Following on from the Wills and executors thread...

I was left half a house by my father, my wife bought out the inheritor
of the other half. We've let it for a couple of years and are now
selling it. No doubt CGT will rear its ugly head so can anyone point me
to a clear and authoritative description of how to work out what we're
likely to have to hand over? I've Googled but not found the elusive
combination of clear *and* authoritative!

--
F

www.vulcantothesky.org - 2015, the last year to see a Vulcan fly

En el artículo , F
news@nowhere.? escribió:

I've Googled but not found the elusive
combination of clear *and* authoritative!

What makes you think you're going to find it in a Usenet group relating
to DIY in the UK? Prat.

--
(\_/)
(='.'=)
(")_(")

In message , F
writes
Following on from the Wills and executors thread...

I was left half a house by my father, my wife bought out the inheritor
of the other half. We've let it for a couple of years and are now
selling it. No doubt CGT will rear its ugly head so can anyone point me
to a clear and authoritative description of how to work out what we're
likely to have to hand over? I've Googled but not found the elusive
combination of clear *and* authoritative!

The acquisition value of your half will be the probate value or whatever
was put on the Inland Revenue form when the estate was valued.

Your wife's half is what she paid: assuming it was done properly.

As joint owners you each have an annual CGT allowance £10600?

You should be able to deduct money spent on improvements and Estate
Agents fees.

There should be some worked examples on the HMRC site.

IANAtax expert:-)


--
Tim Lamb

On 10/07/2015 19:50, F wrote:
Following on from the Wills and executors thread...

No doubt CGT will rear its ugly head so can anyone point me
to a clear and authoritative description of how to work out what we're
likely to have to hand over? I've Googled but not found the elusive
combination of clear *and* authoritative!

How about https://www.gov.uk/tax-sell-property ?

--
Andy

Andy Wade wrote:
How about https://www.gov.uk/tax-sell-property ?

Is a very good answer.

And if you want to check the answer you end up with you could look at
the checklist in
https://www.gov.uk/government/upload...-buildings.pdf
It's designed for professionals so has whole sections you can almost
certainly ignore - eg about roll-over and incorporation relief. But I
wouldn't be more authoritative as your very brief facts leave many known
unknowns

--
Robin
reply to address is (meant to be) valid

On 10/07/2015 22:47, Andy Wade wrote:
On 10/07/2015 19:50, F wrote:
Following on from the Wills and executors thread...

No doubt CGT will rear its ugly head so can anyone point me
to a clear and authoritative description of how to work out what we're
likely to have to hand over? I've Googled but not found the elusive
combination of clear *and* authoritative!

How about https://www.gov.uk/tax-sell-property ?

Thanks. I had found that but it seemed light on detail. I'll re-read.

--
F

www.vulcantothesky.org - 2015, the last year to see a Vulcan fly

On 10/07/2015 20:11, Mike Tomlinson wrote:
En el artículo , F
news@nowhere.? escribió:

I've Googled but not found the elusive
combination of clear *and* authoritative!

What makes you think you're going to find it in a Usenet group relating
to DIY in the UK? Prat.

Try reading and appreciating the *informative* posts on a host of
similar subjects rather than posting abusive drivel. There's a wealth of
relevant experience and knowledge in uk.d-i-y as demonstrated in the
'Wills and executors' thread I referenced and you missed quoting.
Unfortunately, prats like yourself feel inclined to provide noise rather
than signal.

--
F

www.vulcantothesky.org - 2015, the last year to see a Vulcan fly

On 10/07/2015 23:05, Robin wrote:
Andy Wade wrote:
How about https://www.gov.uk/tax-sell-property ?

Is a very good answer.

And if you want to check the answer you end up with you could look at
the checklist in
https://www.gov.uk/government/upload...-buildings.pdf
It's designed for professionals so has whole sections you can almost
certainly ignore - eg about roll-over and incorporation relief. But I
wouldn't be more authoritative as your very brief facts leave many known
unknowns

Thanks. there are some useful links within it.

--
F

www.vulcantothesky.org - 2015, the last year to see a Vulcan fly

Because almost everything else seems to get posted here, I'd suggest.
Surely the best people to ask are the government dept who collects the tax,
as it were.
Brian

--
From the Sofa of Brian Gaff Reply address is active
"Mike Tomlinson" wrote in message
...
En el artículo , F
news@nowhere.? escribió:

I've Googled but not found the elusive
combination of clear *and* authoritative!

