NoRegretsCoyote
Registered User
- Messages
- 5,766
A house of that value is likely to be old and require substantial upkeep.
Has your 'friend' factored that in?
Has your 'friend' factored that in?
In essence, the OP was asking whether the tax payers would their relative's emotional attachment to the family home, presumably until such time as he/she died and the tax still due was then paid from the proceeds of the estate - assuming that there would be proceeds left.
I'm inclined to side with Gordon on this one - after all, I have an emotional attachment to having long trips to exotic places but I wouldn't expect the tax payer to fund these
the tax liability plus accrued statutory interest (at a tasty enough rate)
Than the OP would be mad to consider this. And the other posters were incorrect. Revenue will get it's pounds worth and the taxpayars will be delighted.
This is where it might not work. OP is talking about both a mortgage & a deferred tax payment. So, it would have to be a 2nd legal charge as bank will only lend on 1st charge. Or, forget the mortgage, and have Revenue accrue at 8% on the entire amount. If 125k is max a bank would lend, it's unlikely the person could pay anything material above the 8% interest, so unlikely Revenue would entertain if there's no realistic way of the money being repaid in foreseeable future?A first legal charge will be taken over the property,
This is where it might not work. OP is talking about both a mortgage & a deferred tax payment. So, it would have to be a 2nd legal charge as bank will only lend on 1st charge. Or, forget the mortgage, and have Revenue accrue at 8% on the entire amount. If 125k is max a bank would lend, it's unlikely the person could pay anything material above the 8% interest, so unlikely Revenue would entertain if there's no realistic way of the money being repaid in foreseeable future?
I think Gordons posts are judgemental and childish. The op had a specific question he wasnt looking to be judged. If you cant be constructive no need to be rude and bordeline abusive ie. referring to the OP as a "deadbeat".