Win a fantastic Bushcraft Home.......for £25!

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British Red

M.A.B (Mad About Bushcraft)
Dec 30, 2005
26,709
1,947
Mercia
Okay its weird, its wacky and...in my view...worth a punt :)

5 bedroom house......

4 * 2 bedroom timber lodges...........

11.5 acres ...Woodland, paddock & lake

50 year old 2 acre fishing lake

Established business.....

Worth £950,000

Being raffled at £25 a ticket.

For legal reasons its a "game of skill"...took us 3 seconds to find the answer from Google.

Will you win?

Probably not

But someone will!

http://www.winadevonpropertywithfishing.co.uk/index.php

grounds.jpg


Red
 

Shewie

Mod
Mod
Dec 15, 2005
24,259
24
48
Yorkshire
Oh go on then ....

Better odds than winning the lottery at 1 in 46,000

I`ve aleady spotted two trees for my camp


Rich
 
Hmmm, check the small print ... if they don't get all the tickets sold then they give you your money back ... but only 65% of it. The rest they keep for "administration costs". Bloody expensive administration if you ask me.

A whole host of legal and tax implications to this even if you did win.
 

British Red

M.A.B (Mad About Bushcraft)
Dec 30, 2005
26,709
1,947
Mercia
Yep,

No idea who they are but, as Shewie says, still better odds than the lottery, or Bingo, or.....

<shrug>

I thought it was a neat idea. At day's end I've spent more than that in the pub before now so I'll have a punt. If you don't like the idea though, thats fine too.

Red
 

Shewie

Mod
Mod
Dec 15, 2005
24,259
24
48
Yorkshire
I`ll open up a BCUK drop in centre if I win.

I`m sure the wife won`t mind a bunch of hairy axe weilding grumpy old folk turning up every weekend.
 

stevesteve

Nomad
Dec 11, 2006
460
0
57
UK
Hmmm, check the small print ... if they don't get all the tickets sold then they give you your money back ... but only 65% of it. The rest they keep for "administration costs". Bloody expensive administration if you ask me.

I think the deal is that if they don't sell them all 65% goes as a prize to a winner. I guess that they have had lawyers involved. That could well equal very expensive 'administration'.

Cheers,
Steve
 

Mesquite

It is what it is.
Mar 5, 2008
27,807
2,893
62
~Hemel Hempstead~
Only downer if I were to win is that I'd end up within 30 minutes of the outlaws.... instead of 4 hrs But it hasn't stopped me from buying a ticket :D
 

Mike Ameling

Need to contact Admin...
Jan 18, 2007
872
1
Iowa U.S.A.
www.angelfire.com
Yeah, you would be looking at a hefty tax hit! Those gov types would look at this as if you won 950,000 all in one lump sum!!!!

I don't know the personal tax rates "across the pond", but over here in the States that would mean a 56% Federal TAX BILL! And all due by April 15th of next year with "quarterly" pre-payments! And that's just the FED tax. Then you would have the State tax. Here in Iowa that would add on another 18%.

950,000 x 56% = 532,000
950,000 x 18% = 171,000 - but they do give some allowance for Fed taxes paid
Total = 703,000

And that's the taxes that would have to be paid to "win" this property - if it was here in Iowa in these United States! So you would only have 247,000 in equity, and a large mortgage to pay off to cover that tax bill.

Over the past decade, several people raffled off their farms this way - $100 usd per ticket, minimun number of tickets needed to be sold or the raffle was off and you got your money back (minus an "administrative" fee). They all got lots of publicity from the news media, but no ... follow up was ever really done and publicized like the original contest. I only heard of one farm raffle that sold enough tickets. And the winner ended up selling the place to pay off the tax bill. He couldn't even get a bank loan/mortgage to keep running/working the farm. He didn't have enough "equity" in it for the bank to "take a chance". After all the lawyers and real estate agent fees, he ended up with enough to buy a new pickup truck - but went through 2 years of legal nightmare.

And that one "farm raffle" brought in about 25% more total money in ticket sales for the farm than they would have got by selling it on the regular real estate market. They did OK, but the lawyers and the Tax man LOVED it!

