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General Chat (Vincent Related)
capital gains tax
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<blockquote data-quote="timetraveller" data-source="post: 17546" data-attributes="member: 456"><p>The problem is that the gift has to be made seven, or more, years before the death of the original owner. Although John made it clear what he wanted at least that much time before his death he had done nothing formal about it such as transferring the title of the bikes at Swansea. Most of us procrastinate on the assumption that we still have many decades to go before we have to do something formal and under most circumstances this would be fine. The problem arises when people who have nothing to do with any of the people involved draw the attention of the tax authorities to the potential value of the bikes now. Having had their attention drawn to the circumstances one would have hoped that a reasonable and sympathetic tax person might have decided that the matter was all 'in family' and walked away from it. Not in this case. I have not seen what information was sent to the tax authorities but I have seen some of the information which was intended to be put on the web. Much of it is incorrect or downright lies and I have done my best both verbally and in writing to try to correct the lies to the persons involved. Clearly they do not want the facts to get in the way of their own agenda, whatever that is! For the rest of us in the UK I imagine that a solution to this problem might lie along the lines of the fact that one can be the 'keeper' of a bike but not the 'owner'. An example of this is if one buys a bike on a hire purchase agreement. Until such time as the contract is completed one is the keeper of the bike but the finance company is the owner. Once again I emphasize that my competence with either financial or legal matters is minimal and it would be very useful if any Club members who have professional level competence in these matters could put the rest of straight on this subject.</p></blockquote><p></p>
[QUOTE="timetraveller, post: 17546, member: 456"] The problem is that the gift has to be made seven, or more, years before the death of the original owner. Although John made it clear what he wanted at least that much time before his death he had done nothing formal about it such as transferring the title of the bikes at Swansea. Most of us procrastinate on the assumption that we still have many decades to go before we have to do something formal and under most circumstances this would be fine. The problem arises when people who have nothing to do with any of the people involved draw the attention of the tax authorities to the potential value of the bikes now. Having had their attention drawn to the circumstances one would have hoped that a reasonable and sympathetic tax person might have decided that the matter was all 'in family' and walked away from it. Not in this case. I have not seen what information was sent to the tax authorities but I have seen some of the information which was intended to be put on the web. Much of it is incorrect or downright lies and I have done my best both verbally and in writing to try to correct the lies to the persons involved. Clearly they do not want the facts to get in the way of their own agenda, whatever that is! For the rest of us in the UK I imagine that a solution to this problem might lie along the lines of the fact that one can be the 'keeper' of a bike but not the 'owner'. An example of this is if one buys a bike on a hire purchase agreement. Until such time as the contract is completed one is the keeper of the bike but the finance company is the owner. Once again I emphasize that my competence with either financial or legal matters is minimal and it would be very useful if any Club members who have professional level competence in these matters could put the rest of straight on this subject. [/QUOTE]
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General Chat (Vincent Related)
capital gains tax
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