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Aug 24th, 2023
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Joined: Dec 2009
Posts: 35,773 Likes: 468
Tricky Dicky Member of the Inner Circle
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OP
Tricky Dicky Member of the Inner Circle
Joined: Dec 2009
Posts: 35,773 Likes: 468 |
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. Thanks John, I had no idea of that ruling and will review my offspring giving habits, every day a school day on here 
2009 4/4 Henrietta
1999 Indigo Blue +8
2009 4/4 Sport Green prev
1993 Connaught Green +8 prev
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Joined: Aug 2020
Posts: 2,791 Likes: 160
Talk Morgan Expert
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Talk Morgan Expert
Joined: Aug 2020
Posts: 2,791 Likes: 160 |
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. Thanks John, I had no idea of that ruling and will review my offspring giving habits, every day a school day on here With married couples their combined total annual gift allowance is £6000. Just search the web for full details of the scheme.
Last edited by JohnHarris; 26/06/24 08:58 AM.
Prev '12 Plus 4 Sport OZZY
'08 Roadster FELIX
'06 4/4 70th LOKI
'77 4/4 SEAMUS
'85 4/4 MOLLY
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1 member likes this:
+8Rich |
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Joined: Jan 2009
Posts: 5,877 Likes: 20
Charter Member
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Charter Member
Joined: Jan 2009
Posts: 5,877 Likes: 20 |
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. Remind me - is the £3k per donor or per recipient ie 6k from the two of us shared between 4 grandkids or 3k per grandkid?
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Joined: Dec 2009
Posts: 35,773 Likes: 468
Tricky Dicky Member of the Inner Circle
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OP
Tricky Dicky Member of the Inner Circle
Joined: Dec 2009
Posts: 35,773 Likes: 468 |
3k per donor per annum. Here is further reading and donation ideas.
2009 4/4 Henrietta
1999 Indigo Blue +8
2009 4/4 Sport Green prev
1993 Connaught Green +8 prev
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Joined: Aug 2020
Posts: 2,791 Likes: 160
Talk Morgan Expert
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Talk Morgan Expert
Joined: Aug 2020
Posts: 2,791 Likes: 160 |
I'd referred to this special gift give away concession previously beyond the £3k allowance, the telegraph article details the criteria. https://www.msn.com/en-gb/money/oth...561fed221d4aebbfcece720f1fc4a8&ei=42
Last edited by JohnHarris; 10/08/24 11:50 AM.
Prev '12 Plus 4 Sport OZZY
'08 Roadster FELIX
'06 4/4 70th LOKI
'77 4/4 SEAMUS
'85 4/4 MOLLY
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Joined: Jul 2019
Posts: 4,607 Likes: 192
Part of the Furniture
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Part of the Furniture
Joined: Jul 2019
Posts: 4,607 Likes: 192 |
Openly admitting to a distinct lack of taxation understanding and easily befuddled by legislative related writings, my logic, flawed or otherwise would lead me to think if one gifted monies to an unemployed family member be it long or short term, then the "state" might seek to recover some if not all of the benefits they have paid out.... Just going by the sort of somewhat obvious injustice's picked up and hyped by the news media, and suffered by claimants...?
Last edited by Luddite; 10/08/24 01:09 PM. Reason: missed one important word... Duh.
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Joined: Dec 2009
Posts: 35,773 Likes: 468
Tricky Dicky Member of the Inner Circle
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OP
Tricky Dicky Member of the Inner Circle
Joined: Dec 2009
Posts: 35,773 Likes: 468 |
This appeared on the Facebook Marketplace about nine weeks ago, it goes to show how totally out of touch some owners are with their pride and joy. Lovely looking car but !! ![[Linked Image]](https://tm-img.com/images/2024/06/17/15.png) And remaining unsold at this price 
2009 4/4 Henrietta
1999 Indigo Blue +8
2009 4/4 Sport Green prev
1993 Connaught Green +8 prev
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Joined: Jan 2009
Posts: 5,877 Likes: 20
Charter Member
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Charter Member
Joined: Jan 2009
Posts: 5,877 Likes: 20 |
Why should Morgan be immune from the low demand issue that is affecting all specialist cars at the moment? And just like when house prices fall, you find lots of sellers still advertising at the old market price because they cannot accept that prices have fallen. The result is that sale volumes fall and cars / houses remain on the market even for years.
Its similar with boats. I was once looking for a catamaran, and being a magazine hoarder, I decided to use my stash of old magazines to see how quickly they sold in what was a depressed market. Lots of the boats on sale had been so for several years even in some cases increasing in price. The only ones that had shifted were at below market prices. I was cheeky enough to phone some of the people who had been advertising the same boat for several years to confirm this.
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Joined: Jul 2007
Posts: 26,747 Likes: 419
Member of the Inner Circle
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Member of the Inner Circle
Joined: Jul 2007
Posts: 26,747 Likes: 419 |
I see it as a 2 way thing. If as I was you are trading up the real issue is cost to change. If the new car has fallen more it is win win.
JohnV6
2022 CX Plus Four
2025 MG ZS EV aka Trigger
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1 member likes this:
+8Rich |
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Joined: Dec 2008
Posts: 21,865 Likes: 167
Roadster Guru Member of the Inner Circle
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Roadster Guru Member of the Inner Circle
Joined: Dec 2008
Posts: 21,865 Likes: 167 |
It's definitely a positive for most unless you've bought new recently and want to sell fast. But as Howard says that applies to all cars anyway. Especially EVs.
DaveW
'05 Red Roadster S1
'16 Yellow (Not the only) Narrow AR GDI Plus 4
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