Second Mortgage

VIGILANT22

you also appear to spend time on this forum!....as I have said before...Long live the forums.....the advice/business given and goes wrong... ends in the hands of the professionals to be corrected....Quote "but they said on the forum I could do that!!"

Peter_L

Thrugelmir wrote: »

You could use that time to plan the refurbishment and whatever else you plan for the property.

Thanks again, I reckon by the time I've had the architect round and applying for planning permission formally (agreed in principal) that should be about time ...

Peter_L

VIGILANT22 wrote: »

you also appear to spend time on this forum!....as I have said before...Long live the forums.....the advice/business given and goes wrong... ends in the hands of the professionals to be corrected....Quote "but they said on the forum I could do that!!"

You're right - I have been spending time on this forum over the LAST FEW DAYS but then I have posted a question that I would like advice from those who are sensible enough to offer their OPINIONS on ... You on the other hand just hijack posts and wind people up, I mean 500+ posts and you've been a member for how long ??? :eek:

Noted you chose to avoid my questions on your own residential status - now run along little boy, the men and women are talking ...

VIGILANT22

Peter_L wrote: »

Noted you chose to avoid my questions on your own residential status - now run along little boy, the men and women are talking ...

Now, I feel embarrased for you......:o

Peter_L

Ok had enough of this idiot, many thanks for all the sensible posters on here and for your OPINIONS naturally I will ignore your advice as Vigilant22 seems to think that you're all wrong and untrustworthy. I shall of course ignore all advice from legal professionals, IFA's and the banks themselves as they are all idiots too who haven't a clue what they are talking about. I shall now give away both my homes and turf my mother, wife and kids on the streets as we have committed the most heinous crime of obtaining property by deception even though we actually own one of them outright and by actually maintaining an up to mortgage on the other....

getmore4less

VIGILANT22 wrote: »

So much of the "advice" has been wrong....ie 7 yr rule, no CGT..in some cases some people have been responsible for CGT in these transactions..

You don't know who anyone is on here, with or without a signature....But if someone is qualified in a particular area they can tell who/what someone is not by the "advice" they post......

Do you have an example or reference to the relevent tax regulation.

I can see there is a potential CGT from the perod of ownershp as a second home, what else is there?

VIGILANT22

getmore4less wrote: »

Do you have an example or reference to the relevent tax regulation.

I can see there is a potential CGT from the perod of ownershp as a second home, what else is there?

http://www.ageconcern.org.uk/AgeConcern/Documents/FS40Deprivation_of_assets_in_the_means_test_for_care_home_provision.pdf

5 (5.2) Issues affecting the new owner of an asset

http://www.lawsociety.org.uk/productsandservices/practicenotes/giftsofassets/3285.article#3_3
3.3 Risks in transferring assets

getmore4less

Can't see any historic CGT liability in those comments.

Property transfers at current value with no CGT liability.
CGT becomes liable from then as a second home till the OP decides it's their primary residence.

VIGILANT22

getmore4less wrote: »

Can't see any historic CGT liability in those comments.

Property transfers at current value with no CGT liability.
CGT becomes liable from then as a second home till the OP decides it's their primary residence.

Originally Posted by Charterhouse
If she lives 7 years it's fine.

OP what you need to check out is http://www.hmrc.gov.uk/inheritanceta...pt-gifts.htm#4 - the section on potentially exempt gifts, specifically.




I am referring to "depivation of assets"...not nomination of principal residence/2nd home and/or (PETs) Potentially Exempt Transfers
......completely different.........

Peter_L

The value of the home may still be taken into account for funding long-term care as there are anti-avoidance measures in relation to means-testing. This is set out further at 5.1.2 Means testing.
If your client subsequently needs to move into a home but does not have the resources to pay for their care themselves because of the gift, the local authority may only pay for the basic level of care, leaving your client to rely upon the financial support of others to enable them to move into a home of their choice.

The problem is though I never for a minute suggested that the transfer was done for avoidance purposes. I maintain (and still do !) that the transfer was done so that I move into the family home (a bigger home than mine). Mum could have stayed with us but she prefers to move closer to her friends and I AGREED TO PAY HER RENTAL FEES !!! She is moving to a PRIVATE flat not an state sponsored care home !!!