What makes you think you're going to find it in a Usenet group relating
to DIY in the UK? Prat.

--
(\_/)
(='.'=)
(")_(")

On Fri, 10 Jul 2015 21:06:06 +0100, Tim Lamb wrote:

The acquisition value of your half will be the probate value or whatever
was put on the Inland Revenue form when the estate was valued.

Your wife's half is what she paid: assuming it was done properly.

I'd go along with that.

As joint owners you each have an annual CGT allowance £10600?

This is where it might start to get complicated depending on what it
says on the Land Registry. ie who (singular and plural) actually has
title to the property.

If the property is held jointly, the percentages held by each party
might be fun to work out. You can't really just take the ratio of the
two aquistion values whe the aquistions are at different times:

(A) aquires half of the property valued at £100k by probate.
(B) aquires the other half later for £200k as property prices have
risen.

They both own a "half" each but (B) has a far larger investment. If
the property is disposed of for £350k each "half" is £175k so (A)
faces CGT on 75k but (B) has made a £25k loss...

Divided on investment ratios (A) faces CGT on £16.6k, B on £33.3k

I can't decide which is "fair" I suspect the rules will go for the
half each split rather than investment ratio but don't know.

You should be able to deduct money spent on improvements and Estate
Agents fees.

For CGT? I don't think so. You can put those against the rent
recieved to reduce Income Tax on that rent.

IANAtax expert:-)

Nor me!

Taper relief may come in as well.

--
Cheers
Dave.

Dave Liquorice wrote:

This is where it might start to get complicated depending on what it
says on the Land Registry. ie who (singular and plural) actually has
title to the property.

It is generally thought that the Land Registry shows owners but it can't
be relied upon for beneficial ownership (who is entitled to how much of
a property). In the vast majority of cases a property registered in
joint names is owned in equal shares. But there are many possible
exceptions. A trivial one is where property is owned by 5 or more
people.

If the property is held jointly, the percentages held by each party
might be fun to work out. You can't really just take the ratio of the
two aquistion values whe the aquistions are at different times:

(A) aquires half of the property valued at £100k by probate.
(B) aquires the other half later for £200k as property prices have
risen.

They both own a "half" each but (B) has a far larger investment. If
the property is disposed of for £350k each "half" is £175k so (A)
faces CGT on 75k but (B) has made a £25k loss...

Divided on investment ratios (A) faces CGT on £16.6k, B on £33.3k

I can't decide which is "fair" I suspect the rules will go for the
half each split rather than investment ratio but don't know.

This is tax so it's not really a matter of what's fair but of what the
law requires. IIRC that is that each owner deals with their share of
the property and their share of relevant costs. From what the OP said,
each owns half.

You should be able to deduct money spent on improvements and Estate
Agents fees.

For CGT? I don't think so. You can put those against the rent
recieved to reduce Income Tax on that rent.

That's covered in the link Andy Wade posted.

"You can deduct costs of buying, selling or improving your property
which reduce your gain. These include:
a.. estate agents' and solicitors' fees
b.. costs of improvement works, eg for an extension (normal
maintenance costs don't count, eg for decorating)"

What you deduct when computing profits from a property business is
spending on repairs and maintenance. It's basically a divide between
current and capital spending - with capital spending dealt with along
with capital gains.

--
--
Robin
reply to address is (meant to be) valid

On Fri, 10 Jul 2015 21:06:06 +0100, Tim Lamb wrote:


As joint owners you each have an annual CGT allowance £10600?

Yes, but its not a cumulative allowance.

If your asset makes 20k in year one and 20k in year two and you sell it
then you only get a 10600 allowance for the year you sell it, ie the tax
will be on 40k - 10600.

With shares its common to bed and breakfast them, you sell them and buy
them back to use up that years allowance. I doubt if many do that with
property.

In message . com,
lid writes


On Fri, 10 Jul 2015 21:06:06 +0100, Tim Lamb wrote:


As joint owners you each have an annual CGT allowance £10600?

Yes, but its not a cumulative allowance.

