What would you do?

[team tractor]

5 hours ago, winnie&bezza said:

I’d want £500 a day to put up with the pressure of you watching over me ??

I was going to pay you £800 but if that’s all you want  

 

[loriusgarrulus]

10 hours ago, vampire said:

Blow the lot,except for enough to dig a big lake to house the super yacht anchored in middle  and helicopter  gunship in middle of the land of oz.

Oh, and invest in shares of salted caramel .

On the salted caramel I would eat all the profits. Especially if it was from the Burnt Sugar Company.

[Mungler]

On 11/05/2018 at 23:30, Vince Green said:

Yes money received as a gift is still taxed as income.  Otherwise people would claim that their wages or payment for a job was just a gift, and it doesn't have to be cash, cars or even student fees given to somebody over 18 counts as income. 

The seven year rule usually applies to parents transferring ownership of their house, car boat farm etc to their children to avoid death duties or inheritance tax . The statute of limitations on all tax matters is seven years. But as the practice becomes more common there are still pitfalls. If it can be shown that you did it as part of a conspiracy (and frankly it is always going to be a conspiracy to defraud HMRC) it can be set aside. 

Councils are challenging that a lot more now when it comes to avoiding having to sell the house to fund care packages for the elderly. They argue that if the ownership was transferred  with 'intent' it is a conspiracy and there is no statute of limitations on a conspiracy.

The upshot is you definitely cannot gift money away without it being taxed

If you bought a top of the range Range Rover you would probably have to live very close to the main agents

 

Not quite correct but heading towards the right ball park:

1. The tax man can go back as far as he likes if you have not been paying tax; if you don’t have any records, it doesn’t matter, they can infer a course of conduct (over years) and fine you accordingly.

2. Giving houses to kids normally falls as a ‘gift with a reservation of benefit’ (and such that it’s not then a gift because mum and Dad are still living in / using the property and not paying a full market rent) - and yes, those ‘gigs’ get unraveled. There’s a whole list of ‘how to’s’ when unravelling something naughty and a classic trick of the government / local authority is to pull the transacting Solicitors file to see if the reason has been recorded on the file and you’d be amazed how often ‘to avoid the possibility of care home fees is actually recorded on the file’.

3. If you had that kind of money you would do what everyone else does with that kind of money and you would establish your own Charity - job jobbed. Modern charity is nothing more than big business with a better tax code. 

[winnie&bezza]

8 hours ago, team tractor said:

I was going to pay you £800 but if that’s all you want  

 

****! £500+ vat then a deal ?

[tonker]

In answer to the question of what I'd do with that amount.

Anything I bloody wanted to, because I could. lol.

[lord_seagrave]

Chip in with the Teslar bloke and get colonising Mars. I don’t understand why space exploration is so far down the agenda.

 

LS