Originally posted by smalldog
View Post
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
BN66 - Court of Appeal and beyond
Collapse
This topic is closed.
X
X
Collapse
Topic is closed
-
I couldn't give two fornicators! Yes, really! -
Originally posted by cobblers View PostAfter several months of daily visits to this and the previous BN66 thread, I thought I'd dip a toe in.........please be gentle!
I spent several years in the MP scheme so have a "debt" of £150k+ .......stopped worrying about it years ago to be truthful - but am interested to here what others are doing to mitigate the situation between now and when (if) it eventually goes south ie. inheritance tax planning, etc,.....
COBBLERS
From what I've read, typical IHT planning with trusts would be vulnerable in bankruptcy.
Welcome to the TACT web site
However there may be more "sophisticated" options...Comment
-
Insolvency Practitioner
If anyone wants to get some advice I've agreed a reduced fee for a 60 to 90 minute consultation with a leading firm of insolvency lawyers based in London.
PM me if you want contact details.Comment
-
Originally posted by DonkeyRhubarb View PostIf anyone wants to get some advice I've agreed a reduced fee for a 60 to 90 minute consultation with a leading firm of insolvency lawyers based in London.
PM me if you want contact details.Comment
-
Originally posted by CanPayButWouldRatherNot View PostDR> looks to be interest in the IHT ...so we probably need a similar consultation for inheritance tax planning meeting ...anyone up for sharing the costs for a london based meeting somewhere (or conf call ?).
Can you leave this with me for a bit while I make further enquiries.Comment
-
In light of recent comments, just a gentle reminder this is an open forum read by HMRC. (yep, they really don't have anything better to do!).
Administrators of this forum have divulged real names in the past and no reason why they wouldn't again, if forced to by an injunction.'Orwell's 1984 was supposed to be a warning, not an instruction manual'. -
Nick Pickles, director of Big Brother Watch.Comment
-
Originally posted by DonkeyRhubarb View PostIf anyone wants to get some advice I've agreed a reduced fee for a 60 to 90 minute consultation with a leading firm of insolvency lawyers based in London.
PM me if you want contact details.Comment
-
Originally posted by DonkeyRhubarb View PostHi, and welcome to our little gathering.
From what I've read, typical IHT planning with trusts would be vulnerable in bankruptcy.
Welcome to the TACT web site
However there may be more "sophisticated" options...
I'm just a bystander in this whole BN66 thing but articles like that make me think I should be planning for things down the line that I don't even know about yet.
I need to read up on this stuff again. last time I spoke to someone they said settling just a few hundred k into a trust may not be worth it. But didn't really discuss adding my house in there.
Anyone have any opinions or linkies about what is the minimum amount that makes a trust worthwhile? I also know that settling your house into a trust is not great unless there are IHT considerations in the future - which for me (non dom and moving back to dom) is not the case as there is no IHT in my domicile.Comment
-
Originally posted by prozak View PostInteresting read.
I'm just a bystander in this whole BN66 thing but articles like that make me think I should be planning for things down the line that I don't even know about yet.
I need to read up on this stuff again. last time I spoke to someone they said settling just a few hundred k into a trust may not be worth it. But didn't really discuss adding my house in there.
Anyone have any opinions or linkies about what is the minimum amount that makes a trust worthwhile? I also know that settling your house into a trust is not great unless there are IHT considerations in the future - which for me (non dom and moving back to dom) is not the case as there is no IHT in my domicile.
There are a huge number of factors to consider before settling trusts for IHT purposes so you do really need an expert. Some things to consider are the 20% settlement tax during lifetime above the 325K but better than 40% upon death especially as it is calculated on the value at settlement not on passing so for property that is likely to appreciate over 10 -20 years this can be a big difference but there is a 10 year tax charge to be aware of. There are 18-25 trusts for dependants which are treated differently. The quickest rough rule of thumb is to look at the likely tax charge difference between settlement and death ( no-one obviously know when they will die but ) and the costs to set up and maintain the trust until the possible death and weigh them up. It is very complex but if you have or are likely to have assets of 500K + you should take some advice to see if they are suitable for you. This might help -
Why Make a Trust?Comment
-
Originally posted by SantaClaus View PostIn light of recent comments, just a gentle reminder this is an open forum read by HMRC. (yep, they really don't have anything better to do!).
Administrators of this forum have divulged real names in the past and no reason why they wouldn't again, if forced to by an injunction.
I did not pass any details to the police but did pass the police phone number to the forum posters who the police still wanted to speak to.
I explained to the individuals that the detective simply wanted to speak to them and if they didn't then they may have sought a court order to make us hand details over and IP info could have led them to people's work places which could have been a bit embarrassing... All individuals called the police and that was the end of it - bar the memories of some posters on here getting a bit flaky and dishing out this alternative version where I am seen as some sort of HMRC stooge
I am the only person with access to the database, I know my rights under data protection laws and would not hand over any details willy nilly. I feel I resolved a potentially nasty situation for myself and for the posters on here as quickly and painlessly as possible.
As you said though do be careful what you say, not just here but in emails and on the phone - who knows who could be eavesdropping...Comment
Topic is closed
Partners
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment