Mandelson


Rayner’s issue arose because of the ownership of her family home in Ashton-under-Lyne, whereby a portion of the property was held in trust for her disabled son. After selling her remaining 25 per cent interest in the Ashton-under-Lyme house to that trust and upon purchasing the Hove flat, this arrangement triggered the higher rate of SDLT.

The relevant provisions (s55 (4A) and paragraph 12, schedule 4ZA Finance Act 2003) — all statutory references are to this act unless specified otherwise — applied because the child’s beneficial interest was ‘deemed’ to constitute Rayner’s ownership of an additional dwelling for SDLT purposes even though as a matter of fact she had no continuing beneficial interest in that property.

The issue is that SDLT does not operate simply or transparently where trusts are concerned. Initially, paragraph 10, schedule 4ZA addresses trusts where a beneficiary is entitled to occupy the dwelling for life or receive income from it, treating the beneficiary (in this case, the child) as the purchaser rather than the trustee: it operates to shift the SDLT position depending on the beneficiary’s status.

However, paragraph 12 then attributes that interest back to a parent for SDLT purposes if, as here, the trust beneficiary is under the age of 18. So in Rayner’s case, her son’s interest in the family home (valued at over £40,000) meant she was deemed to hold a major interest in an additional dwelling, meaning the Hove purchase was liable for the higher rate — typically 5 percentage points above the standard rate, and applying to the whole of the purchase price.
 
JohnD said:
Also sounds like a description of Farage's followers. The Youth Wing of Refrom.
Click to expand...

What happened to your fair weather friend Corbyn ??? Who you cheered on at the time ?? :giggle: Apparently according to you such was his support all the other parties were frightened:giggle:

Don’t recall a word of support from you when he was disgracefully kicked out the party ???
 
blup said:
like making two jags PM.
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Trouble is he's a bit dead now.

Back in the day, esp. after he lamped the egg-thrower, he was quite popular.

Big problem was that as Linda Smith said, language was not his first language.
 
morqthana said:
Trouble is he's a bit dead now.

Back in the day, esp. after he lamped the egg-thrower, he was quite popular.

Big problem was that as Linda Smith said, language was not his first language.
Click to expand...

"Mine's a gin and tonic, Giovanni, and would you ask my friend what he's having?"
 
How odd that JohnDs embarrassing posts have been deleted and my quote edited.

Has troll mod been abusing his privileges?
 
It’s possible it was another mod who deleted it as ad hom along with the hate speech from another poster.

I’ll give him the benefit of the doubt.
 
morqthana said:
But back to the main theme...

Are we all being "useful idiots" with all the focus on Mandelson?
Click to expand...
The answer is yes Himmy. The real news is that communists and muslims have infiltrated all our institutions, and the irrelevant Epstein scandal is taking attention away from the Pakistani rape gangs,
 
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