E: 19/04 Win a £200,000 Barratt Home with The Mail 24 passwords now available

buzzard

redbull08 wrote: »

Thanks for info but surely if it says you can choose to give it to a loved one you can just get it straight in their name with no costs as your name or mine :rotfl: will never have been on it
I dont own a house but i may give it to my son ?

Even if you can't then you simply move into it for a time, put things like council tax bill in your name to show Inland Revenue you lived there than transfer to a family member. As long as you don't stay more than 3 years it doesn't affect capital gains tax exemption on another property. The transfer might cost you a small amount but get the form from the Land Registry and do it yourself. Or rent it to your family member (at market rates) and sell it to them later making use of your capital gains tax exemption and letting relief. You can transfer a house in stages to use the exemptions for more than one year. Just try not to die for 7 years to avoid possible inheritance tax.

iainbd

I believe that you will be able to deduct the base cost of the property from any CGT liability. In this case it would be the purchase price of the property paid by the Mail (albeit this may be lower than the "market value")

Lukelukey

Hi, it might be a silly question but do the passwords have to be entered in date order or does it not matter as long as you have all 24 in no particular order? Thanks.

HurdyGurdy

I entered one of these DM Win a Home competitions a long while ago. I don't know if the situation is the same now, but in that competition, you had to enter at least four code words from the Mail on Sunday.

However, if you entered every code word from the Daily Mail, as it appeared, and slotted the MoS ones in, then you ran out of space to put the fourth MoS code in, as you had entered the total number of code words required before the fourth MoS one had been issued.

May have changed now, but just something for everyone to bear in mind.

redbull08

Lukelukey wrote: »

Hi, it might be a silly question but do the passwords have to be entered in date order or does it not matter as long as you have all 24 in no particular order? Thanks.

no particular order

redbull08

buzzard wrote: »

Even if you can't then you simply move into it for a time, put things like council tax bill in your name to show Inland Revenue you lived there than transfer to a family member. As long as you don't stay more than 3 years it doesn't affect capital gains tax exemption on another property. The transfer might cost you a small amount but get the form from the Land Registry and do it yourself. Or rent it to your family member (at market rates) and sell it to them later making use of your capital gains tax exemption and letting relief. You can transfer a house in stages to use the exemptions for more than one year. Just try not to die for 7 years to avoid possible inheritance tax.

thanks but im thinking since the Mail actually said ''Why not give a loved one their first step on the property ladder to set them up for life. '' perhaps if you won you can say just put it in the loved ones name?

patman99

Bearing in mind the advice about the possibility of 4 of the passwords needing to come from MoS, it might be prudent to save slot '24' purely for the last MoS password.

Btw, interesting discussion regarding the implications of Tax liabilities of selling-on. What if you used it as a raffle prize with 250,000 tickets at £1 each ?. Would the tax only be 20% of the profit after expenses ? (i.e. £250,000-£200,000 (purchase price)-cost of tickets ?.

Lukelukey

redbull08 wrote: »

no particular order

Thanks for that

Nudge

Todays Password is MORTGAGE

sharpy2010

Nudge wrote: »

Todays Password is MORTGAGE

Thats quick! Added!