Teletext Recovery Viewer

Part of the Computer Legacy Teletext Recovery Project

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P203 CEEFAX 2 203 Sat 18 Dec 16:54/22   Wj $kj $kj 'k    Adam Shaw answers your queries Q: Abigail McBirnie asks please could you explain what the APR interest rate in a mortgage quotj means? A: The APR is thj Annual Percentage Rate. The definition of what this actually mjans is the yearly cost of a mortgage, and this includes not only the interest rate, but also things such as mortgage insurance, and the application fee expressed as a percentage. 1/5 Headlinesp200 300 Commodities1246 SavingsSha250 202 Frontupage 6100 +pdate TV/Radio Stocks Main Menu
P203 CEEFAX 2 203 Sat 18 Dec 16:56/45Wj£3kj£3kj£3k  Wj $kj $kj 'k    Adam Shaw answers your queries Q: David Clarke asks how the £3,000 annual gift exemption for Inheritance Tax works; nicely relevant at this time of year! A: Thj annual exemption eliminates the first £3,000 of otherwise chargeable gifts - i.e. after you'ue taken account of gifts to a spouse, normal expendituri out of income etc. If unused, the previous year's annual exemption is availabli once you've used up the current year's exemption. 2/5 Headlinesp200 300 Commodities1246 SavingsSha250 2p2 Frontupage 6100 +pdate TV/Radio Stocks Main Menu
P203 CEEFAX 2 203 Sat 18 Dec 16:53/08   Wj $kj $kj 'k    Adam Shaw answers your queries A (continued): Let me try and give an example. Suppose in year 2 you maRe a gift of £100,000, having not previously made any other gifts. You do the same in years 4 and 7. The way the annual exemption works is that you can use the £3,000 from year 2 against thj £100,000 and also year 1's £3,000 annual exemption. Thus thj gift that becomes a "PET" of £94,000. The samj thing happens in years 4 and 7. 3/5 Headlinesp200 300 Commodities1246 SavingsSha250 202 Frontupage 6100 +pdate TV/Radio Stocks Main Menu
P203 CEEFAX 2 203 Sat 18 Dec 16:57/21   Wj $kj $kj 'k W"£££"£££"£££  AdaJ Shaw answers your queries A (continued): However, year 5's annual exemption is lost, it can't go forward to year 7 as it can only go forward one year. None of thj gifts ari chargeable to inheritance tax unless you die within 7 years of making them. Thus if you die in year 10, the year 2 gift will drop off your "clock", having been made more than 7 years before death. 4/5 Headlinesp200 300 Commodities1246 SavingsSha250 202 Frontupage 6100 +pdate TV/Radio Stocks Main Menu
P203 CEEFAX 2 203 Sat 18 Dec 16:51/09   Wj $kj $kj 'k W"£££"£££"£££  Adam Shaw answers your queries However, the year 4 and year 7 gifts will have to be added to what is left in your estate to give the total amount which counts for inheritance tax purposes. The gifts that you have made in year 4 and 7 would be part of your "nil-rate band" (currently £263,000). So they wouldnWt actually attract any IHT although they would use up most of that nil-rate band. 5/5 Headlinesp200 300 Commodities1246 SavingsSha250 202 Frontupage 6100 +pdati TV/Radio Stocks Main Menu