The Labour Government

[mosssideblue]

Yes but that’s completely different gifting it outright can be one of the worst things you can possibly do

I’m not an expert, just a thought

 

[Kompany Car]

I thought ( may be wrong, usually am :)), as long as you live a further 5 years after, then that’s ok?

Without wanting to derail the thread, there is no time limit when it comes to deprivation of assets. The time limit of 7 yrs is inheritance tax.
If you want to protect your assets, normally property, if you are married its best to make the property ownership tennants in common and set up a life interests trust. This is perfectly legal and protects 50% of the property's value from being counted in assessments.

You can protect the lot by setting up more complex offshore trusts but they are expensive to maintain and are irrevocable, so can be difficult when you want to sell the assets in them.

 

[Alan Harper's Tash]

Can’t own up that you were out of order? Says a lot about you fella. Clown.

You can’t really have a go too much at such a loaded question.

They’d probably suggest something similar to what the “righties” would say.

The proper answer would have been something like:

“Sorry to hear your business may fail, but if you’ve exhausted all avenues of help, then try CAB if you can’t Google Universal Credit or find your local Job Centre.”

(although some regular posters might question the veracity of the story and mention Jackanory or say Cool story bro.)

 

[johnny crossan]

Can’t own up that you were out of order? Says a lot about you fella. Clown.

Can any of you lefties help me out when my business goes bump in the next few weeks?
Where do I get the money the serial claimants get?
How do I survive?
What do I do next?

Is it in order to blame Lefties and people on benefit for the parlous condition of our economy after 14 years of Tory greed and exploitation?

 

[WRicko]

I’m not an expert, just a thought

If you gift your property but continue to live in it and don’t pay rent it’s a gift with reservation or probably deliberate deprivation of assets for care fees assessment so potentially added back into your estate for IHT or care Fees also potential capital gains issue and if you did pay rent to your kids probably an income tax issue for them

 

[Brewster's millions]

I said neither of the two things contained in your absurd peroration. The UK is in a terrible economic mess as a result of people who think like you and do not have the national interest as a priority.
Wake up to the reality of our decline and look what other countries have done to arrest their own.

You deny that you said the OBR was a nest of Tory vipers, and that the OBR was intent on sabotaging the government?

Is that you Rachel?

What deceit? They said tax rates wouldn't rise and they didn't. The OBR is a nest of Tory vipers btw, only three of its current cadre were nominated by Reeves et al.

pillar of rectitude this OBR ....strange it seems determined to sabotage our government

 

[Palerider]

Interesting. Those of us from working class back grounds (most of us?) who are lucky enough to own our home are now discussing inheritance and how to keep as much of that money as possible withim our own families and away from the state. Animal Farm comes to mind.

 

[Kompany Car]

If you gift your property but continue to live in it and don’t pay rent it’s a gift with reservation or probably deliberate deprivation of assets for care fees assessment so potentially added back into your estate for IHT or care Fees also potential capital gains issue and if you did pay rent to your kids probably an income tax issue for them

The rent has to be market rate as a minimum, but that alone doesn't preclude it from consideration.

In reality by the time you hit your mid 50s you need to have everything in place to negate it being considered as deprivation of assets a good 20 years or more (hopefully) before you might start needing care. This would more than likely satisfy the three part test applied by councils.

 

[hampshireblue]

I'm just your normal average UK citizen, one of the workers whose not rich but did all the 'right things' in regard to staying within my means, saving for my retirement and being employed since I left school.
So, its a sobering thought that doing the right thing has meant that I will never ever be entitled to any benefits unless my life completely collapses and I literally lose everything down to a point where I drop low enough to qualify - even if I lost my job tomorrow I would not be entitled for anything for a very long time and should I need a care home I would have to lose my house and savings for the pleasure.
The question is, why did I bother?
Some of these jobless, layabout baby factories will have been awarded in a few short years my entire life's worth for doing nothing and they will get free care homes and funerals

Why will you not be entitled to benefits like:
The state pension
Free prescriptions when you turn 60
Depending on your salary, child support for unlimited children, help with childcare costs....

 

[Kompany Car]

Interesting. Those of us from working class back grounds (most of us?) who are lucky enough to own our home are now discussing inheritance and how to keep as much of that money as possible withim our own families and away from the state. Animal Farm comes to mind.

