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Money

• Message 1. 

  Posted by RosieT (U2224719) on Sunday, 5th November 2006

  Does anyone recall if Alice's off-shore money from Peggy (Kate used hers to help buy her house in Suth Africa: Adam used his to help buy Honeysuckle Cottage - Debs hasn't said what hers was used for, if anything) was to be hers on her 18th or 21st birthday? Am wondering if this helped Alice to buy "my car" that wouldn't start?

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• Message 2

  , in reply to message 1.

  Posted by Spartacus (U38364) on Sunday, 5th November 2006

  Sun, 05 Nov 2006 17:37:52 GMT, In reply to: RosieT
  
  IIRC Kate couldn't access hers immediately because she was not yet 21, so I would guess 21st. But my memory could be playing tricks...

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• Message 3

  , in reply to message 1.

  Posted by Reggie Trentham (U2746099) on Sunday, 5th November 2006

  Do we know how much it was? Must have been pretty substantial to be put towards house purchase. Although iirc Tony used his to buy his sports car (what happened to that?) so maybe not.
  
  I just assumed the car was a present from doting daddy.

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• Message 4

  , in reply to message 3.

  Posted by RosieT (U2224719) on Sunday, 5th November 2006

  Reggie, peggy made 2 seperate handouts: the off-shore account money when she was worried about Jennifer's offspring, after she found out about his affair with Siobhán - she only made these offshore accounts for Jennifer's 4, the other grandchildren got nothing - : and a payment of £5,000 to each of her 4 childen - Jennifer went to visit Kate in SA, Lilian has some cosmetic surgery, Tony bought the MG Midget.

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• Message 5

  , in reply to message 4.

  Posted by Reggie Trentham (U2746099) on Sunday, 5th November 2006

  Ah yes I remember it well.

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• Message 6

  , in reply to message 5.

  Posted by smarttedebear (U3614285) on Sunday, 5th November 2006

  I don't recall how much Kate got from the 'money fairy' but it would probably have gone a long way towards a house in South Africa. The rate of exchange now is over 13 Rands to the pound. It has not fluctuated much from this level in the last few years, so Kate would be set up nicely in Johannesburg.

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• Message 7

  , in reply to message 6.

  Posted by bob larkin (U4694207) on Tuesday, 7th November 2006

  Has anyone told the taxman?
  
  bob
  
  {if not I will}

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• Message 8

  , in reply to message 7.

  Posted by Mr Snowy (U2260171) on Tuesday, 7th November 2006

  "Debs hasn't said what hers was used for"
  
  To buy Hungary??
  
  

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• Message 9

  , in reply to message 7.

  Posted by Covent_Garden_Girl (U2840745) on Saturday, 11th November 2006

  Just to reiterate Bob Larkin's point - I was gobsmacked when Peggy said she would set up Offshore Accounts for them.
  
  As they are all UK tax resident (with the exception of Kate) they all pay UK tax on all their income wherever it arises.
  
  Therefore, they must pay tax on their interest on their offshore accounts.
  
  So she might as well have just set up accounts with the local bank or building society, or better still, one of those esaver accounts with high interest rates.
  
  The mention of Offshore Accounts may have led listeners into somehow thinking that because no tax is deducted at source, no tax is payable.
  
  Just remember that not declaring the interest on your tax return is EVASION and you can go to JAIL.

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• Message 10

  , in reply to message 9.

  Posted by Clodia (U2221803) on Saturday, 11th November 2006

  Yes, of course you still have to pay the tax, but it is not automatically deducted from the interest as you receive it. You might not have to pay the tax until 31 January after the end of the tax year in which you received it (depending on your payment on account situation). The extra time that you can hang on to the tax element earns you more interest to pay tax on later.....
  
  Might just be worth it depending on the amount invested.
  
  

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• Message 11

  , in reply to message 10.

  Posted by Covent_Garden_Girl (U2840745) on Tuesday, 14th November 2006

  usually your tax code estimates what amount of untaxed interest you will earn in a year, based on last year - and so you just pay extra PAYE to make up for it
  
  alternatively, if you are not employed, but are self employed, you have to make payments on account in the tax year, so the time value of money not likely to be much

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