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Wise Old Elf

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Everything posted by Wise Old Elf

  1. 4) planning to move into rented accommodation and buy again at a later date.
  2. Arrggghh, trouble posting today. Reading the original article, one of the proposals is to scrap CGT ending when you die & anyone inheriting an asset would still have to pay it, based on the original purchase price, if the asset was ever sold. Not clear how this fits in with IHT.
  3. Reading the original article, o Didn't copy but did fail to read your post so apologies 😔
  4. I suspect so, once they realise what is happening 😱
  5. Agreed, but many of them have continually remortgaged to the max possible to provide the deposits for the next houses & maintain maximum mortgage tax relief (which they didn't expect to be removed). Someone I know bought a BTL some years ago at £145k & their IO mortgage is now in the region of £250k I believe. They could maybe sell it for £295k but if they had to pay 40% CGT that would leave less than the mortgage.
  6. Had some thoughts after reading this yesterday. Would the "savvy" BTL entrepreneurs that have financed their property empires with 80%+ interest only mortgages ever be able to sell up if 40% of their capital gain is taxed? They wouldn't be able to repay the mortgage & the CGT bill. If they decided they would therefore never sell the property the proposal is that CGT liability would be due on death or passed on to whoever inherited the property (based on the original purchase price), becoming their problem. Think it said this would be in addition to IHT. But, this would not take affect for a couple of years so a window of opportunity to avoid the above.
  7. This appears to be the case where I am. Far greater number of more expensive houses therefore, average asking price is higher. Appears to be a lot of older people trying to exit at the top of the market. Not sure whee they are planning to go if they do manage to sell. Maybe to the many retirement flats that are being built. Although these appear massively overpriced to me they could still buy one & trouser a £100k or so if they were to get their asking price.
  8. Indeed. Your savings are already stolen over time by stealth. Your house could be taken in the same way.
  9. Responding to this much against my better judgement but IF the government was prepared to effectively "steal" your savings, what makes anybody think they couldn't also "nationalise" your house?
  10. It has been going on for years. My Mother used to work at an EA/surveyor, typing up all the letters including for someone who is now very well known.
  11. Hmmm, I wonder if that explains why so many bereavement sales that "require renovation" are not marketed very much & end up selling well below asking price to the same local builders 🤔
  12. My previous job was made redundant, after I volunteered to go to meet staff reduction imposed from above, not related to reduction in workload. The project is separate but within my capabilities & local management will struggle to resource it. They probably didn't want me to go but I volunteered & if I was declined someone else would have to be made redundancy next year. I think the local manager saw an extension as a solution & more money for me but I don't actually think HR would have agreed to it. I was more concerned that they would revoke my enhanced package.
  13. Well, one week of notice to work before redundancy kicks in & I have been asked if I would consider deferring it for an unspecified length of time to help deliver an urgent project which is under resourced. Said I have made other plans & declined 😊
  14. I am very similar, try & work to s good standard but would be too slow to make a living from it & couldn't be ars*d anyway. The other thing is, professional trade need to make max profit in min time so if say a tiler sees a wall that is a bit out & will be a pain to do he may say it needs re-plastering first. I will just spend days doing it but he can't do that as will be too expensive.
  15. Last summer, against my better judgement, I was persuaded to join a group for a couple of nights sharing a caravan at Clacton on Sea. As anyone who is familiar with Clacton would expect, it was very down-market but apart from in a showroom, I have never see so many high end Marc's in my life parked outside the caravans.
  16. This is part of my rationale in volunteering for redundancy. Our house needs a lot of stuff doing to it which would probably cost £20k+ if I got people in. Now I will have the time I plan to do it all as far as possible myself, bearing in mind I would have to earn £30k to pay other people £20k. The government won't be getting that extra £10k or most of the £4k VAT that the tradespeople would have paid (yes, I know 😁)
  17. I am required to work my entire 12 week notice period before receiving my redundancy payment (2 weeks to go 👍). Incidentally, it appears the treatment of payment in lieu of notice has changed recently. If any part of your severance package is in lieu of notice then it is treated as salary with tax & NI payable in full on that amount.
  18. That's rough & I obviously know nothing about your circumstances but it may prove better to have lost a job just before buying a house than finding yourself in that situation just after you have done so. That doesn't help at the moment, of course.
  19. I forgot that any years of service completed after age 41 are counted as 1.5 years which takes me up to the maximum of 20 years service for redundancy purposes, not the 16 I have actually worked. I realise that it is still a very generous package though.
  20. Yes, this was the final thing that convinced me to go ahead. Too good not to in my position.
  21. This is subject to a max salary cutoff of £65k I believe but "luckily" I don't earn that much 🤔
  22. I have asked for a "redundancy sacrifice" into pension for everything over £30k which I can drawdown over the next few years at effectively 15% tax rate instead of paying 40% now. Will initially hold as cash but if appropriate I might invest at least some of it.
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