BN66 - Court of Appeal and beyond

[DonkeyRhubarb]

Looking back at previous posts about this, this could mean that we will be waiting a further 3~5 years+ until a decision is finalised. Is this the common viewpoint ?

If this ends up in Europe then it could go on for years.

So in this instance, HMRC are only able to chase my half of the asset value ?

Correct. They can only lay claim to your half of any equity in a jointly owned property.

[prozak]

If this ends up in Europe then it could go on for years.



Correct. They can only lay claim to your half of any equity in a jointly owned property.

To be honest. At this stage I would be inclined to gift the whole house to my spouse if I was in this BN66 situation.

There is a whole argument about disposing of assets etc if you know you are about to go bankrupt etc etc...

It might not work but you've nothing to lose. Worst case - they disregard the transfer of assets and you are in the same position as now.

[DonkeyRhubarb]

To be honest. At this stage I would be inclined to gift the whole house to my spouse if I was in this BN66 situation.

There is a whole argument about disposing of assets etc if you know you are about to go bankrupt etc etc...

It might not work but you've nothing to lose. Worst case - they disregard the transfer of assets and you are in the same position as now.

I'm not so sure.

Can I Give My Daughter My Property Before I Go Bankrupt?

Here's an example of someone who got a 6 year BRO.
BRO

[prozak]

I'm not so sure.

Can I Give My Daughter My Property Before I Go Bankrupt?

Here's an example of someone who got a 6 year BRO.
BRO

Perhaps.

But no one is anywhere near going bankrupt as yet.

I certainly wouldn't recommend trying to transfer assets just before you go bankrupt and then lie about it. That is a completely different kettle of fish.

If you have already been told that you owe X amount and then transfer then this will also be reversed, i believe.

Could you argue that if you didn't owe anything right now and you had a reasonable expectation of winning that you are transferring assets for other reasons? Who knows. I would still give it a shot and just make sure you don't lie on your forms.

I'd certainly explore every avenue of this instead of just assuming it will all go bad.

[prozak]

I'm not so sure.

Can I Give My Daughter My Property Before I Go Bankrupt?

Here's an example of someone who got a 6 year BRO.
BRO

Both links are far removed what we are talking about as far as I can see.

Piling up debts and transferring assets is very different from transferring assets before you even know what the debt is if indeed it is anything.

[geoff from contracta IOM]

Both links are far removed what we are talking about as far as I can see.

Piling up debts and transferring assets is very different from transferring assets before you even know what the debt is if indeed it is anything.

Time for some inheritance tax planning ?

[DonkeyRhubarb]

I'd certainly explore every avenue of this instead of just assuming it will all go bad.

Definitely.

Anyone facing possible bankruptcy should probably seek professional advice eg. from the likes of an insolvency practitioner.

Has anyone already done this? If so, was it helpful?

[CanPayButWouldRatherNot]

thinking about the loan stuff ...

For the old scheme ... sitting back and waiting ..knowing roughly my exposure (have CN's) and using my/their [delete as appropriate] money in an offset and hoping it takes years through europe.

For the loans scheme ... I dont really know the amounts involved as the revenue have been pretty quiet on that front (can only guess it will be ~£40k per year)

I am now ltd (Brillo was never a fan of the loan scheme ...wise old sage he is) but think there are a fair chunk of us that have exposure on both the old and new(loan) scheme ... hoping we could use this same thread to support the loan noise when (and surely it is when) this rears its ugly head....ok ?

[DonkeyRhubarb]

There is already a thread for the loan schemes.

http://forums.contractoruk.com/accou...er-trusts.html

[prozak]

Time for some inheritance tax planning ?

Precisely.

especially if there is not currently a debt with HMRC.