If your asset makes 20k in year one and 20k in year two and you sell it
then you only get a 10600 allowance for the year you sell it, ie the
tax will be on 40k - 10600.

With shares its common to bed and breakfast them, you sell them and buy
them back to use up that years allowance. I doubt if many do that with
property.

Capital gains is a tax on inflation.

OK when there was an indexation allowance.

If you have already used up part of your annual CGT allowance you can
defer the sale until the start of the next tax year.

Point of order... I was told the taxation point is when the sale becomes
irrevocable. I.e. no one can back out. Also, you can't sequence the sale
and get two lots of allowances:-(

--
Tim Lamb

Tim Lamb wrote:
Point of order... I was told the taxation point is when the sale
becomes irrevocable. I.e. no one can back out.

IIRC yes - and no: if a transfer of beneficial ownership takes place
then the date for tax purposes is the contract date; but a contract
without a transfer of beneficial ownership is not a disposal.

You are reminding me why I always hated CGT.

Also, you can't
sequence the sale and get two lots of allowances:-(

I recall the anti-avoidance rules which prevent depression of market
value by transferring property in a series of transactions to connected
persons. Eg a pair of Ming vases which mum gives to daughter singly:
one alone is worth a lot less than the matched pair. I don't recall
anything which bites on arm's lwength transactions if, say, the OP found
a buyer willing to buy the house in stages over 2 or more years. But if
the OP wants to explore that kind of thing he can pay for advice from
someone who knows CGT like wot I never did; or at the very least ask on
a tax group/forum. I'm too busy doing crap DIY to remind myself I was
also crap at CGT
--
Robin
reply to address is (meant to be) valid

In article , F
news@nowhere.? scribeth thus
Following on from the Wills and executors thread...

I was left half a house by my father, my wife bought out the inheritor
of the other half. We've let it for a couple of years and are now
selling it. No doubt CGT will rear its ugly head so can anyone point me
to a clear and authoritative description of how to work out what we're
likely to have to hand over? I've Googled but not found the elusive
combination of clear *and* authoritative!


A very simple suggestion and well worth doing.

If you know an accountant then go and ask them, it's not usually quite
that simple and that sort of advice you would be well advised to take.

Accountant mind, not a solicitor. What I know of them is that they know
very little of tax and its implications but they do know how to charge
well;!(.....

--
Tony Sayer

In article ,
tony sayer wrote:
In article , F
news@nowhere.? scribeth thus
Following on from the Wills and executors thread...

I was left half a house by my father, my wife bought out the inheritor
of the other half. We've let it for a couple of years and are now
selling it. No doubt CGT will rear its ugly head so can anyone point me
to a clear and authoritative description of how to work out what we're
likely to have to hand over? I've Googled but not found the elusive
combination of clear *and* authoritative!


A very simple suggestion and well worth doing.

If you know an accountant then go and ask them, it's not usually quite
that simple and that sort of advice you would be well advised to take.

Accountant mind, not a solicitor. What I know of them is that they know
very little of tax and its implications but they do know how to charge
well;!(.....

an individual solicitor might not know about CGT, but most decent firms
will have a tax expert on the staff. My father's firm employed a retired
tax inspector as an "advisor".

On 11/07/2015 19:46, Robin wrote:
Tim Lamb wrote:
Point of order... I was told the taxation point is when the sale
becomes irrevocable. I.e. no one can back out.

IIRC yes - and no: if a transfer of beneficial ownership takes place
then the date for tax purposes is the contract date; but a contract
without a transfer of beneficial ownership is not a disposal.

You are reminding me why I always hated CGT.

Also, you can't
sequence the sale and get two lots of allowances:-(

I recall the anti-avoidance rules which prevent depression of market
value by transferring property in a series of transactions to connected
persons. Eg a pair of Ming vases which mum gives to daughter singly:
one alone is worth a lot less than the matched pair. I don't recall
anything which bites on arm's lwength transactions if, say, the OP found
a buyer willing to buy the house in stages over 2 or more years. But if
the OP wants to explore that kind of thing he can pay for advice from
someone who knows CGT like wot I never did; or at the very least ask on
a tax group/forum. I'm too busy doing crap DIY to remind myself I was
also crap at CGT

Thanks to everyone (but the Troll) for their input: much appreciated and
the kind of detail I was looking for.

