 |
 |
||||
 |
|||||
| Latest News | |||||
| IMMEDIATE RELEASE SGC40304/01
‘NASTY’ STEALTH TAX SET TO RUIN ELDERLY AND VULNERABLE WARNS EAST MIDLANDS SOLICITOR A new tax, set to be sneaked in to this month’s budget, has been condemned as ‘nasty and unjust’ by a leading East Midlands solicitor who says people need to be warned it is on the way. He says the tax - which will be backdated - will have the greatest impact on the elderly, sick and vulnerable and could mean ruin for thousands of people across the UK. Richard Cliff of SGC Solicitors explained: "The Inland Revenue is changing the way tax is charged on pre-owned assets and gifts with reservation. What this means to ordinary people is that if they have given their homes to their children, but continue to live there themselves until their death, they will either have to pay market rent to the children or taxes to the revenue amounting to thousands of pounds simply because the Government wants to treat this type of arrangement as a ‘benefit in kind’. “Such an approach is utterly ludicrous as in the majority of cases, homes have been passed to children in order to facilitate long-term care. These people are not rich, they have simply tried to plan for the future - something we are supposedly all being encouraged to do. “The consultation period has been shortened so that the change can be incorporated in the budget and, once law, it could mean ruin and heartache for many people. It is a nasty and unjust piece of legislation designed to allow the Government to claw in more revenue through the back door, rather than through the pay-packet.” “The fact that the change will also be backdated, leaving many facing extortionate and unrealistic tax bills is almost criminal. “Very few people are aware of this proposed change to the law - and because the consultation period was shortened, few people have had a chance to object. “I would just like to warn people that it is coming and that they will have to start planning - or face the miserable prospect of paying significant sums of tax from already depleted pensions or savings. It is imperative that people take advice - and take it now so at least they can lessen the impact of this outrageous new imposition.” SGC Solicitors is a three partner law firm based at Long Eaton in the East Midlands. The firm offers a full range of legal services including conveyancing, family matters, wills, probate and personal injury claims. -ends- Enquiries to: Issued by: |
|||||
 |
|||||