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How to protect our second home from the tax man!

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Comments

  • poppysarah
    poppysarah Posts: 11,522 Forumite
    Did the last government make it an offence to offer tax saving advice? (Even telling someone to put money in an ISA could be construed as advice)
    I know they were discussing it but not sure how far they go. Nulabour really did want to make laws for everything.
  • System
    System Posts: 178,377 Community Admin
    10,000 Posts Photogenic Name Dropper
    poppysarah wrote: »
    Did the last government make it an offence to offer tax saving advice? (Even telling someone to put money in an ISA could be construed as advice)
    I know they were discussing it but not sure how far they go. Nulabour really did want to make laws for everything.

    No it is not against the law to offer tax planning advice. Not sure where you got
    such an idea from
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • Brad_Haddin
    Brad_Haddin Posts: 2 Newbie
    It is better to pay all taxes for saving your home frm any kind of damages in future..
  • Brb
    Brb Posts: 472 Forumite
    The government do indeed want to silence tax advice. It's in the draft stages I believe.

    http://taxadvicenetwork.blogspot.com/2010/02/stop-giving-tax-advice-or-face-charge.html
    Inside this body lays one of a skinny woman
    but I can usually shut her up with chocolate!

    When I thank a post in a thread I've not posted in,
    it means that I agree with that post and have nothing further to add.
  • System
    System Posts: 178,377 Community Admin
    10,000 Posts Photogenic Name Dropper
    Brb wrote: »
    The government do indeed want to silence tax advice. It's in the draft stages I believe.

    http://taxadvicenetwork.blogspot.com/2010/02/stop-giving-tax-advice-or-face-charge.html

    Wow that is very surprising.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • chewmylegoff
    chewmylegoff Posts: 11,469 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Walcott wrote: »
    Wow that is very surprising.

    except, (i) that's not even what the blog is saying "Over the last few days I have rejected the wilder fears from certain accountancy commentators that tax advice is to be banned".

    and (ii) the draft legislation (which doesn't seem to survive anywhere public as far as I can see) was part of the previous government's agenda, and as far as i can tell it is now dead and buried.
  • chewmylegoff
    chewmylegoff Posts: 11,469 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    OP - it's not really clear whether there is any need to do anything. Inheritance tax nil rate band is £325,000 x 2 = £650,000. You need joint assets of more than that before any IHT needs to be paid. If an asset forms part of your estate on death then there is no CGT payable (of course there is always the risk that the IHT system will be completely changed and/or the nil rate band reduced).

    If you think you are going to be over the IHT threshold then consider getting some professional advice.
  • System
    System Posts: 178,377 Community Admin
    10,000 Posts Photogenic Name Dropper
    chewmylegoff wrote: »
    except, (i) that's not even what the blog is saying "Over the last few days I have rejected the wilder fears from certain accountancy commentators that tax advice is to be banned".

    and (ii) the draft legislation (which doesn't seem to survive anywhere public as far as I can see) was part of the previous government's agenda, and as far as i can tell it is now dead and buried.

    I never said that the blog said any of the above
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • greenface
    greenface Posts: 4,871 Forumite
    Mortgage-free Glee!
    olias wrote: »
    And there are some really thick t w a t s:rotfl:

    .

    So in summary, I am not smug, but you are thick.

    Olias

    Smug people have laffy faces in their post. Thick people are too thick to be smug . Smug people are not clever enough to be thick.
    IMHO
    :cool: hard as nails on the internet . wimp in the real world :cool:
This discussion has been closed.
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