Diesel

As I am now being woken up in the middle of the night by the sound of crying, I wondered if the little lady could hold any assets for me or be paid any income as some form of reparation for lost sleep

I get a small Xmas bonus (If I been a good boy) and this cheque might as well be paid to her and so save 40%? I’d then draw down the cash in stages to pay for her keep (only) .

Also am currently letting my old flat. Putting it in my (currently non-working) partners name would be a nightmare – how about putting it in ‘Grizzler’s name & having the meager income paid to her so she just gets taxed 22%?

Way too simple I’m sure… Thanks for any advice though.

D & Wriggler

Dunk

iTrader: (1)

A simple rule is that if it's gifted by the parents to the child, then it's still deemed to be part of the parents income. (Unless you get into Trusts etc.) Get a third party / grandparents to be "generous" and that's a different matter !

D

[Edited by Dunk - 10/15/2003 4:20:56 PM]

Barrie

Dunk

Could you elaborate a bit more on the grandparent gift thing, sounds interesting?

Anything to pay less tax to the goverment

Would the accounts be in the kids name, house in their name etc? Would you have to fill in a tax return????

Cheers

Barrie

[Edited by Barrie - 10/15/2003 5:20:30 PM]

Hobo_Jojo

how would a baby sign forms? surely the dont yet have the needed dexterity for this long taken for granted skill?

Diesel

Right so I could give my mum the income from the flat, she then gifts it to the nipper (5k limit pa if I remember right) and then I can take it out of nipper's acct to pay for her sweets (not that she has a tooth , sweet or not, yet) and vehicular activity?

Pensions are not means tested (yet..) are they? Mum might get away with 22% tax on it...???

D