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Ken, transfering assets to a faimily member is a very dangerous activity indeed, as it can have enormous tax implications, for both the donor and the person to who the ‘gift’ is transferred
To the best of my knowledge a family member can transfer £3000 pounds to a relative(s) per year without tax implications. Any amount over this can be transfered as long as the donor lives for a futher 7 years (I believe that there are moves to increase this period to 14 years). Should the donor die within this 7 years, the total transfer will be counted as part of the deceased estate and will tax implications.Another thing to be very wary of is selling your valuables (house, jewellry etc) to family at a knock down price, especially if you retain some use of the assett transfered (a common example is selling your house cheap to chldren but continueing to live there, eiher rent free or at a knock down rental value). If rent is then paid to the children at current market rate, the chilren would be subject to income tax. If no rent is recieved it is considered o be a
‘gift with reservation’
. I think the tax law came in during 1999. It basically states that when a person dies, any gift with reservation will be counted as pert of the deseased estate (despite ownership) and as such will still be considered as pert of that persons estate upon death and will be considered for inheritance tax purposes. Naturally, any increase in the value of the assett during that time will be considered as a capital gain by the person that recieved the gift and as such will be taxed accordingly.
Away from tax, another thing to be carefull of is transfering assests away from a person, with the specific reason of avoiding paying nursing home/care fees. A deliberate act such as this (and it is the responsibility of the authority to prove it was deliberate) is called deprivation of assetts, and can lead to major problems!!!! There is no defined time limit on what can be can be called deprivation of assets, although it is also generally considered to be 7 years. If care is needed within this period, claims can be made on the assett which was transfered (ie on the new ‘owner’) or the asset can be ‘tagged’ so that any bill you run up with the local authority can be claimed back when the property is sold.
Hope this helps….. be carefull out there, its a jungle!!!
Indeed, there’s a case to made that Cameron’s political antenna has let him down, because Brown cantered all over him at PMQ’s last week, despite having been harpooned by two of his own ministers the day before.
I would imagine cameron did not want to mow Broon down last week, thus helping him out of a job. Surely Cameron knows that this buffoon is his gretest political ally, and the thought of Brown not leading them into the next election would be a nightmare for Cameron.
Not sure about rabbit showjumping, but apparently the Sheep and Goat Grand National is to be run next Monday at Hoo Farm near Kidderminster.
Might just don the binos and pop along for a peek.
And this one…….
Birth pangs of a new world order? Something else which evidently has been in Labour for far too long. Here is what Our Glorious Leader had to say in 2007.
Brown is desparately fumbling to save his political skin. And it looks like he is failing to do so. Blame everything, anything, everybody, anybody in order to cover up his own shortcomings. Rushing out statement after statement to create the illusion that he is doing something, anything. And irrespective of the plain facts that are all around him.
He constantly talks of confidence in the economic system. How can there be a return to confidence when it is becoming increasing clear that there is no public confidence in him. His record on the economy is truely appauling.
Mr Brown should be made stand a vote of confidence / general eclection. But of course he wont.
"I will not allow house prices to get out of control and put at risk the sustainability of the recovery."
Gordon Brown, 1997 Budget Statement"No more boom and bust"
Gordon Brown, 1997An immediate General Election should be called for the people to be given their oportunity to express their veiw.
Didn’t notice anyone complain about all these homes programs when they were helping prices to rocket through the roof, to the unsustainably high prices which we find ourselves in today.
Personally, I have no problem at the prospect of buying a house which has been repossessed.
I’m not sure whether this bit was screened or not, and apologies if it was, but this statement from the Deputy Govenor casts some doubt over the caim that the taxpayer will end up with a long term profit:
[i:3f0wssjl]Sir John also raised questions over whether taxpayers would get back all of the money the government has now invested in the banking sector.
“There are some books: Northern Rock, Bradford & Bingley, which the taxpayer’s now holding, which clearly have a level of defaults in them, not quite sure how that will balance out against the residual of the capital,” he said.[/i:3f0wssjl]
This follows from the news last week that additional writedowns by the banks have left the taxpayer sitting on an addition £7 bilion decifit for the bank bailout. The propagana ministry don’t want us to know that though.
No use of the BoE statement that interest rates are a ‘blunt tool’ (see his blog). Wouldn’t this blow out of the water one of Gordon’s great ‘co-ordinated world action’ tripe.
No question if Gordon Brown had known if this was coming. If not, why not? (question nicked off Pestons blog)
Did Goron Brown actively encourage this behaviour in his 11 year stint as Prudent, best chancellor ever, Brown. If so, how?
How does all this fit in with Brown ‘no more boom and bust’ statement. Oops, forgot, he didnt really say that did he.
Pathetic effort from the BBC in my opinion.
Sorry rant over again
To my mind, when your’re dead, you’re dead. Put in the ground to rot like any other matter. All that remains is some else’s memories.
Simple that one in my opinion.
A disgraceful Panarama just been screened in my opinion.
Hardly once was the oportunity taken to investigate just what part the disgusting Gordon Brown and his disgraceful Zanu-Labour party had in all this business.
Just give further time to help labour distract from their part, and help in their ‘its every body else’s fault’ propaganda machine.
Pathetic from the BBC. I do wonder sometimes what exactly is my licence fee for.
There you go, rant over!!
The second world war was the result of the collapse of democracy and the replacement of that system of government with an idealogical un-elected one
If the above led to WW2, then God help us in this country.
Maybe this is actually what The Politburo in their bunker at Number 10 are after.
