Chapter 93: Working Hard for Me

When William spoke, the lawyers present all laughed. "Mr. Devonshire, you need to understand that not all clients make money; some lose. When someone gains, another inevitably loses.

For the bank, this system offers significant advantages. When they facilitate clients' futures trades, they often pool the funds of those betting on rises and falls into a single account. The gains of some clients offset the losses of others. This way, the bank avoids capital gains taxes in various countries. As long as they keep the transaction fee under 3%, they profit."

"So, in a market crash where I made $3.4 billion, the National Bank might actually be grateful because they have too many losing accounts that need balancing, preventing their reputation from being tarnished?" William asked.

"Exactly, Mr. Devonshire," a lawyer confirmed.

"Oh my God, I had no idea banks could operate like this. Lante, does that mean they can always turn a profit regardless of the situation?" William was astounded.

Lante chuckled and shook his head, "Not always, Mr. Devonshire. They can still face losses. The bank's primary goal is to present more attractive financial statements to draw more clients. When client numbers reach a certain scale, that 3% transaction fee becomes significant."

William now saw why lawyers and bankers were the most sought-after professionals by the wealthy. He was thrilled with these insights, pacing around the parlor in high spirits. "Lante, I want to hire you as my personal tax lawyer. From now on, all my tax matters will be in your hands. I like you, so your annual salary will be £1 million, the same as Anthony's."

Anthony looked bewildered, thinking, "My salary is £300,000. When did it become £1 million?"

Noticing Anthony's confused expression, William suddenly realized and burst into laughter. "Anthony, my friend, I forgot to tell you, your salary just increased. Just now. Yes, you heard right, just now. I'm very pleased with Montague & Lante Law Firm. Congratulations on your raise."

Who wouldn't be happy with a raise? Anthony's face lit up with a broad smile as he thanked William profusely, "Thank you, Mr. Devonshire. Thank you very much."

The other lawyers, partners or assistants of Anthony and Lante, were also delighted. A satisfied big client meant more work for their bosses, which in turn meant more opportunities and income for them. The £1 million was just for Anthony and Lante's retainer as William's private lawyers. There were additional earnings from cases, which meant they could also earn more.

William was elated but still kept his wits. After everyone had their share of laughter, he voiced his concern, "Some officials from the UK Treasury are keeping an eye on my stock market activities. Is it really okay not to pay taxes in the UK?"

Lante pondered for a moment and then said, "As long as the funds don't come back to the UK, there shouldn't be any issues. If they do return, you can channel them through offshore accounts. But since the Treasury is already watching, I suggest you declare the $300 million you earned in the UK. After all, you're a UK citizen. Your business and family are here. It's unwise to give the Treasury any leverage over you. For other countries, you don't need to worry. Without business or nationality ties, you aren't required to report personal income there."

"Alright, I'll consider it as buying peace of mind. How much do I owe the USA again? $80 million?"

Lante immediately responded, "$78 million."

William did the math and felt something was off. "Isn't it $60 million?"

Lante explained, "The UK's personal income tax is 26%, and the capital gains tax is 20%. The two can offset each other, so you pay 26%, which is $78 million. In the USA, after paying the 20% capital gains tax, you still have to pay the 37% state tax. That's even higher, Mr. Devonshire."

William considered the calculations. With the $220 million from the deal with Bridgewater, of which 40% belonged to Devonshire Industries, totaling $88 million, plus this $300 million, he had $388 million in earnings. At 26%, he owed $100 million to the UK government. "Those damn English tax vampires! They give me no benefits but are ruthless when collecting taxes," William fumed.

"Actually, Mr. Devonshire, it's precisely $108.88 million," Lante corrected with a shrug. "Mr. Devonshire, remember: only death and taxes are eternal."

William sighed after venting his frustration, "Alright, I'll pay. Lante, Anthony, if I pay this $100 million to the UK government, will they leave me alone regarding financial matters?"

Lante and Anthony exchanged glances and nodded, "Yes, Mr. Devonshire. The only funds linked to the UK are the $388 million. Even if they suspect you have other funds in Switzerland, they can't prove it. If you don't mind using offshore companies to obscure your holdings, you can continue to invest in the UK this way."

William thought for a moment and said, "But that still leaves a loophole. Even if they can't find evidence now, if Swiss National Bank is ever forced to disclose client accounts, the UK government could come after me for my Swiss funds and possibly arrest me."

This time, Lante thought deeply and discussed with the other lawyers. Half an hour later, Lante said, "Although we believe your scenario is unlikely, if it happens, we are 90% confident we can help you win. Unless the UK government changes its tax laws in the future, there won't be a threat. Even if they do, you can refile your taxes. The current laws don't require you to declare offshore accounts, giving us grounds to win any case. Rest assured, Mr. Devonshire, the worst outcome is refiling."

Hearing this, William finally relaxed. "That's excellent. Now I feel reassured. You guys are fantastic. Here's a token of my appreciation."

William took out his checkbook and wrote a £700,000 check to Anthony. "Anthony, here's a £700,000 check. £100,000 each for you and Lante, and £50,000 each for the remaining ten lawyers. This is my gift to you. Don't worry, it's from Swiss National Bank, so it doesn't need to be reported in the UK. You're the experts in this field, so you know what to do."

The ten junior lawyers, thrilled at receiving £50,000 each, cheered. For some, this amount was almost a year's salary. It was a welcome windfall.

Expressions of gratitude filled the reception room, "Thank you, Mr. Devonshire. God bless you."

William laughed heartily. He intended this as a gesture to win over these relatively low-paid lawyers. "Gentlemen, this is just a welcome gift. Working for me will bring you bonuses in addition to your salary. I guarantee your earnings will double, and exceptional workers may see their income increase several times over. So, work hard for me!"

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