--
F

www.vulcantothesky.org - 2015, the last year to see a Vulcan fly

On 11/07/2015 21:14, tony sayer wrote:
In article , F
news@nowhere.? scribeth thus
Following on from the Wills and executors thread...

I was left half a house by my father, my wife bought out the inheritor
of the other half. We've let it for a couple of years and are now
selling it. No doubt CGT will rear its ugly head so can anyone point me
to a clear and authoritative description of how to work out what we're
likely to have to hand over? I've Googled but not found the elusive
combination of clear *and* authoritative!


A very simple suggestion and well worth doing.

If you know an accountant then go and ask them, it's not usually quite
that simple and that sort of advice you would be well advised to take.

Accountant mind, not a solicitor. What I know of them is that they know
very little of tax and its implications but they do know how to charge
well;!(.....

Wise advice: thanks!

--
F

www.vulcantothesky.org - 2015, the last year to see a Vulcan fly

On Sat, 11 Jul 2015 22:20:08 +0100, F wrote:

Accountant mind, not a solicitor. What I know of them is that they
know
very little of tax and its implications but they do know how to
charge
well;!(.....

Wise advice: thanks!

Preferbaly a Tax Accounant and one dealing with individuals rather
than one who does company books and company tax matters.

--
Cheers
Dave.

Dave Liquorice wrote:
Preferbaly a Tax Accounant and one dealing with individuals rather
than one who does company books and company tax matters.

Or a Chartered Tax Adviser. The CIOT has a low profile as it is
relatively small and young, but it is the specialist tax qualification.
(Quite a few CIOT members qualify first as accountants.)


--
Robin
reply to address is (meant to be) valid

In article , Charles Hope
scribeth thus
In article ,
tony sayer wrote:
In article , F
news@nowhere.? scribeth thus
Following on from the Wills and executors thread...

I was left half a house by my father, my wife bought out the inheritor
of the other half. We've let it for a couple of years and are now
selling it. No doubt CGT will rear its ugly head so can anyone point me
to a clear and authoritative description of how to work out what we're
likely to have to hand over? I've Googled but not found the elusive
combination of clear *and* authoritative!


A very simple suggestion and well worth doing.

If you know an accountant then go and ask them, it's not usually quite
that simple and that sort of advice you would be well advised to take.

Accountant mind, not a solicitor. What I know of them is that they know
very little of tax and its implications but they do know how to charge
well;!(.....

an individual solicitor might not know about CGT, but most decent firms
will have a tax expert on the staff. My father's firm employed a retired
tax inspector as an "advisor".


Yes, had some experience of the legal firm's accountant and it hasn't
been good;(...
--
Tony Sayer

On 12/07/2015 09:44, Robin wrote:
Dave Liquorice wrote:
Preferbaly a Tax Accounant and one dealing with individuals rather
than one who does company books and company tax matters.

Or a Chartered Tax Adviser. The CIOT has a low profile as it is
relatively small and young, but it is the specialist tax qualification.
(Quite a few CIOT members qualify first as accountants.)


Can I suggest an independent financial adviser who is qualified in tax.

Generally Solicitors/Accountants and banks are not qualified to advise
on these matters let alone understand them.

In article , ss
scribeth thus
On 12/07/2015 09:44, Robin wrote:
Dave Liquorice wrote:
Preferbaly a Tax Accounant and one dealing with individuals rather
than one who does company books and company tax matters.

Or a Chartered Tax Adviser. The CIOT has a low profile as it is
relatively small and young, but it is the specialist tax qualification.
(Quite a few CIOT members qualify first as accountants.)


Can I suggest an independent financial adviser who is qualified in tax.


Humm... Independent I often wonder just how independent they really are
based on some past experiences not mine but a few people I know;!..


Generally Solicitors/Accountants and banks are not qualified to advise
on these matters let alone understand them.


Agree with solicitors and wanks, but accountants a lot of their time is
spent on tax or the avoidance thereof..

Is your independent fiscal advisor qualified at all even?..
--
Tony Sayer

On 13/07/2015 23:23, tony sayer wrote:
spent on tax or the avoidance thereof

I agree accountants have experience regarding business, but it is a
totally different ball game when they have to take in to account a total
estates value with regard to inheritance/CG tax. So they may give good
advice on a particular transaction but the OP needs advice if he is
adding a lump sum to his own estate.

