Talk Morgan Forums Community The Malvern Arms Trad prices ..versus owners dreams..

If I were interested in a Moggie, that age difference wouldnt bother me since for practical purposes, the car hasnt changed much in those years. Condition would be the decider plus price.

Thats exactly my logic. I am now on my fifth small boat and whilst I have been able to sell 3 of the previous 4 at a nominal £k profit, the last one cost me £15k loss - and all these of course exclude inflation losses , marina costs etc. The toy cars have incurred bigger losses, and the bikes much the same percentage wise.

But then statistically speaking I probably only have 5 years or at most a decade of life left, SWMBO gets her holidays ( 5 this year!!! ) and the kids are provided for so the losses are reduced by the 40% IHT the govt would take if I didnt spend a bean. I get some satisfaction from looking at it that way. No pockets in shrouds anyway

Many people aren't aware that you can give £3000 a year per individual away with no Tax implications. Not only that you can give away most of your annual income to others tax free each year, as long as you can demonstrate you can live normally on the balance of the retained annual income, without making any economies/sacrifices.

You are right, I was not aware, you should have added a sentence - if you do it I get 10% !

If anyone would like to gift me £3000 I promise never to visit.

With this promise, the money should flow.

These current gift arrangements may soon be closed down if Labour gets into power, whilst the Tories will expand the opportunities. The gift from net after tax earnings/income (not savings) is not widely known or advertised by the IR, but basically if you earn/have an income of say £100k net after tax annually and have been saving say £50k a year for some time eg 5 years, theoretically under the scheme you should be able to demonstrate why you can give away the £50k or part there of, rather than save it each year.

I'm sure there is plenty of fine print but currently the basic principle holds true, I would talk it thru with a tax expert first to make sure your circumstances satisfy the criteria of the gift..

The difference between the scheme above and the individual annual £3000 gift is that gift can come from any source ie net earnings/income, savings etc.

I can't see this being an issue for many. this income level puts one in the top 3% or so of the population. 90% of us live on less than around £50k after tax, and half of us on less than £25k. (2022 data from ONS Survey of Personal Incomes)

Just need 20 of you to cough up, and I've paid off the vehicles and the mortgage. PM me for my bank details......

The £100k was only used to illustrate how the gift tax worked, I could just as easily used £50k or the deemed more comfortable retirement income of over £34k. The point being the annual income surplus above your annual outgoings could be made as a gift to someone, above and beyond the current £3000 annual limit. But if you want to score points far enough, as top 3% is still close on 2
million people and with 10% of the population income over £50k that's still around 6.5 million people.