Autumn Budget

[oldypigeonpopper]

6 minutes ago, old man said:

Yep, Offshore money is king.

Hello, Many years ago i sold a Vintage Salmon rod to a very wealthy Chap , Channel Island Bank Account 🤔

[old man]

2 hours ago, oldypigeonpopper said:

Hello, I sometimes wonder if it was all worth the trouble of working over 50 years, Saving hard, Buying a property, Putting some money away for retirement even while bringing up a family , Helping your children into their own homes , While some of those who I went to School with never did the latter and live better than I do, Looking at those programs Brits Abroad seem very tempting🤔

That's maybe why so many bright ones don't bother to work, knowing that they will be looked after at the expense of the silly working donkeys?

I feel sad that anyone now believes anything that comes out of any politicians orifices.

 

[rbrowning2]

6 hours ago, JohnfromUK said:

You can, but there are considerable risks;

1. You then either have to live somewhere else - or pay the new owners rent on fully commercial terms - i.e. no 'family discounts etc.
2. Your kids own the property - and should you have a falling out, can evict you, sell the property ........
3. Should you need care, the local authority can try to demonstrate that you gave away the asset to avoid it being used to pay for your care - and may succeed
4. If your kids get in financial trouble, their assets cab be seized including the house
5. Overall, it is not risk free - and you should get proper advice

This +1

5 hours ago, bruno22rf said:

I believe that you have to do this at least 7 years before you need care - I also seem to recall reading that, if the council can prove that you have done so to avoid paying care costs they can still seize the property?

Yes the 7 years is inheritance tax only, no time limit on avoiding care costs.

 

 

[old man]

3 hours ago, JohnfromUK said:

Remember previous governments have restricted how much you can take overseas (exchange controls). I think controls were removed by Mrs Thatcher, but in the 60s you were limited to £50 (Wilson's time and around £700 now) 'holiday money' without Gov't permission.

John, I applaud your train of thought but the upper echelons know the way.

[Vince Green]

On 27/08/2024 at 17:40, steve_b_wales said:

I hate the man, but I read that he has cancelled the £40 million cost of the private helicopters and airplanes that Sunak used many, many times.

He has cancelled the contract.  Not quite the same thing as saying he won't be using planes and helicopters on an as and when basis. The reality is he will have to if he is going to get around.

He is just grandstanding for the benefit of a story to make the six o'clock news.

[Vince Green]

On 28/08/2024 at 05:38, JohnfromUK said:

You can, but there are considerable risks;

1. You then either have to live somewhere else - or pay the new owners rent on fully commercial terms - i.e. no 'family discounts etc.
2. Your kids own the property - and should you have a falling out, can evict you, sell the property ........
3. Should you need care, the local authority can try to demonstrate that you gave away the asset to avoid it being used to pay for your care - and may succeed
4. If your kids get in financial trouble, their assets cab be seized including the house
5. Overall, it is not risk free - and you should get proper advice

What they do round where I come from is to sell the house and put the money in a bank in either Cyprus  , Israel, India or Ireland according to your background. Then you rent a retirement flat 

If you transfer the property to your  children's names that OK as long as they don't die, get divorced or go bankrupt before you die. If they do it can get mighty complicated.

Apart from that you really don't want to end up in the sort of care home that the council will put you in if they end up having to pay foryour care.

Edited August 31 by Vince Green

[Lloyd90]

34 minutes ago, Vince Green said:

What they do round where I come from is to sell the house and put the money in a bank in either Cyprus  , Israel, India or Ireland according to your background. Then you rent a retirement flat 

If you transfer the property to your  children's names that OK as long as they don't die, get divorced or go bankrupt before you die. If they do it can get mighty complicated.

Apart from that you really don't want to end up in the sort of care home that the council will put you in if they end up having to pay foryour care.

The self funders and council funded care homes are all the same unless you’re very wealthy and going for some world class home.

[Vince Green]

37 minutes ago, Lloyd90 said:

The self funders and council funded care homes are all the same unless you’re very wealthy and going for some world class home.

Not in the London area.  The councils are sending people to care homes miles away. Places like Lincolnshire purely on the basis that the prices are much cheaper out in the sticks

They are doing the same with homeless people being put in temporary accommodation 

[Yellow Bear]

50 minutes ago, Vince Green said:

Not in the London area.  The councils are sending people to care homes miles away. Places like Lincolnshire purely on the basis that the prices are much cheaper out in the sticks

They are doing the same with homeless people being put in temporary accommodation 

Ahhh yes - exporting their problems when they are able without a big splash of bad publicity.

[Vince Green]

1 hour ago, Yellow Bear said:

Ahhh yes - exporting their problems when they are able without a big splash of bad publicity.

Oh it's getting a lot of publicity in the press. If you search London moving families up to 200 miles away you will find a lot about it.

They are mostly talking about the homeless because they are able to tell stories about kids being uprooted and people having to lose their jobs because it's too far away to commute.

Homeless doesn't mean unemployed people in London. You can have a good job but still not be able to find anywhere affordable to rent.

But they have been putting people into care homes miles away from London for a very long time. When my ex wife's step mother got dementia she was put in a nursing home in Leicestershire. That's about 150 miles away.  It's not just the councils either, families are having to do the same because of the cost.

Edited August 31 by Vince Green