WTBTS and Taxes in the UK.

Gill

The WTBTS, at least here in the UK, makes loans to congregations of JWs for mortgages to build KH's at a 'reasonable rate of interest'.

Does the WTBTS pay Tax on the interest it is making, since this is clearly not a charitable earning or donation?

Honesty

I doubt it. They are, after all a non-prophet organization.

I wonder if the U.S. Justice Dept. and the Internal Revenue Service is aware that the Watchtower Society loans money and charges interest.

MissBehave

See, this is what I could never accept. They collect all this money in donations for the Kingdom Hall Building fund and then they "loan" it to the congregations. What a scam.

Gill

I would hope that they are aware of it and if not, perhaps someone would like to make them aware of it!

"See, this is what I could never accept. They collect all this money in donations for the Kingdom Hall Building fund and then they "loan" it to the congregations. What a scam. " Nonsense - the donations act as "seed capital" for loans. Most loans are interest only. Any capital repayments are then reloaned. The KH fund is ringfenced and used only for building projects. Our interest-only Kingdom Hall loan is at (base rate - 1.5%) = 3% at the moment (with BR @ 4.5%). Try asking the Halifax for the same rate on your home mortgage!

As with all lending institutions , tax is paid on the margin between cost of capital & return. Probably NIL or negative in this instance. The WTS could get more by putting the money in the building society.

Gill

Dozy - But since all 'their' money was donated to them in the first place, should they be charging any interest AT ALL? Why are they not paying for the KHs straight out so that the 'poor brothers and sisters' are then not lumbered with a debt to the WTBTS in the first place.

The money was given to them for the purpose which, they then choose to charge interest!

I smell a Big Rat!

Honesty

A sister donated money for a renovation at our hall. The WTBT$ ended up with the money and even sent her a thankyou note. Funny thing is the congregation still owed as much $ on the renovation after her donation. One MS who was doing the congregation accounts stepped down and faded from sight with his entire family over it. I saw him and his wife in a public place a few months after I DA'd. When I mentioned that I had escaped the Watchtower Lie and they could get in trouble for talking with me they both said that the Watchtower had cheated the local congregation because the sister that donated the money for the hall decided it was fraud and they started paying her back for the $ she donated.

Bottom line:

Sister donates $30,000+ to congregation

Congregation elders send $ to Crooklyn

Crooklyn loans $30,000+ to congregation for renovations

Sister wants $ back

Congregation is paying her $30,000+

Congregation is paying WTBT$ $30,000+ along with approximately 3% interest

Congregation has been screwed out of:

$30,000+ and interest

$30,000+ they had to pay sister back

Instead of being debt free with sister's generous gift the congregation owed $60,000

WTBT$ is a rip off cult that victimises its followers and cheats them out of their $ and souls..

Bob Evans
Walland, TN

Gill

Honesty - That is a total disgrace! Not a surprise when considering the WTBTS however.

dozy

The nominal rate of interest increases the overall fund (marginally) and generates more funds for further projects. As most loans are interest-only , further capital payments are used to further more projects.

The loans do not "burden the brothers" - the interest rate & (if any) repayment schedule are very light & can be re-negotiated if required. Typically the society will lend up to 50% - the rest is made up of congregation funds and "soft" loans. Our congregation in rural Scotland really appreciated the help - we couldn't have refurbished our hall without it.

There is no conspiracy here , no matter how much ex-JWs want there to be - sorry! Keep trying , though - love the laughable "experience" quoted.

Honesty

Any of you loyalist JW supporters want to disprove the above and prove that this is just an apostate lie?

You can start with the Walland, TN. Christian Congregation of Jehovah's Witnesses and follow the $ trail. They didn't realise that one of accounts servants made copies of everything while he was 'active in the congregation' because he smelled a rat from the get go.

WTBTS and Taxes in the UK.

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