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Second property CSA variation

  • NigelH
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16 Dec 09 #169807 by NigelH
Topic started by NigelH
Hi

I have a second property worth £150,000 which has no income (rental or any other business) nor the possibility of it generating any annual income in the future due to its remoteness and access problems. It could achieve capital growth though is currently worth less than I paid for it 5 years ago.

Last month I paid £110,000 to Ex in settlement of the above (half value as at separation date).

Ex has successfully claimed variation order meaning 8% of value of second property is included into my net income figures.

I want to eventually give the property to my son, but he is too young to have it now. A trust is a possibility but the CSA may see that as avoidance.... will they? If it was put into a Trust I would have no financial interest in the property.

What are the chances that a Tribunal will accept that the property has no income value and thus should not be included in a Variation Application?

If the property is put into a Trust for my son, who will thus be the sole financial beneficiary of the property, will this make it no longer an Asset of mine (although I will have the use of the property)?

Any similar cases recently?

Thanks in advance

  • Warner
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02 Jan 10 #172881 by Warner
Reply from Warner
Still has a capital value and should be put on the table for consideration :huh:

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