he has no actual estate eg house etc.
he has a car - 10k and other personal items
4 small pensions which total £600 a month guaranted payout until 2015.
my brother has been in receipt of one pension since dads death july 2012 - and wont split it
he is in the 40 % tax bracket and so wants to deduct that first
i am unemployed and so dont pay tax.
we had agreed to pay it into my account but he has gone behind my back...
The first thing to do is tocontact the pension companies and advise them of the dispute because that willstop him getting any more money until it is resolved. Better if a solicitor does it.
Ask the pension cos if they will split at source
Age has nothing to do with whogives instructions or has the say with regard to what. You both have equal say.I can tell you that there is an element of theft. With regard to the money thatyour brother is been having since July and you might consider calling thepolice (tell your brother you have been advised to do that) but I would notexpect the police to take a lot of notice unfortunately, but some forces arereally hot on it.
Certainly, he owes you moneyin respect of the payments, which he has had 100% of. If you take this tocourt, then based upon the facts you give, he will lose.
Forgive me for saying this,but if he thinks that he can take the money, net of his tax, he is an idiot.
Please show in this thread ifyou wish if you think that it would do any good
Can I help further?
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wow thanks for such a quick reply.
i will call the police as my brother just is not responding to me now
pensions have been contacted and are lookiing into it.
as he has received £400 a month since July 2012 this would not of been taxed by the pensions company would it? looking at my dads bank statement that is the actual amount he received each month.
would my brother be liable to pay tax on the pension?
if i get it paid to me would i have to pay tax?
as you can imagine this is an awful situation - re the car my brother wanted to keep it and not sell last year. he gave me three quotes from various info companies eg the parkers guide. he then averaged the quotes and said dads car was worth 10,422. so i agreed to receive 5,211 from him. he has had the car continous since then. he sold his wifes car - the agreement was he would pay me the 1,500 from that sale then top up the rest. needless to say i havent receivd any money from the wife car of for my dads car. NOW my brother is saying he has taken the car to a dealer who is only offering 8,000 so he is offering me 4000. i thought we have a verbal agreement and certainly on the eamils and txtx since last July whenever the car was mentioned it was always his car and me to have 5k.
where would i stand with this?
my dad had a private number plate - he was offered 7,500 a few years ago. i have a company offering to advertise for 6k to see how we go. BUT as you have guessed my brother wants to keep it and is stating its worth 3,400 from the info he has received.
where do i stand legally with thios
and other items my lovely brother is offering me below price/ probate price? whats that??
Thank you. That's a refreshingchange. Some people expect a reply in nanoseconds!
Call the police and don'tlet them tell you it's a civil matter, because clearly, he has dishonestly appropriated this money with theintention of permanently depriving you of it. (That is the legal definitionof theft).
Normally, occupationalpensions are not taxed at source. Savings interest now is but pensions are not.
Provided it has not been taxedat source (unlikely), he has to pay tax on it at his normal rate as it isincome. The same applies to you.
The car on the other hand, isa civil matter and not a police matter. If the car is indeed worth £8000 andtake the £4000, but I would want proof of what it actually sold for . Parker'svaluation at 10,400 and dealer offering about 8000 seems right and to be frank,8000 is probably on the generous side. You appreciate, however I do not knowthe car or its condition.
Valuations on number plates,from experience are always grossly overstated. If someone says it's worth 2000,then expect to get about 500. If a company's going to advertise it for 6000.Then, in my experience, it would realistically fetched 3400 . You are of coursefree to get your own valuation to beat your brother over the head with.
If your father had a will andshares and assets and property then you need a court order in order to be ableto deal with them. That court order comes from the Probate Registry and iscalled simply grant of probate.
For inheritance tax purposes(not payable unless the total assets are over £325,000) or assets are given a "probatevaluation" which is a valuation which is as low as you can reasonably get awaywith.
thank you again!
so am I ok to keep on insisting that he pay me the full amount he has received from the pensions company and not just accept the amount with his 40% tax taken off? i know i will have to pay tax at my rate on my half.
re the car - sorry i was not clear - he wants to buy it.Its a volvo C40 ? conertable. about 2009 reg. very nice indeed. he has used the depreciated amount given in Jan 2013 rather than what we verbally agreed last year. he has used the car continuously sincce July we verbally agreed a price but he didnt pay stating all of dads items needed resolving so he knew how much he would have to pay for it ALL. but now we are near the settlement he wants to use the depreciated amount.
is this legal~? or fair?
He has his phone paid for by work but wants to take out the cost of his phone bill for sorting dads items out of dads money. is this legal/ right?
as you have gathered we dont agree on a price for him to pay for many of the larger items, what can I do legally?
he has paid for valuations for some jewellery; i didnt want him toget the valuations but he is going to take the valuation cost out of dads money. can he do this?
The valuations are called probate valuations. i feel these are lower than an actual valuation? is this correct?
eg Cartier watch = brothers offering half of 650. but it was 5,400 new and looking through ebay they go for about 1-1.5k. where do i stand on this?
i fear i may need to engage a solistitor to helpme carry all this through. what is the offical name of a sepcialist solicitor in this feild?
Yes, insist on your 50% andsort your own tax out.
The car is obviously sevenmonths older than it was and that will make a difference. In addition, his seven-monthuse has a value. I would probably split the difference on what he said before,on what he is saying now purely to try and resolve the matter and if he doesn'tgo for it, shaft him for the full amount.
He is only entitled to recoverwhat it has cost him. He seems to be obsessed with getting money.
If you can't agree on theprice for the larger items, put them in auction. He is then free, as indeed youare, to buy them if he wants them.
The thing about the valuationsis that without having a proper valuation done, you have no idea of knowingwhat they will work. It is not unreasonable.
I think eBay is a prettyreliable valuation source.
Probate valuations do tend tobe lower because that is what most people want because the lower the probatevaluation, the lower the inheritance tax bill, if inheritance tax is payable.
If you need a solicitor, thenyou need a solicitor who deals with Contested Private Client work.
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just wanted to update you
i passed on all the info you had given and now my brother has offered me the whole pension !!! he will just keep dads chatles!!! neddles to say i no longer have a brother!! no loss.
SO THANK YOU VERY MUCH FOR YOUR HELP !!
Glad to assist. At least you can sleep at night.