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is available in the news section as soon as we get it Boultons Estate Agents, West Yorkshire. 24th November, 2005 44 lots many of interest to builders, speculators and developers some just requiring a quick sale at a discounted price. Instructions from Kirklees MC, Barnsley Building Society, Executors, Trustees, Building companies and private individuals. Catalogue now on line Pugh & Company Ltd We are delighted to inform you of our updated interactive website which can be accessed via the link provided below. Please view the new site at www.pugh-company.co.uk , clicking on the AUCTIONS menu and then on Current Auction. The Auction will be held at Terminal 2 Manchester International Airport and includes 178 lots. We are acting on behalf of clients such as St Helens Council, Calderdale Council, Lancashire County Council, Salford City Council, Trafford Metropolitan Borough Council, Tameside Metropolitan Borough Council, Sefton Council, Telereal, British Waterways, and United Utilities. The online brochure is complete with individual pages for each lot, the Guide Price List and a regularly updated copy of The Addendum. In order to access each individual lot page, simply click on the Lot Number. Thank you for your interest and please e-mailauctions@pugh-company.co.uk with your comments. STEVE SWAINSON BSc (Hons) MRICS McHugh & Co London Lodge & Thomas, Cornwall St. Agnes 1 mile, Mount Hawke
2 miles, Porthtowan 2≤ miles,
Truro 7 miles. To be offered for Sale by Public Auction GUIDE PRICE: £5,000 at The Scout Hall, St. Agnes on Monday 28th November 2005 at 2.30pm FULL LIST OF HUNDREDS OF AUCTIONS ACROSS THE UK AVAILABLE AT THE HOT PROPERTY SITE WE ADVISE YOU TO CONFIRM ABOVE DETAILS WITH AUCTIONEER BEFORE TRAVELLING News
According to tax experts Grant Thornton and economists Lombard Street Research, the 2009 figure will be 70% higher than in 2002, the most recent year from which complete figures are available. The groups said inheritance tax (IHT) receipts had more than doubled since the Government first came to power in 1997, despite there being no change in the 40% rate at which the tax is charged. Government figures show that 37,000 people are expected to pay inheritance tax during the 2005/06 tax year, 54% more than the 24,000 who paid it in 2002. One reason why so many more people are liable for IHT is because the threshold at which it starts has failed to keep pace with soaring property prices. The current threshold above which inheritance tax is charged is £275,000, although this will be increased to £300,000 in 2007. Brian Reading, director of Lombard Street Research, said: 'There is no doubt that, if the future is anything like the past, the number of estates potentially liable to IHT will explode. The threshold for IHT liability is set to rise roughly in line with product price inflation, but for the past 20 years asset prices - shares, houses and bonds - have risen three times faster.' Ian Johnson, head of private client services at Grant Thornton, said: 'Death has long been deemed a convenient way to raise tax on the value of a deceased person's assets or estate. Not only is the tax easy to collect but complications arising from valuations are also less likely to be contested. 'However, while it used to be a tax on the very rich, our research has shown it is a growing problem forms of people with modest estates.' The punishing 55% tax, to be brought in next April, will affect anyone who has a large occupational or personal pension and whose scheme pays out a lump sum on death. It will be in addition to inheritance tax, which researchers revealed this weekend is likely to snare an additional 1.5m people by 2009. Although the new tax will apply initially only to those who have a pension fund worth more than £1.5m, there are fears it will become a stealth tax as salaries increase and more money is paid into pension funds. The 55% will also have to be paid on income generated by any money in a pension pot over the £1.5m threshold. Because of the new tax, the surviving relatives of many people who are expecting a payout to cover funeral costs will have to pay more than half the sum to HM Revenue and Customs. Some pension fund administrators have already sent letters to people with large company pensions, warning them that any lump sum will be heavily taxed. The new rule has led critics to accuse Brown of 'taxing the dead'. It is being introduced as part of the Government's plan to simplify the pension system from next April. After that point the Treasury will try to make it easier to set up a pension plan and will introduce tax incentives to encourage people to provide for their retirement. But to limit how much an individual can invest, the Chancellor has decided to impose the 55% super-tax on anyone who has built up a pension fund of more than £1.5m. It will also affect anyone who is due to receive an occupational pension of £75,000 a year after April 6 next year or who already receives a company pension of £60,000 a year. Everyone will pay normal rates of income tax on the pension they receive up to that level. Under the new rules, if a pension scheme, for example, pays out a £5,000 lump sum for funeral expenses when a pension holder dies, the taxman would take more than £2,700. Also, someone with a pension fund of £2m who is paid a £400,000 lump sum on retirement would have to pay 55% tax, reducing the lump sum to £180,000. And, because their remaining £1.6m fund exceeds Brown's threshold by £100,000, they would pay 55% tax on annual income generated by that amount. At present, any death benefits and funeral plans attached to pensions are not subject to tax and are paid out in full. Death benefits are popular with many pension holders, who are reassured that their loved ones will not have to worry about money at a time of intense grief. The National Association of Pension Funds says the super-tax is politically motivated. A spokesman said: 'We argued that for all the money the Revenue is going to raise, why bother with this? But it is a political gesture on the part of the Revenue to satisfy those who felt that some people's pensions were too high.' The Shadow Work and Pensions Minister Nigel Waterson said: 'This is typical of the Government's approach to pensions. They say they want to encourage people to save for retirement but then put caps on pension funds. The effect will be to discourage people from saving.' Last night a Treasury spokesman said: 'Pension simplification benefits all pension savers. This aspect of it will affect only three out of every 1,000 pension savers who have pension pots already at £1.5m.' He denied that the tax would become a
stealth tax because the threshold above which people pay it
would increase from £1.5m
to £1.8m over the next five years. RISING property prices are forcing many more people to think about inheritance tax and how to avoid it. The tax used to be paid only by the very rich, but a potential 40% levy on assets over £275,000 means that the net is closing on many people who are far from wealthy. There is a quite legitimate way of putting cash beyond the taxman's grasp that has begun to receive a good deal of attention. If rather than holding money on deposit, you invest it in companies that are listed on the Alternative Investment Market (Aim) they are exempt from IHT after just two years. Aim was set up in 1995 to give companies access to the UK stock market at an earlier stage in their development. This means that they are often seen as high risk with potential rather than household brands of long-standing. However, Darius McDermott, managing director of London-based IFA Chelsea Financial Services believes Aim investment schemes are an extremely useful option for IHT planning as long as investors are aware of the dangers. 'Aim-listed stocks, tend to be smaller companies and therefore less liquid [harder to sell as they have less assets to fall back on]. That said there are some very good stocks listed within the Aim market, which you would be more than happy to be invested in. Stocks like Majestic Wine, Domino Pizza, Mears and Synergy Healthcare are all well known names and not what anyone would call volatile or highly risky.' But he adds: 'Without doubt, if you are not careful there are enough stocks in the Aim market that you could easily lose your shirt on but that is why you have to be selective and choose stocks that have a sound business model and something of a track record. The bottom line is that as an IHT motivated investor your prime concern is not to lose money and to use the scheme as a tax shelter.' With that in mind, investors should not be looking to invest in obscure mining exploration stocks that offer the possibility of huge rewards for huge risks. 'Investors with IHT in mind are best sticking to stocks with sound business fundamentals and what is equally important is to get the spread of investments right so that they are not overly exposed to, say, retailers or software stocks.' McDermott recommends the following companies that specialise
in Aim investment schemes: Close Brothers (0800 269 824), Brewin
Dolphin (020 7246 1078) and Hargreave Hale (020 7009 4900). THOUSANDS of couples are waking up to the benefits of splitting their home in two and becoming tenants in common rather than joint owners. But what does it mean and how do you go about it? This is Money's Michael Clarke explains. What is it? It's one of the only few remaining vehicles to get around the taxman and reduce your inheritance tax bill. It could also prevent you have having to sell your home if you need to go into long-term care. All you need to do is change the ownership of your home from joint names to being tenants in common. What's the difference? If you own your home as joint tenants then both of you own the whole of the property, so when one partner dies, the other automatically becomes the sole owner of the home. With tenants in common, you each own a share of the property, typically split half and half. So how does this save IHT? There is no inheritance tax to pay on assets willed between husband and wife, so the surviving partner does not have to pay IHT. But when the second partner dies, those who inherit the estate, typically the children, would have to pay IHT. IHT is charged at 40% on any assets over £275,000 and due to the rising cost of housing, a property alone can push estates over the IHT threshold. By splitting the home in two, the half belonging to the first partner to die could be passed straight onto their children or any designated beneficiary. As long as the half is worth less than £275,000 then no tax will be due. When the second partner dies, their half, which is also inherited by children, may also be below the threshold, so again would miss IHT. How do we go about it? You'll have to contact your solicitor but it's quite a simple procedure. You can switch simply by writing to each other saying the property will be owned as tenants in common and then to the Land Registry. Alternatively, you