On Mon, 13 Jul 2015 23:23:36 +0100, tony sayer wrote:

Can I suggest an independent financial adviser who is qualified in tax.

Humm... Independent I often wonder just how independent they really are
based on some past experiences not mine but a few people I know;!..

Umm, it IS a legal requirement for an IFA to be truly independent.

On 14/07/2015 00:06, ss wrote:
On 13/07/2015 23:23, tony sayer wrote:
spent on tax or the avoidance thereof

I agree accountants have experience regarding business, but it is a
totally different ball game when they have to take in to account a total
estates value with regard to inheritance/CG tax. So they may give good
advice on a particular transaction but the OP needs advice if he is
adding a lump sum to his own estate.

Yes, much too complicated for a chartered accountant :-)

On Saturday, July 11, 2015 at 9:24:03 PM UTC+1, tony sayer wrote:
In article , F
news@nowhere.? scribeth thus
Following on from the Wills and executors thread...

I was left half a house by my father, my wife bought out the inheritor
of the other half. We've let it for a couple of years and are now
selling it. No doubt CGT will rear its ugly head so can anyone point me
to a clear and authoritative description of how to work out what we're
likely to have to hand over? I've Googled but not found the elusive
combination of clear *and* authoritative!


A very simple suggestion and well worth doing.

If you know an accountant then go and ask them, it's not usually quite
that simple and that sort of advice you would be well advised to take.

Accountant mind, not a solicitor. What I know of them is that they know
very little of tax and its implications but they do know how to charge
well;!(.....

--
Tony Sayer

My advice when dealing with 'Professionals' is to ask what it will cost at the outset then pay them on the nail. Go in, have your discussion, if he gives you your answer straight away then pay him on the spot.

I know from bitter experience that what can happen is 6 months down the line he is running a bit tight for money so has a root around his debtors list and charges what he feels he can get away with. Nail him immediately, preferably face to face , and he won't have the nerve to dig into you.

On Mon, 13 Jul 2015 23:23:36 +0100, tony sayer wrote:

Or a Chartered Tax Adviser. The CIOT has a low profile as it is
relatively small and young, but it is the specialist tax
qualification.

Can I suggest an independent financial adviser who is qualified in
tax.

An IFA ought to have been used decades ago to plan/setup/adise on how
best to organise one finances/investments/property.

Humm... Independent I often wonder just how independent they really are
based on some past experiences not mine but a few people I know;!..

They all get kick backs from the companies that they recomend and you
sign up with, but get told how much kick back they are getting. It's
this kick back that may mean you don't have to write a cheque for the
IFAs fee.

"Independant" means they are free to recomend products from a range
of providers and aren't tied to just the products of a company (or
group of companies).

Is your independent fiscal advisor qualified at all even?..

If they are trading legally oh yes, there are a number of
qualifications that an IFA must have to trade and be registered with
which ever financial authority(s) oversees the area(s) they are
working in. (s)'s 'cause I think different authorities cover
different areas, eg. pension advice is under Authority A, but
financial planning under Authority B, insurance (life/permenant
health, etc) under C etc etc...

--
Cheers
Dave.

On Tue, 14 Jul 2015 07:45:44 +0000 (UTC), Adrian wrote:

Umm, it IS a legal requirement for an IFA to be truly independent.

"Truly independant" should mean no kick backs to either the IFA or
you for signing up for a given product. A decent IFA should recomend
the best products for your situation, that is what you are paying
them for (directly or indirectly) and what is expected by the
regulators.

--
Cheers
Dave.

In article , ss
scribeth thus
On 13/07/2015 23:23, tony sayer wrote:
spent on tax or the avoidance thereof

I agree accountants have experience regarding business, but it is a
totally different ball game when they have to take in to account a total
estates value with regard to inheritance/CG tax. So they may give good
advice on a particular transaction but the OP needs advice if he is
adding a lump sum to his own estate.

Yes they do more business if they are specialising in that side i.e.
company work, but a good accountant will also do a lot of personal
taxation for the self employed and contractors and the like..
--
Tony Sayer

In article , Adrian
scribeth thus
On Mon, 13 Jul 2015 23:23:36 +0100, tony sayer wrote:

Can I suggest an independent financial adviser who is qualified in tax.

