Guest bill h Posted January 11, 2006 Share Posted January 11, 2006 I've just been informed by a friend that, for us older generation users, buying a new vehilce always qualifies for a 40% discount. For its 40% the exchequer will fail to collect when we pass on. bill h Link to comment Share on other sites More sharing options...
Guest Dave Newell Posted January 11, 2006 Share Posted January 11, 2006 Bill, could you enlighten us a bit more please Bill? It doesn't apply to me as a young pup of *4 years but I'm intrigued all the same. Why do older generation buyers qualify for a 40% discount? Dave. Link to comment Share on other sites More sharing options...
Guest Derek Uzzell Posted January 11, 2006 Share Posted January 11, 2006 An intriguing proposition! Perhaps this is a little-publicised Government idea so that us Old Codgers can see out their final days living in vehicles rather than taking up expensive bed-space in NH hospitals. There is certainly a 'no-VAT' scheme aimed at disabled people buying vehicles, but that won't offer a 40% discount. As 40% is the IHT levy and you mention "passing on", perhaps your friend is referring to some sort of IHT tax-avoidance jiggery-pokery. There are indeed some peculiar IHT schemes being offered, but I've never heard of one that involves buying vehicles at a massive discount. More details please. Link to comment Share on other sites More sharing options...
Guest Richard S Posted January 11, 2006 Share Posted January 11, 2006 I expect this refers to the fact that anything you spend - whether on a cruise, motorhome, on-line gambling, whatever, is money that will not be in your estate when you die so not subject to the Chancellor's punitive tax take of 40% inheritance tax on estates over £275K (I think that's the threshold now). What your heirs might think about it is another matter, since 60% is a lot better than nothing at all! Link to comment Share on other sites More sharing options...
Guest Ray Posted January 11, 2006 Share Posted January 11, 2006 I have no doubt that Gordon will want 40% of the depreciated value of the van after it has been added to the value of your estate forcing the kids to sell it so that he can grab his share. Sad thing when you work all your life to provide for yourselves instead of asking for handouts and to leave something for the kids and grandchildren and find that a huge chunk will be taken/stolen and wasted on those who spent every penny that they were given. There are no pockets in shrouds but if you have been taught to save for that rainy day you can't help it. Link to comment Share on other sites More sharing options...
Guest bill h Posted January 12, 2006 Share Posted January 12, 2006 Richard S has it spot on. There's no hidden meanings, simply 40% less goes to the state when I die (we die). Yes it would go into the estate as a figure after death, hopefully I will have used up it's usefull life by then. If not, 40% off what's left is going to be less than not buying one. Apologies to all you younger owners that I choose not to be supporting you by leaving it for you. This is not to be a mournfull discussion I 'aint b..... going yet make no mistake. Its just that realising a 40% gain is quite pleasant. And the family, they don't have a say in it. bill h Link to comment Share on other sites More sharing options...
Guest Derek Uzzell Posted January 12, 2006 Share Posted January 12, 2006 Hardly my idea of a " 40% discount". Besides which the logic behind the scheme involves a high degree of optimism. If you buy a new motorhome on Monday and you snuff it on Tuesday, then you should reasonably expect that the full purchase-price of the vehicle will be used to assess its value for probate. Even if you managed to hang on for a couple of years and the probate valuation is based on the motorhome's market value, then there still won't be a 40% discount. For a really certain way of beating the taxman, I recommend blowing all your cash on wine and women (or men) and forgetting the song and motorhomes. Link to comment Share on other sites More sharing options...
Guest docted Posted January 12, 2006 Share Posted January 12, 2006 Bill I think that I can help with your problem, rather than buy a motorhome that you may not make use of. You can speak to a consultant , who I can personally recommend, he will assist in the passing of your fortune to my a bank account in which I have a little interest i.e. it is mine and I am sole signator. I can then spend your monies to my benfit without involving the Her Majesties revenue collectors. Docted Link to comment Share on other sites More sharing options...
Guest Mel B Posted January 13, 2006 Share Posted January 13, 2006 Or you could leave your 'excess' money to a charity, that way your kids still get a good bit of dosh (up to what ever the limit is then) and the rest goes to a good cause. Unless of course you are stonking rich so your kids will have become accustomed to having dosh in which case loosing 40% won't make any difference! Link to comment Share on other sites More sharing options...
Guest Dave Newell Posted January 13, 2006 Share Posted January 13, 2006 Bill, I'm with Derek on this, that's not a 40% discount no matter what age you might be. My kids already know there won't be any inheritance, long ago I decided to grow old disgracefully and so far am fulfilling my ambition (just ask any MMM consultant, They'll tell you)! IMHO a discount is a means of paying less at the time of purchase not some twisted sense of offspring paying less tax on what they've done little or nothing to generate in the first place. Regards, Dave (hic). Link to comment Share on other sites More sharing options...
Guest bill h Posted January 14, 2006 Share Posted January 14, 2006 I was off air for a while as I fiddled with the pc and got lost in the jungle. Someone tried to steal money so closed down for a while Thanks for all the comments. I feel good about it anyway. No I'm only a normal bloke with some pension earnings and nothing to spend it on. bill h Link to comment Share on other sites More sharing options...
Guest Derek Uzzell Posted January 15, 2006 Share Posted January 15, 2006 Bill: When you collect your Rapido, if the dealer tells you someone mentioned your name at the Shepton Mallet show, don't worry that terrorists may be aiming to get you - it was only me. (And I didn't slander your reputation. Well I don't recall doing so!) Link to comment Share on other sites More sharing options...
Guest bill h Posted January 17, 2006 Share Posted January 17, 2006 No problem Derek. bill h Link to comment Share on other sites More sharing options...
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