can fill in form RX1, available from the Land Registry, but it's best to have legal help to do this. You will also have to specify in your will that you intend to leave your share to your specified beneficiary. Are there any downsides? It depends on how much you trust your children. They could, for instance, force the sale of the home if they want the cash from their half. Also, if they get divorced, the value of their share will be taken in to account when splitting the assets. Is there any way to avoid this problem? You can avoid these problems by willing the first half to a nil rate band discretionary trust with the children as beneficiaries. However, you could appoint somebody other than the child, such as a trusted friend or family member, as trustees. On the first death, the trust accepts a debt equal to a share of the home worth up to £275,000, which is repaid when the surviving spouse dies. In effect the part of the home owned by the deceased is lent to the surviving partner until they die. However, as somebody is still living in the house, the taxman could treat it as 'reservation of benefit', which means the Revenue could stop you deducting the share given to your children from the estate, for IHT purposes. You will need a solicitor who has expert knowledge of these trusts to set one up and advise as it can be a complicated process. However, doing this legal move can also help with long-term care costs. As long as one of you is still living in your home the council can't include its value in the means test if one of you has to go in to long-term care. With tenants in common, that also applies if the husband or wife still living at home dies while the other is in care, because their share goes in to the trust - the value of the home is still effectively nil. How much will it cost? It can cost as little as £30 for legal documents to be drawn up but if you want more in-depth legal advice it can cost more. BEWARE - Endowment Claims company's empty promises HOME OWNERS have made a string of complaints about an endowment claims company - saying it promised the earth and failed to deliver. Customers of Manchester-based Vickers Anderson Consulting parted with a £495 upfront fee for it to pursue their endowments mis-selling claims. But up to a year-and-a-half later, some are still waiting for news about their cases and Companies House records show Vickers Anderson Consulting is three months late with its annual return. This is Money readers who signed up for the company's service say they have received no response to queries or correspondence and had no luck in requesting a refund. Robert Cubitt, of Byfield, Northamptonshire, was unsure whether he had a claim for mis-selling and after being cold-called by Vickers Anderson decided to take up their service. He said: 'Nine months down the line and no communication from them. I have rung three times and written twice, so I have gone on the offensive and lodged a claim with the Small Claims Court for the refund of my deposit. 'Every time I have spoken to a member of staff they have said they will get me an update in the post, but nothing has ever appeared. I am extremely annoyed. It's not that I haven't got any compensation, but that I've been messed around by a company that promised the earth and then didn't do anything.' Other readers highlighted similar problems and said they had either heard nothing from the firm, or after initial activity everything had gone quiet. Richard Poole, of Reading, said: 'They have been the most unprofessional and incompetent organisation that I have ever encountered. 'Some 18 months after starting this process I am no further on with getting anywhere with my claims. Instead of saving time and using professionals it has been one long headache with them from start to finish.' Vickers Anderson promises people who sign up for endowment compensation that it will pursue claims with 'vigour'. Claimants must pay either £495 or 15% of their settlement, whichever is greater, and hand over the £495 upfront on a no-win, no-fee basis. The company said the process of obtaining copies of original documents from insurance firms meant claims were taking a long time, but new procedures should mean clients were updated every 35 working days. General manager Hayley Taylor said: 'We have introduced changes in our procedures to circumvent this delay, yet the majority of insurers are failing to keep to the 56 day time limit to investigate a complaint.' Endowment claims companies are not regulated by the Financial Services Authority. The FSA has advised people who think they have had endowment policies mis-sold not to use such firms, which can take large percentages of payouts as commission, and instead contact their insurers direct. People who believe they have not been provided with the service they were promised and paid using a credit card, should contact card providers and ask for a refund. Prescott's Proposed Tax on your room with a view ROOMS with a view are to be penalised if John Prescott has his way. Anyone whose house overlooks the sea, countryside, a park or a golf course can expect to pay for the privilege in increased council tax. In a sinister echo of the ancient Window Tax, the price of a pleasant outlook will be added to bills when the revaluation of houses and flats goes ahead. The Valuation Office has already been instructed to take into account improvements such as conservatories and extensions, extra bedrooms, additional parking space and the construction of patios or