Do you have a mortgage?

Lazydonkey · Post by **Lazydonkey** » Mon Jan 15, 2007 9:31 am

I'm loving the mix of text speak (ie "u"), latin and my personal favourite phrase "for a fee" in your old man's reply Dave.....................very very like my lovely parents

Rich H · Post by **Rich H** » Mon Jan 15, 2007 9:49 am

No Mortgage but living with the g/f who has one. I do however have a large wedge of savings from my time in the RAF (I was saving ~£1k/month!) sitting about waiting for us to move.

Just need to find something to do with it instead of leaving it festering in a savings account, I have an ISA that is full. (it all survived intact through my unemployment BTW).

No I do not want to buy a new car with it (Well I do, but I want it to appreciate in value!) Any thoughts? I could join the property market I suppose, like I should have 5 years ago, but I'm not sure...

Sanjøy · Post by **Sanjøy** » Mon Jan 15, 2007 10:39 am

RICHARDHUMBLE wrote:No Mortgage but living with the g/f who has one. I do however have a large wedge of savings from my time in the RAF (I was saving ~£1k/month!) sitting about waiting for us to move.

Just need to find something to do with it instead of leaving it festering in a savings account, I have an ISA that is full. (it all survived intact through my unemployment BTW).

No I do not want to buy a new car with it (Well I do, but I want it to appreciate in value!) Any thoughts? I could join the property market I suppose, like I should have 5 years ago, but I'm not sure...

http://tinyurl.com/ylttem

Rich H · Post by **Rich H** » Mon Jan 15, 2007 10:51 am

A parking space in kensington for £60k

This is back to: you can live in your car but can't race your house!

robin · Post by **robin** » Mon Jan 15, 2007 2:49 pm

"The best idea for anyone considering using a Sipp to avoid inheritance tax is to take professional advice at the time that will take account of that person's individual circumstances."

Isn't it funny how they always say that; "oh, this is so hard, you really need to come to us for advice, and pay for it too, of course"

Seriously there are rules, and though often they are written in jibberish, they are no harder to understand than the average bit of assembler programming, or even the latest Murakami Haruki novel, so why is it they just cannot be published freely.

In fact many extracts of the tax rules are published in one form or another, but only because of the freedom of information act I think.

It's a conspiracy

Robin

GregR · Post by **GregR** » Mon Jan 15, 2007 2:56 pm

TBH, by the time we all die, there will be complete closure of all loopholes so whatever planning advice we get now will likely be irrelevant (we being the sub-30s). Old farts, transfer stuff to your kiddies 7 years prior to death as JJ said, its a PET. Once you've finished with the crystal ball used to predict date of death, pass it on

Suck it up, we're all going to (or rather our kiddies will) get taxed to heck, but that's why we've got the wonderful NHS and other infrastructure.

/commie

Titanium S1 111S (gla) · Post by **Titanium S1 111S (gla)** » Mon Jan 15, 2007 2:57 pm

Robin,

The rules are not difficult to understand, they are all statutory and published on the HMSO website. The only difficulty is in putting them all together in a way that makes sense.

If you are genuinely interested Butterworthâ€™s do a very good tax text book re-issued annually. It's about £20 and you don't get much of a tax specialists time for that. On the down side itâ€™s a fairly boring read.

RDH · Post by **RDH** » Mon Jan 15, 2007 3:25 pm

Titanium S1 111S (gla) wrote:Robin,

The rules are not difficult to understand, they are all statutory and published on the HMSO website. The only difficulty is in putting them all together in a way that makes sense.

If you are genuinely interested Butterworthâ€™s do a very good tax text book re-issued annually. It's about £20 and you don't get much of a tax specialists time for that. On the down side itâ€™s a fairly boring read.

One I found particularly helpful ( and dull!) when studying for my CA exams was "Taxation" by Alan Melville - about £35. Now I'm qualified - I hope never to have to read up on tax ever again! That's why we have tax departments!

mac · Post by **mac** » Mon Jan 15, 2007 4:21 pm

RDH wrote: - I hope never to have to read up on tax ever again! That's why we have folk like Dominic!

Mac

Tom · Post by **Tom** » Mon Jan 15, 2007 10:55 pm

60k for a space next to a sh*tbox micra????

Skyenet · Post by **Skyenet** » Tue Jan 16, 2007 12:36 pm

Thankfully no mortgage anymore

My first mortgage was when I bought my council house in Livingston for £18K in 1989. Sold in 1996 for £36k and used balance of sale for deposit on present house (3 Bedroom with Garage cost £66K). It was hard to get a mortgage as I had just started a new job at 16k, but it all sorted itself out in the end.

Once Divorce was through I worked hard and cut expenditure to pay off the house as soon as I could and in 2002 I paid off the remaining balance and went into semi retirement looking after Skye. Only problem was that all savings went into this so left nothing for Elise running costs so that eventually had to go. However the relief of not having any debts and especially owning our home outright is great. I can now live to work, not work to live. Houses in our street are now selling at £130K-£140k so doubled since they were built.

At present Skye is lucky in that she will inherit a fully paid off house which is quite different to when my Dad died when I was ten. He was a workalholic, alcholohic and fruadster (and probably quite a few other bad habits) and had run up substantial debts so when he died we were left bankrupt, homeless and pennyless. Of course one day I might sell or rent the house and go for a tour of the World. I'll just keep my options open.

I have not a clue how people can afford to get onto the property ladder now with house prices so high. I can understand people getting stuck in the renting catch 22 where they can't save for a deposit because they are paying so much rent. We love our house/location so no need to look at any other properties.

Lawrence · Post by **Lawrence** » Tue Jan 16, 2007 1:35 pm

robin wrote:
Can anyone on the list, in a general way, describe Inheritance Tax avoidance schemes that are unlikely to be challenged by the revenue and are actually cost effective in the long run?

AIUI Currently shares in private companies are not subject to IHT

Company law often slows the process by which the government can close the loopholes and there may be scope for something along those lines

Personally I like the idea of borrowing the excess equity and going out with a bang

Now who's up for buying shares in a cottage on the west coast for us all to use with a large barn/garage?

tut · Post by **tut** » Tue Jan 16, 2007 1:43 pm

Can we have chickens in it and get free range eggs?

I love real orange eggs. Oh and some pigs would be nice for our own bacon, and a little smokery, I do enjoy good smoked bacon, and then maybe Malcolm could set up a little bakery on the side for our tattie scones...................

Possibilities are endless.

tut

ps plus of course, we would be well placed for great runs on all those wonderful roads, after eating the worlds best breakfast.

pss not forgetting a supply of cornflakes and fruit salad for Robin.

renmure · Post by **renmure** » Tue Jan 16, 2007 1:47 pm

I believe there are also special allowances and dispensations for transfering and inheriting Farms. Might be a good idea to get that cottage with a fair bit of land and a small plough that can be towed by an elise as well.

Jim

Skyenet · Post by **Skyenet** » Tue Jan 16, 2007 2:50 pm

Lawrence wrote:
Personally I like the idea of borrowing the excess equity and going out with a bang

Now who's up for buying shares in a cottage on the west coast for us all to use with a large barn/garage?

Now that sounds like a great idea

Skye's inheritence might be under threat