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SF100
Posted: 15 October 2022 22:49:55(UTC)
#25

Joined: 08/02/2020(UTC)
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SF100
Posted: 15 October 2022 22:55:14(UTC)
#21

Joined: 08/02/2020(UTC)
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Easyrider;243214 wrote:

Our gross income is about £100k but we give most of it away.

What are the tax liabilities like for gifting that amount?
Perhaps your daughters mortgage could have been been a thing of the past ahead of these rising rates
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Ian Eccles
Posted: 16 October 2022 06:34:09(UTC)
#26

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I have to agree with you Easyrider, my pet hate is those young things that drive to the gym, get out of their car with their gym bag over their shoulder and coffee in their hand and prance into the building .How hard is it to make a brew before you leave the house ?
There is a JD Gym across from a supermarket that we use and it's great entertainment spending a few minutes watching the youth of today.
The other point of agreement is bargain furniture.
Before COVID I was a regular buyer at auctions.
You can pick up quality brown furniture for little money, I can furnish a property with quality furniture for a couple of hundred pounds and it will outlast the rubbish they sell today.
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Easyrider on 17/10/2022(UTC), DHardisty on 20/10/2022(UTC), xiang zou on 21/10/2022(UTC)
Easyrider
Posted: 16 October 2022 08:56:36(UTC)
#22

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SF100;243288 wrote:
Easyrider;243214 wrote:

Our gross income is about £100k but we give most of it away.

What are the tax liabilities like for gifting that amount?
Perhaps your daughters mortgage could have been been a thing of the past ahead of these rising rates


.................................................................................................................................................................

Actually I got my daughter's mortgage rate wrong. It was once 1.9% but she now tells me that it's 4.7% and the outstanding debt has fallen from £100k to £37k.

We decided that the discipline of having to pay a mortgage would be a "positive" experience for her with regard to money-management.
I have always had the concern that my children would be profligate because of their relatively affluent middle-class upbringing compared with my working class upbringing.

We don't gift £100k a year. That's a gross sum which includes interest and dividends which are reinvested. We also gift to several charities which can claim tax.

But our gifting certainly amounts to substantially more than £3k a year which is the permissible amount before impacting on the Inheritance tax allowance.

Fortunately we were in a position to assist my son and daughter more than 7 years ago with a deposit for their first flat, and to pay off their student loans, which means that the sum total involved is no longer subtracted from my inheritance tax allowance when I snuff it.

On balance I'm quite a wise old owl. I only get things arse about tit occasionally.


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8 users thanked Easyrider for this post.
Thrugelmir on 16/10/2022(UTC), Tim D on 16/10/2022(UTC), SF100 on 17/10/2022(UTC), Tony Peterson on 17/10/2022(UTC), Jimmy Page on 17/10/2022(UTC), Bimble on 17/10/2022(UTC), kim shillinglaw on 20/10/2022(UTC), DHardisty on 20/10/2022(UTC)
MarkSp
Posted: 16 October 2022 08:57:37(UTC)
#27

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Ian Eccles;243297 wrote:
I have to agree with you Easyrider, my pet hate is those young things that drive to the gym, get out of their car with their gym bag over their shoulder and coffee in their hand and prance into the building .How hard is it to make a brew before you leave the house ?
There is a JD Gym across from a supermarket that we use and it's great entertainment spending a few minutes watching the youth of today.
The other point of agreement is bargain furniture.
Before COVID I was a regular buyer at auctions.
You can pick up quality brown furniture for little money, I can furnish a property with quality furniture for a couple of hundred pounds and it will outlast the rubbish they sell today.


So given a choice between watching young things in Lycra and brown furniture........you went for the furniture
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4 users thanked MarkSp for this post.
Chalky W on 17/10/2022(UTC), Easyrider on 17/10/2022(UTC), Jimmy Page on 17/10/2022(UTC), DHardisty on 20/10/2022(UTC)
Ian Eccles
Posted: 16 October 2022 11:21:21(UTC)
#28

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When you get to my age Mark, a Queen Anne leg becomes more beautiful with age, whereas the nymphs floating into the gym begin to sag and droop with age.
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4 users thanked Ian Eccles for this post.
Chalky W on 17/10/2022(UTC), Easyrider on 17/10/2022(UTC), Jimmy Page on 17/10/2022(UTC), DHardisty on 20/10/2022(UTC)
SF100
Posted: 17 October 2022 12:40:27(UTC)
#23

Joined: 08/02/2020(UTC)
Posts: 2,260
Easyrider;243332 wrote:
SF100;243288 wrote:
Easyrider;243214 wrote:

Our gross income is about £100k but we give most of it away.

What are the tax liabilities like for gifting that amount?
Perhaps your daughters mortgage could have been been a thing of the past ahead of these rising rates


.................................................................................................................................................................
We decided that the discipline of having to pay a mortgage would be a "positive" experience for her with regard to money-management.
I have always had the concern that my children would be profligate because of their relatively affluent middle-class upbringing compared with my working class upbringing.

Commendable approach and would generally agree.
However perhaps it could have been structured so that your estate benefitted from the interest payments rather than the greedy bankers.

Worth bearing in mind:

- mortgages & debt can also cause a lot of pressures, mental health, fatigue, having to do the daily grind, relationship breakdowns. I am sure & hope your son & daughter not in that position but, if it were to arise in future, it could have been negated. Perhaps the positive experience to date can be banked now and clear off the debt.

- clearing off the mortgage opens up all manner of opportunities such as career changes, perhaps into something much more interesting or enjoyable, or even just something less intensive allowing other interests to develop, e.g start own business etc. Having mortgage debt is unlikely to be a source of much happiness and life is hopefully meant to be 'enjoyed'. There is a balance to be had and of course valuable life lessons can be learned along the way.

Personally I'm delighted to be mortgage free, although several forum members prefer to rely on inflation linked salaries eroding the debt; all well and good whilst that happens and health and employability remain in tact.
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Easyrider on 17/10/2022(UTC), Jimmy Page on 17/10/2022(UTC)
Easyrider
Posted: 17 October 2022 14:07:39(UTC)
#24

Joined: 09/11/2020(UTC)
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SF100;243587 wrote:
Easyrider;243332 wrote:
SF100;243288 wrote:
Easyrider;243214 wrote:

Our gross income is about £100k but we give most of it away.

What are the tax liabilities like for gifting that amount?
Perhaps your daughters mortgage could have been been a thing of the past ahead of these rising rates


.................................................................................................................................................................
We decided that the discipline of having to pay a mortgage would be a "positive" experience for her with regard to money-management.
I have always had the concern that my children would be profligate because of their relatively affluent middle-class upbringing compared with my working class upbringing.

Commendable approach and would generally agree.
However perhaps it could have been structured so that your estate benefitted from the interest payments rather than the greedy bankers.

Worth bearing in mind:

- mortgages & debt can also cause a lot of pressures, mental health, fatigue, having to do the daily grind, relationship breakdowns. I am sure & hope your son & daughter not in that position but, if it were to arise in future, it could have been negated. Perhaps the positive experience to date can be banked now and clear off the debt.

- clearing off the mortgage opens up all manner of opportunities such as career changes, perhaps into something much more interesting or enjoyable, or even just something less intensive allowing other interests to develop, e.g start own business etc. Having mortgage debt is unlikely to be a source of much happiness and life is hopefully meant to be 'enjoyed'. There is a balance to be had and of course valuable life lessons can be learned along the way.



>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
She now lives in Harrogate and rents an eco-house with her partner. Her flat in London is rented out.
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Easyrider
Posted: 17 October 2022 14:18:59(UTC)
#29

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Modern internet banking is a mystery to me.
I still use a cheque book.
I don't do telephone banking because I have hearing issues and can't understand foreign accents.
I only use my credit card to buy food and drinks when cycling and pay in restaurants.
The result is that I rarely spend anything. Modern banking has made it too complex for me.
The result is that I have lots of pots of investments which I rarely access.
My wife does the financial bit. She uses a credit card but pays it off religiously every month so that we don't have to pay the ridiculous 39% interest, or whatever it is.
Such interest rates should be banned IMO, but I suppose some would argue that "free markets" should prevail.
If I were dictator, which thankfully I'm not, I would stage public executions of bankers and sell the tickets.
On reflection, perhaps not: a tad too extreme!
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1 user thanked Easyrider for this post.
Jimmy Page on 17/10/2022(UTC)
Bulldog Drummond
Posted: 17 October 2022 15:21:45(UTC)
#30

Joined: 03/10/2017(UTC)
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Easyrider;243605 wrote:

I still use a cheque book.

The only fraud I have ever suffered was about 30 years ago when I had an offset mortgage account and someone intercepted a new cheque book that had been posted to me and used it to steal £30K. The bank did reimburse me very quickly. With a cheque you are giving someone your bank account number, sort code, name and specimen signature. I've never had a problem with internet banking. For a very large payment I might use a banker's draft.
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4 users thanked Bulldog Drummond for this post.
Jimmy Page on 17/10/2022(UTC), Easyrider on 17/10/2022(UTC), ANDREW FOSTER on 17/10/2022(UTC), Guest on 18/10/2022(UTC)
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