Humm... Independent I often wonder just how independent they really are
based on some past experiences not mine but a few people I know;!..

Umm, it IS a legal requirement for an IFA to be truly independent.


Yes but don't you feel that they are sometimes thinking too much on
their commission/s and what they might be able to sell?...

--
Tony Sayer

In article , fred
scribeth thus
On Saturday, July 11, 2015 at 9:24:03 PM UTC+1, tony sayer wrote:
In article , F
news@nowhere.? scribeth thus
Following on from the Wills and executors thread...

I was left half a house by my father, my wife bought out the inheritor
of the other half. We've let it for a couple of years and are now
selling it. No doubt CGT will rear its ugly head so can anyone point me
to a clear and authoritative description of how to work out what we're
likely to have to hand over? I've Googled but not found the elusive
combination of clear *and* authoritative!


A very simple suggestion and well worth doing.

If you know an accountant then go and ask them, it's not usually quite
that simple and that sort of advice you would be well advised to take.

Accountant mind, not a solicitor. What I know of them is that they know
very little of tax and its implications but they do know how to charge
well;!(.....

--
Tony Sayer

My advice when dealing with 'Professionals' is to ask what it will cost at the
outset then pay them on the nail. Go in, have your discussion, if he gives you
your answer straight away then pay him on the spot.

I know from bitter experience that what can happen is 6 months down the line he
is running a bit tight for money so has a root around his debtors list and
charges what he feels he can get away with. Nail him immediately, preferably
face to face , and he won't have the nerve to dig into you.

There speaks the voice of bitter experience;!...
--
Tony Sayer

On Tue, 14 Jul 2015 09:46:52 +0100, Dave Liquorice wrote:

Umm, it IS a legal requirement for an IFA to be truly independent.

"Truly independant" should mean no kick backs to either the IFA or you
for signing up for a given product. A decent IFA should recomend the
best products for your situation, that is what you are paying them for
(directly or indirectly) and what is expected by the regulators.

Any IFA has to give you a choice of funding their time through commission
- and they have to tell you how much that is - or an hourly rate.

Adrian wrote:
On Tue, 14 Jul 2015 09:46:52 +0100, Dave Liquorice wrote:

Umm, it IS a legal requirement for an IFA to be truly independent.

"Truly independant" should mean no kick backs to either the IFA or
you for signing up for a given product. A decent IFA should recomend
the best products for your situation, that is what you are paying
them for (directly or indirectly) and what is expected by the
regulators.

Any IFA has to give you a choice of funding their time through
commission - and they have to tell you how much that is - or an
hourly rate.

Ummm... I thought that IFAs could not use that model for investment
advice since the implementation of the RDR. More important, so do the
FCA:

"From 1 January 2013, product providers will no longer be able to offer
commission on their products, and advisers will no longer be able to
receive commission set by product providers for advice provided
post-RDR."

People *can* choose to pay for advice by deduction from investments - as
a lump sum or spread over regular payment. But neither independent nor
restricted advisers can be given incentivee to recommend one product
over another.


--
Robin
reply to address is (meant to be) valid

Dave Liquorice wrote:
They all get kick backs from the companies that they recomend and you
sign up with, but get told how much kick back they are getting. It's
this kick back that may mean you don't have to write a cheque for the
IFAs fee.


I think that pre-dates the RDR: pl see my reply to Adrian a minute ago.
--
Robin
reply to address is (meant to be) valid

On Tue, 14 Jul 2015 14:44:18 +0100, Robin wrote:

They all get kick backs from the companies that they recomend and
you
sign up with, but get told how much kick back they are getting.
It's
this kick back that may mean you don't have to write a cheque for
the
IFAs fee.

I think that pre-dates the RDR: pl see my reply to Adrian a minute ago..

Quite possibly, all I know is that I don't directly pay my IFA and I
see "£xxx paid to IFA" on statements from the wrapper co, which may
side step some regulations as the IFA isn't dealing directly with the
pension/investments.

The rules keep changing and I'd rather pay some one who has more of
an intrest in keeping up with them than I have.

--
Cheers
Dave.

