Deed of Variation
Comments
-
securityguy wrote: »Potentially, Jay, the state gets a two for one: both would lose their benefits by the full amount of the sum involved. I don't see any provision in the regulations to limit the DOV to only stopping one person's benefits.A good point! The Government get two bites at the cherry. As the saying goes there are only two certainties in life: death and taxation!
Thanks for the replies guys.
Interesting scenario!,and it makes me appreciate having a job that (little) bit more, sometimes it pays :beer: :dance:0 -
Total lay person here. This stinks to high heaven of deprivation of assets. If it legally isn't then it should be. You are entitled to receive some money, but this will mean your benefits are stopped until you have spent this money. So you give this money to someone else & you hope they will give some of it back to you or why would you give it away when you haven't got much yourself. No doubt in my mind - if it isn't deprivation of assets then it really ought to be.0
-
Total lay person here. This stinks to high heaven of deprivation of assets. If it legally isn't then it should be. You are entitled to receive some money, but this will mean your benefits are stopped until you have spent this money. So you give this money to someone else & you hope they will give some of it back to you or why would you give it away when you haven't got much yourself. No doubt in my mind - if it isn't deprivation of assets then it really ought to be.
Agree.
In that scenario,similar to my hypothetical scenario question, that it would,and probably should,be seen as deprivation. Outright fraud even.Certainly if giving it away temporarily,to someone to hide it!,or a quick trip to the caymans! Just to "regain" it later once working :mad:,if trusted friend hasn't disappeared with it :rotfl:
Why bother.
Purely academic query from me,interesting that the gov would penalise twice,or two people, for the same sum though.0 -
Similar double tax happens with gift with reservations.
Counts in the estate for an IHT assessment and potential CGT for the recipient.
When IHT planning you should consider multiple generations not just at the time you do your will but potential future changes.
As people pay off their mortgage and house prices rise they can go from relatively low assets towards the Nil rate band limit quite quickly, then inheriting half a parents estate could seriously take them over, generation skipping is a good way to solve this.
In the old days this was done as assets/business down the generations with income up, so the older generation owns very little but have good income from the family assets.
Some still do this but work mobility has spread families throughout the country so much less practical.0 -
getmore4less wrote: »Similar double tax happens with gift with reservations.
Counts in the estate for an IHT assessment and potential CGT for the recipient.
When IHT planning you should consider multiple generations not just at the time you do your will but potential future changes.
As people pay off their mortgage and house prices rise they can go from relatively low assets towards the Nil rate band limit quite quickly, then inheriting half a parents estate could seriously take them over, generation skipping is a good way to solve this.
In the old days this was done as assets/business down the generations with income up, so the older generation owns very little but have good income from the family assets.
Some still do this but work mobility has spread families throughout the country so much less practical.
Interesting, thanks.
Sorry for just posting this now, and (to the OP) if hijacking.
I have read and tried to digest this thread and now wonder about how some of it could maybe be relating to a situation i'm currently embroiled in?
I'll perhaps start own thread ,to avoid any possible further hijacking,later. It's a night off work so :beer:0 -
It might be best to start again as this thread got very complicated and may not be relevant to your circumstances.Interesting, thanks.
Sorry for just posting this now, and (to the OP) if hijacking.
I have read and tried to digest this thread and now wonder about how some of it could maybe be relating to a situation i'm currently embroiled in?
I'll perhaps start own thread ,to avoid any possible further hijacking,later. It's a night off work so :beer:0
This discussion has been closed.
Categories
- All Categories
- 343.1K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.6K Spending & Discounts
- 235.2K Work, Benefits & Business
- 607.8K Mortgages, Homes & Bills
- 173K Life & Family
- 247.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards