keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Jul 5, 2023 9:36:22 GMT
Was talking to a friend about this last night, he said he would prefer a scheme where you couldn't be left without a bank, so If you apply to HSBC and tell them you have been refused by Barclays, Coutts, LLoyds, Nat west etc they are your bank of last resort and have to accept you. I think everyone should be entitled to at least a basic account, eg pay money in, withdraw money pay bills etc, No overdraft facilities et
We have a woman in the village banned from both supermarkets and 2 of the other shops for persistent shoplifting and assaulting staff when they have tried to stop her. IMHO that's OK, there are other shops ( although if I worked in them I'd be wary of her ) and she can have deliveries.
not being able to have a bank account is a red line for me.
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Post by bracknellboy on Jul 5, 2023 10:06:36 GMT
I haven't looked at the Wail article ... If the gifting is deemed as valid - not from an IHT perspective but from a change of ownership perspective The Wail article is the verdict - the other is months old. The mother lost, and has to get out - she also has to pay £10k costs. I had tried to click through previously but the main content wasn't rendering - only adverts. I can now see it so not sure why. As you say, on the face of it a nasty piece of work, but I would question whether there might also be some mental health issues. Its bizarre to gift a property to your daughter and then subsequently turn so nastily against her. The daughter sounds like she is on the level.
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Post by bracknellboy on Jul 5, 2023 10:12:37 GMT
Was talking to a friend about this last night, he said he would prefer a scheme where you couldn't be left without a bank, so If you apply to HSBC and tell them you have been refused by Barclays, Coutts, LLoyds, Nat west etc they are your bank of last resort and have to accept you. I think everyone should be entitled to at least a basic account, eg pay money in, withdraw money pay bills etc, No overdraft facilities et We have a woman in the village banned from both supermarkets and 2 of the other shops for persistent shoplifting and assaulting staff when they have tried to stop her. IMHO that's OK, there are other shops ( although if I worked in them I'd be wary of her ) and she can have deliveries. not being able to have a bank account is a red line for me. It's a reasonable sentiment, but difficult to see how it can actually apply as baldly and widely as stated. If you are strongly suspected of, or have been proven to have, committed illegal financial activities for which a bank could be held partly culpable e.g. money laundering, then any bank which took on your business would be opening themselves up to god knows what legal action and fines. Of course perhaps putting some limits on it recognised in [international] law or govt. guidance, e.g. amounts of money that can go through, maximum balance etc. etc. might allow risk of liability to be protected.
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adrianc
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Post by adrianc on Jul 5, 2023 10:13:07 GMT
Its bizarre to gift a property to your daughter and then subsequently turn so nastily against her. Sounds like it turned when the daughter had a kid. Jealous? Didn't approve of father?
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michaelc
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Post by michaelc on Jul 6, 2023 12:57:37 GMT
Was talking to a friend about this last night, he said he would prefer a scheme where you couldn't be left without a bank, so If you apply to HSBC and tell them you have been refused by Barclays, Coutts, LLoyds, Nat west etc they are your bank of last resort and have to accept you. I think everyone should be entitled to at least a basic account, eg pay money in, withdraw money pay bills etc, No overdraft facilities et We have a woman in the village banned from both supermarkets and 2 of the other shops for persistent shoplifting and assaulting staff when they have tried to stop her. IMHO that's OK, there are other shops ( although if I worked in them I'd be wary of her ) and she can have deliveries. not being able to have a bank account is a red line for me. It's a reasonable sentiment, but difficult to see how it can actually apply as baldly and widely as stated. If you are strongly suspected of, or have been proven to have, committed illegal financial activities for which a bank could be held partly culpable e.g. money laundering, then any bank which took on your business would be opening themselves up to god knows what legal action and fines. Of course perhaps putting some limits on it recognised in [international] law or govt. guidance, e.g. amounts of money that can go through, maximum balance etc. etc. might allow risk of liability to be protected. Can there not be additional restrictions imposed on a "basic" bank account. As far as I know a basic bank account allows you to transfer money to pretty well any account in the world. Why not restrict payments to UK banks and maybe even only UK businesses? (So no transfers to your mate for whatever reason). I used to do my banking in Ukraine via a big french bank but until I get permanent residence there (not exactly top of my priorities right now) I am restricted in where I can transfer money to and need to give a reason every time. In practice the way out was to transfer money to my wife who is Ukranian which is always allowed and then she can send it onwards without restriction. So if they can do things like that I'm sure our banks can.
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Post by martin44 on Jul 6, 2023 18:07:08 GMT
The only downside to that story is,... there are many many coutts bank account holders who have only thousands in their accounts.
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Post by martin44 on Jul 6, 2023 18:11:26 GMT
yes those services should be forced to provide a service where they are a monopoly and no other service is available. A water company is - and I agree with you that's a bad example - but none of the ones I listed are. Nor is a particular bank. Agreed.. i dont think banks should be forced to take on anyone they dont like, for whatever their left/right wing views.. as long as we all know who these banks and etc are... so we can dump them at our discretion.
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Post by martin44 on Jul 6, 2023 18:22:24 GMT
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Post by bracknellboy on Jul 6, 2023 18:48:02 GMT
It's a reasonable sentiment, but difficult to see how it can actually apply as baldly and widely as stated. If you are strongly suspected of, or have been proven to have, committed illegal financial activities for which a bank could be held partly culpable e.g. money laundering, then any bank which took on your business would be opening themselves up to god knows what legal action and fines. Of course perhaps putting some limits on it recognised in [international] law or govt. guidance, e.g. amounts of money that can go through, maximum balance etc. etc. might allow risk of liability to be protected. Can there not be additional restrictions imposed on a "basic" bank account. As far as I know a basic bank account allows you to transfer money to pretty well any account in the world. Why not restrict payments to UK banks and maybe even only UK businesses? (So no transfers to your mate for whatever reason). I used to do my banking in Ukraine via a big french bank but until I get permanent residence there (not exactly top of my priorities right now) I am restricted in where I can transfer money to and need to give a reason every time. In practice the way out was to transfer money to my wife who is Ukranian which is always allowed and then she can send it onwards without restriction. So if they can do things like that I'm sure our banks can. so....apparently....a "basic bank account" (which is a concept I was straying into 24/48 hours ago ): "some context to the below: this is specifically about "fee free basic accounts" (I think "basic" is also by definition "free" here). "Basic bank accounts give people who can't get a standard bank account access to simple transactional banking, including: ability to have wages, Universal Credit and other funds paid into the account."Also: "Any bank or building society can offer a fee-free basic bank account. But certain largest bank groups must now offer them." [long list]......
They might refuse to open a new basic bank account if:
you can’t provide proof of ID or address
you could get another account, for example a standard current account
you refuse a credit check – although you don’t have to pass one
they think you’ll use the account unlawfully or fraudulently
you’re threatening, abusive or violent towards staff.
If your application for a fee-free basic bank account is refused, you are entitled to ask why. Your bank or building society should tell you the reason, unless they suspect you of fraud or money laundering.Which really brings me to the place that I thought the UK was in. Namely, that pretty much everyone IS able to get access to banking, unless your behaviour makes it reasonable for it to be denied, or if there is significantly elevated risk that the account will be used for nefarious purposes (I suspect the threshold here is fairly high).
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Post by bracknellboy on Jul 6, 2023 18:52:48 GMT
although particularly stupid if you gift it and then continue to live in it without paying a fair market rent, such that you have not a hope in hell of avoiding it being counted as part of your estate on death while at the same time being at risk of being kicked out of it by the person you gifted it to. This is something the particularly wealthy might do: i.e. gift property that is not their main residence. Gifting your main residence is rarely going to work, unless you are prepared to a) make rental payments to continue living in it and b) are willing to take the risk you might be asked to vacate your home. For these reasons it is in fact rarely done.
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Greenwood2
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Post by Greenwood2 on Jul 6, 2023 19:53:18 GMT
The only downside to that story is,... there are many many coutts bank account holders who have only thousands in their accounts. I don't know, but they may be impoverished titled or formerly important people that Coutts think enhance their reputation. A pleb who had money would probably get dumped if they cease to have enough money. Coutts can do what they like if you drop out of their criteria, let you stay or boot you out.
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adrianc
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Post by adrianc on Jul 6, 2023 21:48:16 GMT
Nope.. it is quite legal to gift your house to a family member to avoid punitive taxes Mmm. The phrases you might like to investigate are "gift with reservation" and (when it comes to care costs) "deprivation of assets".
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agent69
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Post by agent69 on Jul 7, 2023 12:03:00 GMT
Advert on TV.
What does googling mean? If only there was some way to search for the answer.
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agent69
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Post by agent69 on Jul 7, 2023 12:33:13 GMT
Nope.. it is quite legal to gift your house to a family member to avoid punitive taxes Mmm. The phrases you might like to investigate are "gift with reservation" and (when it comes to care costs) "deprivation of assets". I think that martin44 was talking about the general situation, not this specific case. My understanding is that you can gift your house to a son or daughter without inheritance tax provided:
- you live for 7 years after the gift is made, and
- you do not continue to benefit from the asset after the transfer (for example by being allowed to remain in the property rent free)
I didn't think that deprivation of assets affected inheritence tax. It just means care home fees will be higher, because your local authority will asses them on the basis that you still retained the asset.
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Post by overthehill on Jul 7, 2023 12:44:36 GMT
Mmm. The phrases you might like to investigate are "gift with reservation" and (when it comes to care costs) "deprivation of assets". I think that martin44 was talking about the general situation, not this specific case. My understanding is that you can gift your house to a son or daughter without inheritance tax provided:
- you live for 7 years after the gift is made, and
- you do not continue to benefit from the asset after the transfer (for example by being allowed to remain in the property rent free)
I didn't think that deprivation of assets affected inheritence tax. It just means care home fees will be higher, because your local authority will asses them on the basis that you still retained the asset.
Never look a gift house in the mouth.
Governments around the world should concentrate on billionaires and multi-millionaires, how many of those parasites pay the correct inheritance tax so their already woefully undertaxed accumulated wealth is redistributed for better economic and welfare causes ?
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