terraces. But householders can also expect to have their local tax assessed on the basis of whether they live in a pleasant cul de sac with a view of woodland. Even under the existing system, 10 per cent average increases are expected in next year's council tax bills. Town halls say huge rises are inevitable unless Chancellor Gordon Brown finds more than £2bn extra to pump into their coffers. The revaluation of homes for the council tax - the first since 1991 - was postponed by the Government this autumn in a move designed to delay the threat of sweeping new increases for middle-class homeowners, especially those in southern England where property prices have risen fastest over the past 14 years. At the same time a review of the local tax system being carried out for Mr Prescott by former Labour councillor Sir Michael Lyons - itself expected to recommend higher taxes for homeowners - was put back for at least a year. But MPs are to vote today on legislation to delay the revaluation which will allow ministers to revive it without further debate at any time. The tax on views was revealed in documents released to Tory local government spokesman Caroline Spelman. 'This is a stealth tax rather than a fair charge for the use of local services and it can only mean even higher taxes on hard-working families and pensioners without any improvements in local services,' she said. 'A postponement of revaluation is not the same as a cancellation. New laws will allow ministers to introduce revaluation at any time and it will be more punishing than ever.' The revaluation will see every house in the country assessed in a £100million-plus exercise. Almost half of the cost will go on computers which will measure every property in a 'mass appraisal system'. Among those homes which would certainly see their valuation pushed up are those used by Mr Prescott. Dorneywood, the Deputy Prime Minister's grace-and-favour retreat in Buckinghamshire, would have the computers working overtime to deal with its 21 rooms in 214 acres of gardens and woodland. It has undergone improvements since Mr Prescott moved in after Labour's 1997 election victory. In the late 1990s, it was given a £400,000 makeover which increased the bathrooms from five to nine. Fortunately for the deputy PM, he does not pay council tax on Dorneywood, whose running expenses are met by a charitable trust. But he could expect far higher bills on his eight-bedroom turreted mansion in Hull, described as being in 'a most prestigious enclave'. Yesterday a report by accountants said council tax rises over the past decade have doubled the Treasury's take from local taxation in real terms. Grant Thornton said Chancellor Gordon Brown would have had to push up income tax by 3p to make the same gains he has taken from council tax.
40% OFF PROPERTY ˆ WITH THE BLESSING OF THE TAXMAN!! How to buy a £200,000 home for £120,000 We reveal how as pension 'A-Day' approaches, you could get a 40% discount off any property you buy 6 April 2006 could be the most important day of your life if you've ever dreamt of making your fortune in property. It will mark the most radical reform of the British pensions system in 50 years and is known as A.Day. Safeguard your future with bricks and mortar After this date you will be allowed to put property into your pension for the very first time. Also, even better, you can receive up to 40% off any commercial or residential property you purchase ˆ all with the blessing of the taxman. Buy property at 2001 prices ˆ Courtesy of a Self-Invested Pension Presently, the way to own property in a pension is through an insurance company property fund. From 'A-Day' onwards by the choice of a Self-Invested Pension (SIPP) you will, as an individual, be able to invest in commercial or residential property as part of your pension fund. GET THIS FREE REPORT ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Each month we aim to bring you the Bank of England Interest Base Rate Decision within minutes of it being announced. For information on previous Base Rate decisions, meeting minutes and information about the Bank of England please visit their website at:- http://www.bankofengland.co.uk
The Positive Club The Place Where You Are. The place where life happens is the place where you are. The
place where you build success and achievement is the place where
you are. If you spend your time wishing you were someplace else, then you lose the opportunity to get there. Instead, see the power and the possibilities of the place where you are, and tap into the real value of what you now have. If you fill the place where you are with worry, frustration, anxiety or anger, you put needless limitations on what you can do. Instead, fill this moment, this set of circumstances with joy, love, gratitude and enthusiasm for the positive possibilities. Give the best that you can to the place where you are. For your world is determined not by what you hope to do on some distant someday, but by how you live right here and now. This is the place where you are. Live it for all that it is. -- Ralph Marston Remember
that if you are a HPI member that the database is constantly
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If you are not already a member of Hot Property Investor and which to gain access to the huge searchable database then please click here: http://www.hotpropertyinvestor.com and hit the join button for a choice of subscription options. There are hundreds of auction houses listed, 1,000s of sales a week. Kind regards |
