Rayner Has Resigned

[usernamealreadytaken]

AIBU to say it isn't unexpected, or a surprise?

I believe it’s because the trust is held for a minor, her child who is under 18 and is not legally allowed to own an asset due to his age… so technically she is, as the trustee and parent, the legal owner or something. My DH has just [tried to] explain it to me in dummy’s guide terms (he’s a tax expert, but not necessarily in trust law; I’m a cretin) and I think that was the gist of it. If her DS had been 18, her legal position would have been different… which is why she needed to consult a trust law specialist not a conveyancer.

You don’t go to an orthodontist to take advice about a cancerous tumour on your lungs do you?

@tramtracks no, I think it is because she was a parent of a minor child who was the beneficiary of a (non-bare) trust.

HMRC link here, paragraph under children is relevant.
https://www.gov.uk/hmrc-internal-manuals/stamp-duty-land-tax-manual/sdltm09815

I wouldn't describe it as simple.

Yes - if they are under age 18.

If Labour continue to be this shit we might end up with Reform in Power with a Conservative opposition. That really would enable us to get the situation under control.

She should have been fired. She will still get a very nice, hefty pension. Plus, she is still worth around 5 MILLION pounds. God only knows what she did to acquire that kind of dosh.

She lied about having followed advice; she was advised to seek specialist advice.

This is my biggest fear at the moment, too.

Again, it really depends on the type of trust. Trusts separate legal and beneficial ownership of assets but this takes different forms with different entitlements depending on the kind of trust and in each situation the impacts on the various types of taxes (income, IHT etc) are different.

She really needed professional advice.

Anyone who is considering a trust should talk to a CTA qualified tax advisor or a STEP qualified solicitor / advisor.

I don't think Bumble was worried! I am.

People in that party have off shore accounts and hide far more than Raynor did. She's just a bit dim to playing the game and they knew it.

No need to fear (unless you are one of the workshy) it will be massive step forward for the country.

but it wasn't a scheme to dodge tax, she sought advice and did what they said, though

That isn't what happened. I just watched her interview with Beth Rigby again. She clearly states she sought and relied on advice that said she was liable for that amount of Stamp Duty. That is a lie by omission. She doesn't mention she was also told that she should get specialist tax advice (and given a recommendation of who to consult). Why would she use the words 'relied on' when she hadn't actually followed the advice? It is impossible to conclude anything other than she intended to mislead.

In a position of such importance and prominence, it’s essentially to be squeaky clean. She had to go.

Not worried at all. It can't come soon enough. Every week we are getting deeper and deeper into debt. Currently the government has borrowed £40,000 on behalf of every person in the UK.

Maybe Farage will offer to repay us all? You think?

I think having a very right wing government with an otherwise very right wing party in opposition is a very bad prospect. The opposition is supposed to hold the government to account so that [some] moderation is seen in policy development and legislation. I don’t see how that would happen with two parties that are not actually that misaligned in place.

The problem is lawyers are slippery people. If we all took all the advice that was recommend by them when we brought a house, no one would ever move. The disclaimer lists are normally pretty long, they normally end up taking responsibility for nothing.

How come Keirs wife being given clothing didnt result in his resigning?

I really want to shout at the Labour politicians- ‘You had 14 years to get it together, to rebuild, to have strategic plans for growth, to develop the strongest leaders, and this is what we have?!!!!??’

It would make us more like the US, where the centre is more to the right. Reform are more aligned with the Republicans and the Tories are more aligned with the conservatives. There isn't a US party that is the equivalent of hand outs for all left we have here. We need to start incentivising success rather than rewarding failure.

Made my day. Good riddance

Exactly
Don't get me wrong, she should resign as she should have taken specialist advice
But their list of caveats can be frustrating at best

I have never liked her but earlier this week I was feeling she was being hard done by and that lack of intelligence had let her down.
Not now. It looks like the whole thing was engineered for her financial gain. She may be thick and uneducated but she's not as stupid as she looks.

It should have done.

If you think labour are left with their PIP raids you've no idea what you're on about.

Hopefully PIP will be a thing of the past when Reform get in.