Dave Liquorice wrote:

Quite possibly, all I know is that I don't directly pay my IFA and I
see "£xxx paid to IFA" on statements from the wrapper co, which may
side step some regulations as the IFA isn't dealing directly with the
pension/investments.

The rules keep changing and I'd rather pay some one who has more of
an intrest in keeping up with them than I have.

Sadly, unless you have serious amount of money, many advisors
would be hard pressed to save you more than they charge.

Chris
--
Chris J Dixon Nottingham UK


Plant amazing Acers.

On Wed, 15 Jul 2015 08:09:41 +0100, Chris J Dixon wrote:

Quite possibly, all I know is that I don't directly pay my IFA and
I
see "£xxx paid to IFA" on statements from the wrapper co, which
may
side step some regulations as the IFA isn't dealing directly with
the
pension/investments.

The rules keep changing and I'd rather pay some one who has more
of
an intrest in keeping up with them than I have.

Sadly, unless you have serious amount of money, many advisors
would be hard pressed to save you more than they charge.

My accountant saves me money by reducing my tax bill.

My IFA makes me money by making sound financial plans for the future
by suggesting a portfolio of investments that fit with my aversion,
or not, to risk and also taking into account my circumstances and
where along the plan we are. For instance you move market based
investments out of the market and into guaranteed bonds/gilts/cash
when you are a few years from say retirement. So of the market
crashes or even drops just a bit you don't lose the value that you
have built up from taking a risk on the market for the previous
years. Investing in the market is medium to long term, at least five
years, and you have to sit tight through when the market slumps.

Open question for the group, how much is a "serious amount of money"?
That is cash that can be realised by withdrawing from, cashing in or
selling, an investment product or account of some form (ie not
property)

£1,000, £5,000,
£10,000, £50,000,
£100,000, £500,000,
£1,000,000 £5,000,000
more?

--
Cheers
Dave.

In article o.uk, Dave
Liquorice scribeth thus
On Wed, 15 Jul 2015 08:09:41 +0100, Chris J Dixon wrote:

Quite possibly, all I know is that I don't directly pay my IFA and
I
see "£xxx paid to IFA" on statements from the wrapper co, which
may
side step some regulations as the IFA isn't dealing directly with
the
pension/investments.

The rules keep changing and I'd rather pay some one who has more
of
an intrest in keeping up with them than I have.

Sadly, unless you have serious amount of money, many advisors
would be hard pressed to save you more than they charge.

My accountant saves me money by reducing my tax bill.

Thats what there're there for, a sort of protection racket;!...


My IFA makes me money by making sound financial plans for the future
by suggesting a portfolio of investments that fit with my aversion,
or not, to risk and also taking into account my circumstances and
where along the plan we are. For instance you move market based
investments out of the market and into guaranteed bonds/gilts/cash
when you are a few years from say retirement. So of the market
crashes or even drops just a bit you don't lose the value that you
have built up from taking a risk on the market for the previous
years. Investing in the market is medium to long term, at least five
years, and you have to sit tight through when the market slumps.

Some sort of witchcraft then;?...


Open question for the group, how much is a "serious amount of money"?
That is cash that can be realised by withdrawing from, cashing in or
selling, an investment product or account of some form (ie not
property)

I'd say around 10 K odd..

But I suspect a few hereon do have property investments which are more
value being rented out and most all of the time are appreciating
assets....


£1,000, £5,000,
£10,000, £50,000,
£100,000, £500,000,
£1,000,000 £5,000,000
more?

--
Cheers
Dave.




--
Tony Sayer

In article o.uk, Dave
Liquorice writes
On Tue, 14 Jul 2015 14:44:18 +0100, Robin wrote:

They all get kick backs from the companies that they recomend and
you
sign up with, but get told how much kick back they are getting.
It's
this kick back that may mean you don't have to write a cheque for
the
IFAs fee.

I think that pre-dates the RDR: pl see my reply to Adrian a minute ago.

Quite possibly, all I know is that I don't directly pay my IFA and I
see "£xxx paid to IFA" on statements from the wrapper co, which may
side step some regulations as the IFA isn't dealing directly with the
pension/investments.

If you entered into the agreement before the rules changed then the old
rules still apply.
The rules keep changing and I'd rather pay some one who has more of
an intrest in keeping up with them than I have.

--
Cheers
Dave.




--
bert