Save £399,999 !!!!

bribrian · 28 September 2005 at 6:59PM

Well you never know your luck...WORTH £1 ?
Not sure of the authenticity of this, but must surely be worth a small punt..What you reckon???????

arkonite_babe · 28 September 2005 at 7:06PM

I heard about this on the local news. Makes me wonder why someone is willing to "give away" their house in a prize draw. Still, if they manage to sell all the tickets, they are well in

bribrian · 28 September 2005 at 7:14PM

Also says if they don't sell enough tickets they will refund all monies. Could be a nice little earner in interest for them as no date for the draw is specified......But hey, what's a pound...........

wacko911 · 28 September 2005 at 7:47PM

AFAIK its illegal to hold a draw where you have to purchase something to enter. Entry must be completely free. Selling 'pictures for £1' to enter the 'FREE' draw is in breach of this.

Also if anyone were to 'win' this property they would be subject to capital gains tax, and would have to pay a hefty amount to keep the damn thing.

Sounds like a scam in any case anyhow.

mcclim · 29 September 2005 at 10:08AM

If you check the web site the house is work 400,000 but they are selling 500,000 tickets so he will be making 100,000 above what the house is worth...

BigAl94 · 29 September 2005 at 10:14AM

No capital gains tax on a win - would be on disposal of it though and your still well ahead!!

IvanOpinion · 30 September 2005 at 1:36PM

This was done quite a few years back in Bangor. A house along the old Belfast Road was put up for sale by the builder ... the tickets cost £1 back then as well. I have no idea of the numbers but he supposedly made a tidy profit on it.

Ivan

ME_EM_ME · 30 September 2005 at 4:06PM

Hi, new to the boards and am a fellow NI money saver

Just a reply to BigAl

If this was his only house - he would get relief on the sale of it as it is his principal private residence and any profit made wouldn't be taxed.

This is my understanding of the CGT rules

IvanOpinion · 30 September 2005 at 4:25PM

Hi Me_em_me
Welcome to the boards ... however can I just ask if there was possibly a little slip-ette with your phalangii and meta-phalangii as you entered your user name whereby the middle brace of letters somehow got switched?

Ivan

ME_EM_ME · 30 September 2005 at 4:37PM

Nope - meant that intentionally.

Have no idea why I did it though!

BigAl94 · 30 September 2005 at 7:19PM

Your right me-em-me, I meant that if a winner sold the property assuming they already owned a house, they would be liable for CGT

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