You end up being better off winning the lottery. The tax man takes everything out before you ever get any money. But what you get is free and clear - no scrambling about trying to get loans to pay the tax man.

Still sounds great and worth a try. But I personally won't.

Mikey - that grumpy ol' German blacksmith out in the Hinterlands
 

Tengu

Full Member
Jan 10, 2006
12,780
1,517
51
Wiltshire
Here we have death duties....a tax on death.

Manys the lucky youngster inherited a nice property only to find they have to sell it to pay off the tax bill...

And because of rising property prices, its not just a tax for the very rich (as it used to be) its now a tax for the provident.

Pretty much everyone who has a house will be subject it to now.

The conservatives are hoping to put the bottom limit up to 1 million (a much fairer amount, at least for the man in the street.) if they get back into power.

Whether anyone will vote on that, I dont know.
 

Tadpole

Full Member
Nov 12, 2005
2,842
21
59
Bristol
Here we have death duties....a tax on death.

Manys the lucky youngster inherited a nice property only to find they have to sell it to pay off the tax bill...

And because of rising property prices, its not just a tax for the very rich (as it used to be) its now a tax for the provident.

Pretty much everyone who has a house will be subject it to now.

.
Not everyone has an estate worth &#163;300k, the minimum threshold for Inheritance Tax. To be honest I don't know anyone who has that kind of estate including their homes. House prices are going downward (4.14 percent average across the country and down between 14&#37; and 21% where I live)
 
Not everyone has an estate worth £300k, the minimum threshold for Inheritance Tax. To be honest I don't know anyone who has that kind of estate including their homes. House prices are going downward (4.14 percent average across the country and down between 14% and 21% where I live)

House prices are falling here by much more than that. Official stats (Nationwide) showed a fall of 18.6% in just the second three months of this year! There are examples out there of houses falling by 50%.

Most people are unaffected by inheritance tax as Tadpole points out. It is also a widely misunderstood tax. I have a had numerous conversations with people who think that once the sum involved goes over the threshold the whole sum is taxed. This is wrong. If the inheritance is £300010 tax is only due on the £10.

Inheritance tax is the only progressive tax we have in the country. Far better than VAT, a regressive tax which disproportionately hits the poor.
 

Mike Ameling

Need to contact Admin...
Jan 18, 2007
872
1
Iowa U.S.A.
www.angelfire.com
I should clarify that TAX stuff a bit. The first few thousand dollars is tax free - around $5000. Then the next $15k is taxed at 15&#37;. The next $20k at 18%. Then several more steps at 38%. And above that you get taxed at that "soak the rich" rate - 56%! And the various State taxes run pretty similar - with a progressively higher rate on the more "income" you have in the year. And all winnings from any contest are considered "income".

The "death tax"? For Fed tax purposes here in the US you can "inherit" around $30,000 before the gov starts to ... confiscate ... the rest with high tax rates. There had been talk of moving that up to $100,000. Many farmers have a hard time inheriting the family farm - because of the "on paper" value. (It's pretty easy to hit that million dollar mark on a "small" farm - between the value of a couple hundred acres land, and the value of machinery/livestock, and then add in the value of all the farm buildings - including a full home! Most "small farmers" are running a million dollar business, but usually right on the edge of broke!) All the politicians promise to do away with the "death tax", but won't because it gives them more ... free money ... to buy votes with. They always clain it only affects the "rich", not regular people.

So winning this property will still be treated as if you won the lottery. But you will have to find a way to pay the huge tax bill for winning it. At least with winning the lottery you would have the "cash on hand" to pay the tax bill.

Mikey - that grumpy ol' German blacksmith out in the Hinterlands

p.s. The simple definition of the "rich" that everybody wants to soak with taxes so that they pay their "fair share" is --- anyone who has more than you!
 

helixpteron

Native
Mar 16, 2008
1,469
0
UK
I would have thought that for the cost of a ticket, the anticipation, expectation, pleasure and excitement involved are well worth the price, irrespective of winning!
 

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