Within reason, passing some of you wealth onto your children is the most human thing you can do as a parent, wanting them to be secure. The question is how much is reasonable.

Some look at the likes of Bill Gates and laud him as being altruistic in "only" leaving his kids $20m each and gifting the rest away. Yet $20m buys a life that most of us couldn't ever imagine.

Whilst ever we allow the truly wealthy to pass on large chunks of their estates, complaining about the bloke wanting to ensure the best for their kids by passing on a few tens of thousand seems crazy. We seem to want to level everyone down, apart from those who have, what it seems, reached escape velocity in terms of their wealth to the extent that even paying tax/care fees etc they still remain incredibly wealthy and thats before the complex tax avoidance starts.

 

[johnny crossan]

You deny that you said the OBR was a nest of Tory vipers, and that the OBR was intent on sabotaging the government?

I certainly did say both those things but why would you suppose all the OBR staff need to be Tories for it to contain a significant number intent on sabotaging this government?

Read again what the Bank of England's Andy Haldane said

"The OBR was born in 2010, out of the climate of political risk-aversion that became ubiquitous in the wake of the 2008 crash. Caution may help to navigate economic crises, but it also limits Britain’s capacity to rebuild after them. The low growth it engenders makes the country more vulnerable to the next crisis. Today’s world is different. Fixing the cost-of-living crisis, building much needed social and council housing and addressing inequality requires an innovative break from establishment economic orthodoxy."

 

[johnny crossan]

Starmer just about to get the question about max headroom.....good first answer and now on to his second go

 

[stonerblue]

I actually don’t , but quite a few posters on here think all reform are far right racists

Why mention skin colour then?

 

[stonerblue]

There's quite a few on here that think anyone who has an opinion on immigration that isn't the same as theirs are far right racists

And there's also a few far right racists eh....

 

[Pancake Arse]

I'm impressed - I had exceptionally low expectations of this Government yet every day they absolutely smash through that basement of incompetence, corruption and deceit and they somehow survive.

 

[johnny crossan]

Starmer asks why was the OBR Productivity Review done this year and not last - a very good question indeed and his answer 'it's the nature of the beast' tells you what you need to know. The OBR's timing was clearly an attack.

 

[stonerblue]

I'm just your normal average UK citizen, one of the workers whose not rich but did all the 'right things' in regard to staying within my means, saving for my retirement and being employed since I left school.
So, its a sobering thought that doing the right thing has meant that I will never ever be entitled to any benefits unless my life completely collapses and I literally lose everything down to a point where I drop low enough to qualify - even if I lost my job tomorrow I would not be entitled for anything for a very long time and should I need a care home I would have to lose my house and savings for the pleasure.
The question is, why did I bother?
Some of these jobless, layabout baby factories will have been awarded in a few short years my entire life's worth for doing nothing and they will get free care homes and funerals

Your life can go tits up at any time, like my wife's did.
Worked and paid in all her life until collapsing on the way to work and being diagnosed with a serious illness.
She now lives on disability benefits and none she claims are means tested so she kept her savings and we've not had to sell the house.

 

[Brewster's millions]

I certainly did say both those things but why would you suppose all the OBR staff need to be Tories for it to contain a significant number intent on sabotaging this government?

Read again what the Bank of England's Andy Haldane said

"The OBR was born in 2010, out of the climate of political risk-aversion that became ubiquitous in the wake of the 2008 crash. Caution may help to navigate economic crises, but it also limits Britain’s capacity to rebuild after them. The low growth it engenders makes the country more vulnerable to the next crisis. Today’s world is different. Fixing the cost-of-living crisis, building much needed social and council housing and addressing inequality requires an innovative break from establishment economic orthodoxy."

From ‘I said neither of those two things’ to ‘I certainly did say both those things’.

Not much point carrying on discussing really is there?

 

[maxwellblue]

And there's also a few far right racists eh....

Only in your opinion, I haven't seen any racist comments.

 

[Brewster's millions]

Starmer asks why was the OBR Productivity Review done this year and not last - a very good question indeed and his answer 'it's the nature of the beast' tells you what you need to know. The OBR's timing was clearly an attack.

Just for the record, to stop the thread being swamped with misinformation and blatant lies, the OBR reviews the economy’s supply side each year and makes changes to its assumptions as it sees appropriate.

Annual supply stocktake. The clue’s in the name.