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  • Tax

    Parents gifting me deposit money

    Yep

    I have met many people like you who cannot comprehend certain legal transactions.

    Funnily enough a lot of them were on a tax accountants course!

    Many of them failed to understand the concept of debt creation etc

    You clearly have a lot to learn.

    I cannot be bothered to futher educate you.

    You must find your own way.

    You do the donkey work like I had to decades ago.

    But I can assure you EVERYTHING I have ever done was in complete conformity the terms and conditions of the financial products I used.

    Once you have worked out what I have done and would still do had I the credit card limits you will realise that my planet is based on very sound footing.

    But you must do as you choose.

    I know I have no concern with my credit card debts and how I choose to manipulate them.

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    My net worth is in eight figures.I have paid my taxes with little complaint all my life I have not had a credit card for 30 years.You are clearly a very lonely man trying to pump yourself up with constantly ludicrus suggestions whilst.I am an extremly success businessman who can see through your bull shit

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    You must believe what you wish.

    But please don't rubbish something that you clearly know little about.

    Clearly as a successful business man you have no need to understand or deal with such matters; which is fine.

    But please don't call things BS when you clearly don't know what you are talking about.


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    The time is now 1,52 am i think we need some sleep now,See you in the morning

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    Yep long may you be a successful businessman.

    I aspire to be like you so as not to have to bother with all the ducking and diving I have to engage in.

    Would make my life a lot simpler!!!

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    No way will HMRC ever prove your parents didn't spend the money.

    They don't need to. The burden of proof is not on them.  If they notice cash is being used to pay off credit card bills they could just decide to tax you on that as income. It would be up to you to prove otherwise.

    They also have the data to detect it should they chose to look for it. Though currently they are looking at businesses that don't report all their transactions.

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    I appreciate your comments so far,our plan is however, parents sell their house next year then give me the proceeds in some ways so I can use as a deposit to buy in the same year, don't think can wait  a few years to move the money into my account ...

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    It doesn't have to be years.

    Can be done a lot quicker.

    It just looks more plausible

    But there is nothing wrong with such a large gifted deposit.

    It was more the PET issue.

    I'm not sure what the effect would be on you if any if both parents passed away within 7

    years.

    If that isn't an issue then the gifted deposit could go ahead.

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    Thanks a lot Paul, you probably don't remember me but I received great help from you when purchasing my first BTL in Essex and I do like your lodger strategy that may well suit me to some extent in the near future!

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    You are correct.

    I don't remember you.

    It is good to know that someone has benefited from my experiences.

    I would never go so far as to say I am experienced; just suffered a lot of experiences!

    Good to hear that you have benefited.

    Perhaps as a newbie you might like to pass on your experiences.

    I'm sure you have much to pass on as someone who has done it from ground zero.

    I'd also be interested as I'm sure I can learn something from you.

    Many newbies would like to hear the stories of newbies.

    I would also suggest that if you are considering a lodger strategy that you read the very informative posts of Gary Hodge who really knows his stuff about all things lodger.

    I defer to him anytime as he really is totally knowledgeable about this lodger game which I believe many more S24 LL will be adopting to beat S24 etc.

    You only have to view spareroom listings to assess the demand for rooms and sharing property.

    For lodgers the idea of a property having lodgers with the live-in LL rarely attending is an attractive proposition.

    Just one rent payment and everything supplied even down to toilet rolls!

    All a lodger has to provide is their own food.

    This makes a lodger's life very easy.

    One thing I haven't considered which I think would be required is a cleaner.

    If the live-in LL is rarely in then I think it would be wise to have a weekly cleaner.

    The advantage of this is it provide a spy as to what is going on when the live-in LL is away.

    Having 4 lodgers in a 4 bed property is just like an HMO but no real strictures etc.

    Of course with additional licensing this becomes an issue.

    But it is easy for a lodger LL to evade these stupid licensing requirements.

    The big problem for many LL is the inability to have resi properties.

    Rarely will the lodger strategy work.

    So many S24 LL still face massive problems.

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