I'm hiring you as my private tax lawyer. From now on, you'll handle all my tax matters. And Anthony," he said, turning to his other lawyer, "I like you guys, so your annual salary is now one million pounds, same as Anthony's."
Anthony looked at William with a bewildered expression, thinking, *My annual salary is £300,000, when did it become £1 million?*
William saw Anthony's stunned look and suddenly realized his mistake. He burst out laughing. "Anthony, my friend, I forgot to tell you—your annual salary has just gone up! Hahaha, you didn't hear me wrong. I'm very satisfied with your work at the Lida Law Firm. Please accept the new salary."
Who wouldn't be happy about a raise? A broad smile spread across Anthony's face. "Thank you, Mr. Devonshire. Thank you very much."
The other lawyers present were partners or assistants of Anthony and Langte. They were all happy to see their bosses earning more. If the big boss was satisfied with their bosses, it meant better prospects for them all. The million-pound salary was just for their services as William's private lawyers; taking on specific cases would bring in additional income, meaning they all stood to make more money.
William was truly happy today, but he hadn't lost his head. After the laughter subsided, he voiced his concerns. "My recent move in the stock market has attracted the attention of England's financial authorities. Will paying taxes like this really be okay?"
Langte lowered his head and thought for a moment. "As long as the funds don't return to England, there won't be any issues. If you do want to bring money back, you can use an offshore company account. But since the financial department is already paying attention, Mr. Devonshire, I suggest you declare the $300 million related to your activities in England."
"After all, you are English. Your career and family are in England, so it's best not to give the financial authorities any obvious leverage against you. Other countries don't matter; as long as you aren't a citizen and the income wasn't generated in their country, you don't need to declare personal income to them."
"Alright, so I'll just pay to keep the peace. On the $300 million, how much tax is due?"
Langte immediately replied, "$78 million."
William frowned. That seemed like a lot.
Langte explained, "England's personal income tax is 26%, and the capital gains tax is 20%. You only have to pay the higher of the two, so at 26%, it's $78 million. For comparison, in the U.S., after paying a 20% federal capital gains tax, you might also have to pay a state tax of up to 37%."
"In addition to the $220 million from Baishida," William mused, "there was the $88 million from the sale of the Devonshire Industries' 4th floor, plus this $300 million. That's $388 million. At 26%, I'll have to pay over $100 million to the English government. This group of goddamn English vampires has never done a thing for me, yet they're so ruthless with taxes," he couldn't help but curse.
"Sorry, Mr. Devonshire. To be precise, it's $100.88 million," Langte said with a shrug.
Having vented his frustration, William said helplessly, "Fine, I'll pay it. Langte, Anthony, if I pay the $100 million to the English government, will they have any reason to trouble me about financial matters in the future?"
Langte and Anthony looked at each other and nodded. "Yes, Mr. Devonshire. The only funds connected to England amount to $388 million. Even if they suspect you have other funds in Switzerland, they can't find any evidence. If you don't mind holding your shares through offshore companies, you can use that method to invest in England in the future."
William was silent for a long time. "So you're saying there's still a loophole. They can't find evidence now, but if one day the Swiss National Bank is forced to open customer accounts, the English government could still use that money in Switzerland to cause trouble for me, maybe even arrest me?"
This time, Langte thought for a long while, discussing quietly with the lawyers around him. Half an hour later, he turned back to William. "Although we believe the scenario you've proposed is highly unlikely to happen, since you've raised the question, our conclusion is that it would be troublesome. However, we are 90% certain we could help you win the case."
"Unless the English government modifies its tax regulations in the future, it shouldn't pose a threat to you. And even if they did, you could simply retroactively declare it. The existing laws do not require you to declare assets held in offshore company accounts abroad, which gives us a strong basis to win the lawsuit. Don't worry, Mr. Devonshire. The worst-case scenario is simply having to declare that income later."
Hearing this, William finally felt a sense of relief and nodded happily. "Great, I feel much better now. You guys are fantastic, and I'm very satisfied. I have a gift for you."
With that, William took out his checkbook, wrote a check for £700,000, and handed it to Anthony. "This is a check for 700,000 pounds. You and Langte each take 100,000 pounds. The remaining ten people each get 50,000 pounds. This is my gift to you. And don't worry, gentlemen, this is a check from the Swiss National Bank. You don't need to declare it in England. You're the professionals in this area, so I won't say more about how to handle it."
When the ten other lawyers heard that William was giving them £50,000 each as a gift, they all shouted with joy. Some of them only earned £60,000 a year, making this a true windfall.
Voices of gratitude filled the room. "Thank you, Mr. Devonshire! God bless you!"
William laughed heartily. He knew this small sum would help buy the loyalty and silence of these lower-earning lawyers. "Gentlemen, this is just a gift. In addition to your salary, there will be bonuses for working for me. I promise that your income will double in the future, and for the most outstanding among you, it could increase several times, even dozens of times over. So, work hard for me."
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