HOUSE DEEDS

[big-all]

The way around all the legislation is to use a solicitor to create a trust, the house or other assets are then handed to the trust so administer. You can make whatever provisos you like with regards to how the trust is administered and who manages it.

If there is no mortgage on the property, then you can create a situation whereby a person can live in the house free of charge, however if there is a mortgage, then realistically the tennant would be required to pay sufficient to meet the mortgage payments on the property.

This way the house/asset is owned by the trust per se and so long as it is all above board, the Government cannot touch it.

my father over the last couple of years partly in scotland but mostly here in england was sorting out a trust [he is 73] so he could put all the money he wanted to give to his grandchildren from his estate to reduce his assets below the inheritence tax level
in the end he was advised it would'nt be worth it as it wasn't tax effective and the running costs would be wasted i can't remember the exact reason so i will have to ask

 

[JohnD]

generally speaking, if someone thinks of a cunning wheeze to avoid tax, the law will be changed to catch them.

The idea of taxes isn't that people don't pay them.

 

[masona]

Just seen my house deeds, only got my name on it and not my wife, would my wife have to pay inheritance tax upon on my death?

I bought my bungalow before I met my wife

I will be making a call to my solicitor during the week to correct it if neccessary.

 

[empip]

Generally not, but you absolutely should have a will and proper advice in the making / storing / updating of it...

Have a read :-
http://www.direct.gov.uk/en/RightsAndResponsibilities/Death/Preparation/DG_10029800

 

[Balenza]

JohnD wrote

The idea of taxes isn't that people don't pay them.

People have a right to avoid paying taxes as less money is available for the government to squander. ie , foreign wars, nuclear bombs,
single mothers, young girls getting pregnant in order to receive free homes all at the tax payers expense , lazy gits who wont work. The list is endless.
I had a few opportunitys recently to start a business of my own then I looked at how much extra tax I would be paying to the government so decided against the move. Im happy with my lot and even happier knowing the tax man cannot claim money from my account that I could potentially earn but choose not too.

 

[Soggy_weetabix]

As i understand, Cuban laws are different.

But, BOB DOLE has hired henchmen to burn my house down, kidnapped my wife and kids and is demanding one on my eyes (not sure why).

BOB is obviously a man who is 'connected' to the underbelly of the Cuban Mafia

David

 

[JOHNBOY42]

My sister has worked all her life and has now just retired so you could say she has paid her fair share of tax and national insurance and has now paid the house off ,,,why should she not have some comfort rather than worry if she goes into a home the house will be used to fund this while somebody who has not worked a day in their life gets this for free............. could this be a way around it,,,,,,,,,,she sells the house for ......lets say £300k to her children,when the proceeds is handed to her she then gives a gift to the children of £100k each ,,,,,then they put their 100k each together and pay off the mortgage,they can then charge her rent to live at thier property......I know this will involve legal fees and duty but would this be possible....................................she is not a tax dodger or some sort of benefit fiddler but as I say she has paid taxes all her working life and now what she has got may also be taken off her..................very very unfair I say......while this goverment is handing out millions to asylum seekers and refugees

 

[Balenza]

JOHNBOY42 wrote

why should she not have some comfort rather than worry if she goes into a home the house will be used to fund this

From what I can gather the care homes are no longer being funded by the government or at least have a much reduced funding and have been given powers to requisition their clients property and offer it for sale.
I think it takes something like £400 a week to care for a patient in a care home.

 

[chainsaw_masochist]

It's up to you to find out! The same with benefit entitlement, There are many non-taxpayers are paying tax on the interest saving which you can claim back, this Government have about £1,000,000 + of unclaimed tax which people are not claiming for, The tax man owe me a lot of money so I'm claiming it back, so it's there for you to find out!

I pretty much have, Masona. Trusts generally are expensive to create and can be difficult to administer. Also tax will still have to be paid by the trust on income (at 40%) and dividends (at 32.5%). Regarding your own situation where your property is in your name you might consider becoming tenants in common with Mrs Masona. Have a read of this:
http://www.thisismoney.co.uk/tax-ad...ticle.html?in_article_id=404318&in_page_id=78

Point taken. re the erroneous payment of tax on capital interest for non-tax payers.

My sister has worked all her life and has now just retired so you could say she has paid her fair share of tax and national insurance......she is not a tax dodger or some sort of benefit fiddler but as I say she has paid taxes all her working life and now what she has got may also be taken off her..................very very unfair I say.

The funding of the elderly in Britain will become a continually more contentious issue. With many people living well into their eighties and nineties there is a huge problem to deal with as to the who pays issue. What I find manifestly unfair, currently, is that care is provided by the NHS trusts without charge in one part of the country, yet in another one's estate (if there is one ) is used as the source of funding. Surely this should be dealt with consistenlty whatever part of the country one is based? Another postcode lottery.

I think it takes something like £400 a week to care for a patient in a care home.

Sounds about right. But probably depends upon how much care and medication each individual requires.

 

[masona]

It's up to you to find out! The same with benefit entitlement, There are many non-taxpayers are paying tax on the interest saving which you can claim back, this Government have about £1,000,000 + of unclaimed tax which people are not claiming for, The tax man owe me a lot of money so I'm claiming it back, so it's there for you to find out!

I pretty much have, Masona. Trusts generally are expensive to create and can be difficult to administer. Also tax will still have to be paid by the trust on income (at 40%) and dividends (at 32.5%). Regarding your own situation where your property is in your name you might consider becoming tenants in common with Mrs Masona. Have a read of this:
http://www.thisismoney.co.uk/tax-ad...ticle.html?in_article_id=404318&in_page_id=78

Point taken. re the erroneous payment of tax on capital interest for non-tax payers.

Thanks for the link, later in the week, I shall pop down to my local CAB for their advice then see my solicitor and will let you know the outcome of their reason.

 

[masona]

How much would it cost me to put my children on the house deeds and how long do they have to be on them, is there a web site anywhere, what would i type for a search.

Bob, I don't know your situation with your children but this has happen to my friend who has their children names on the deeds and one of them went bankrupt later in life and was force to sell the share of the parent house, I don't know the full story but I thought I mention it to you as you could lose your house(?)