House Prices Soar 84% in Last Decade!

Discussion in 'The NAAFI Bar' started by Giancarlo_Badass, Feb 11, 2012.

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  1. Are you aware of Stamp Duty and Capital Gains Taxation?
     
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  2. You don't pay capital gains if the cash is put into another property which you will occupy.
     
  3. And inheritance tax.
     
  4. And there are plenty of ways round that.
     
  5. How much of that 84% was made up before 2007?

    I think you'll find the stats different if you asked what the % increase is for the past 4 years!

    Lies, fooking lies and statistics.
     
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  6. I didn't know that. It has now given me a plan.
     
  7. Only if you plan on dying, most people don't. They just get a large bill when a loved one dies. I can't remember the details but it was reported a while ago that siblings who lived together in london got royally fucked over when one of them died and the house was over the tax threshold (this was back when it was raised to 325k).
     
  8. Just need to set things up before you peg it (bit harder otherwise). I understand it's all about trusts and the such like.

    Also, someone is survived by their spouse then the will should reflect that any estate does not go automatically to the surviving spouse, but is split equally between children.

    Someone will be along soon to explain it better, or to tell us all the loop holes have been closed.
     
  9. I think the trusts are normally set up by the really rich. The goverment extending the time for giving gifts from 5 years to 7 years (before death) a while back in an effort to make it more awkward to get around the rules. The same was putting restrictions on farmland (which was exempt inheritance tax)

    I sure you can't just write your spouse out of the will. (I seem to recall it was changed because some people left it all to the dogs home and the spouse discovered the joys of living on the street).

    Most people are exempt the tax anyway, but some are kicked in the nuts because of it. As well as siblings, there are other relatives living with an family member other than a spouse who might have a ton of money tied up in the house but no other assets only to find they must sell the house if that family member dies. There are also family run businesses which can be hit with a hefty tax bill if the mian family member dies.
     
  10. Just tried looking a bit more into it. Fook me that's dull.
     
  11. You are quite correct.I should have clarified my comment.