I assume that she owns the trust, which is why she believed the Hove property was her only property.
The fact she's had to resign suggests that she was wrong about this.
General UK politics
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I assume that she owns the trust, which is why she believed the Hove property was her only property.
The fact she's had to resign suggests that she was wrong about this.
It was because her son is a minor and she’s deemed to be the responsible owner as a trustee as a minor cannot own a house.
Yep and also the conveyancing firm involved offering tax advice with disclaimers didn’t help either.
She was wrong not to get proper tax advice but when you get Reform bringing in a convicted Racist onboard as probably a MP soon after she was released, it’s not like any party is in a better moral ground.
Reform has morals?
I see where I went wrong there…
Just on this tax advice thing. I used to work for a Big Four accountancy firm, with a tax advisory practice of around 2,500 nationwide.
Within that practice there were about 4 or 5 people who specialised in stamp duty land tax.
There were maybe a dozen or so people who specialised in trusts.
The Venn diagram of those groups of people is two circles next to each other.
It would have been extremely difficult for Rayner to have found someone who could advise her on her precise circumstances, that's why she had to go to tax counsel (to be clear, tax counsel is often who the advisers consult when they don't know, although normally we'd speak to Counsel if we thought a matter might go to court).
It's also why the small conveyancing firm wouldn't advise on it - they would not have the expertise.
On the other side of the equation, it's also why she should have been extra careful around the trust arrangements in the first place - what she put in place was incredibly complex and fraught with danger.
She was right to resign for not seeking the correct advice, but I'm fucked if I know anyone who could have given her that advice.
