29-02-2020, 01:57 PM
21
Re: Lisa Nandy on taxing wealth
Originally Posted by AnnieS
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Changes to government legislation have eased lending. I was working in financial services when Thatcher's changes came in. There was an explosion of mortgages and buying. The whole endowment scandal. Financial advisers were in cahouts with providers at that point. The new rules and controls on financial services were not even a dream then.Thank you for reminding me of the transfer of valuable council house stocks to private ownership at knockdown rates. I had a neighbour who made a packet on this.
If you want a mortgage on a buy to let you would have to take an interest only mortgage with the promise that the rise in property prices would pay it off in twenty years. The whole set up is a con and a perfect example of government policy allowing free reign of financial and residential market madness.
All of these things should have been addressed by government legislation but instead it's been ignored until it goes belly up and then there is a blame game instead of making sensible policies and keeping some control of the situation so that ordinary people are not led into a financial snake pit.
I disagree that the discount selling of council owned housing was a bad move, it was one of the best and most progressive moves any government made ever. Only BREXIT is better.
Buy to !et? There's an offshore company that I am VERY well aquatinted with which includes on its assets a number of properties that have been acquired over the years some of which were NOT bought on an interest only mortgage (and even more bought for hard cash, mostly Swiss francs!) that enable many families to live in decent housing so there's nowt wrong with the BTR sector - don't knock it.
But most important is small government concentrating on governing and delivering the essential services and CATEGORICALLY NOT engaging in any form of social engineering or messing in markets.
I don't do socialism in any form.
It's a dog eat dog world, long may it remain so.
29-02-2020, 03:41 PM
23
Re: Lisa Nandy on taxing wealth
Originally Posted by AnnieS
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I did say successive governments. I can only assume that your views come from having invested in the sector yourself.
29-02-2020, 04:37 PM
24
Re: Lisa Nandy on taxing wealth
I dont know how it was done legally but it happenedMy friends mother is a rich widow. She bought a large 5 bedroom house in an exclusive area and handed the keys to my friend . Then the old lady moved into the big house with my friend and gave her grandson her own 4 bedroomed house . I guess she has a good financial consultant or is it called leaving it in trust.
Oh yes I forgot my friend had been living in a nice three bedroomed house which she owned outright so she has let it out so the income goes into her grandsons bank account .
From what I can gather all this has been done to avoid death duties.
I didnt think we could give away more than £3000 a year
29-02-2020, 05:27 PM
25
Re: Lisa Nandy on taxing wealth
the seven year rule only applies if the original owner is still benefiting from the property ie. living in it. If you transfer title and move elsewhere then after 4 years tax liability starts to reduce. I'm not sure whether they have changed the rules since I last checked or whether there is a capital gains liability but I'm sure it depends on how the transaction is made.
01-03-2020, 12:07 AM
26
Re: Lisa Nandy on taxing wealth
Originally Posted by susan m
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I dont know how it was done legally but it happened My friends mother is a rich widow. She bought a large 5 bedroom house in an exclusive area and handed the keys to my friend . Then the old lady moved into the big house with my friend and gave her grandson her own 4 bedroomed house . I guess she has a good financial consultant or is it called leaving it in trust.
Oh yes I forgot my friend had been living in a nice three bedroomed house which she owned outright so she has let it out so the income goes into her grandsons bank account .
From what I can gather all this has been done to avoid death duties.
I didnt think we could give away more than £3000 a year
It’s called a ‘potentially exempt transfer ‘
But it’s full of pitfalls your friends mother seems to have been well advised and is able to do this.
It is rumoured that the Chancellor is going to extend this seven year ruling .
https://www.saga.co.uk/magazine/mone...-your-children
01-03-2020, 12:51 PM
28
Re: Lisa Nandy on taxing wealth
Originally Posted by AnnieS
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the seven year rule only applies if the original owner is still benefiting from the property ie. living in it. If you transfer title and move elsewhere then after 4 years tax liability starts to reduce. I'm not sure whether they have changed the rules since I last checked or whether there is a capital gains liability but I'm sure it depends on how the transaction is made.
Sorted.
01-03-2020, 01:03 PM
29
Re: Lisa Nandy on taxing wealth
Originally Posted by Rainmaker
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Try this by way of explanation.https://en.wikipedia.org/wiki/Laffer_curve
Or this.
https://www.thisismoney.co.uk/money/...exit-vote.html
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