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Hi,
I would like to know if anyone can advise me regarding a deed of variation being adjudicated by a tribunal.
Today I went to an independent tribunal because my ex has appealed a decision again and again by the csa not to award a deed of variation. I declare a very decent paye wage to the csa and my monthly payments are decided based on that,no problem there.However I also declare rental income from 4 properties I own and rent out, the csa do not include that in an assessment despite the fact I have declared them and said I am happy to pay. Instead my ex has taken a deed of variation which wants to take the sum total of any asset I have and take 8% as an annual income even though this is a ridiculously high amount. I mean I get less than 1%interest after tax on any money in the bank,and if my tenants dont pay the rent, i have avoid period, or i need to repair the roof, i can even lose money on renting a property out!
The judge says we might not apply 8% but couldnt actually tell me what it depends on!
My ex has flatly refused to sort a figure out between ourselves at any figure! I have to disclose every personal detail to the tribunal which is in turn displayed to my ex and all and sundry! She brought her friend into court wholooked through my bank statements for her! The judge has asked me to pay out approximately £1000 on valuations on my property and its going to cost me a few hundred in accountancy costs. The decision isnt if but how much and will be backdated for nearly 2 years although I have been paying the correct amount and am up to date. i am certainly not a deadbeat dad but have an ex from [censored] who partly wants to cause as much strife as possible to me as well as make me bankrupt, the lady from the csa actually said regarding the huge debt i will have through no fault of my own "dont worry we will give you time to sell your house or a property to pay it!"
In short,any advice guys? Do I need to pay £1500 on accountantants and valuers,do I need to disclose every part of my life to the tribunal therefore my ex because she wants to appeal every decision and will no doubt appeal this, and get them to reassess every year.My son is not benefiting in any way,indeed will I will have to cancel our summer holiday to pay for this. Can they inflict 8% upon any asset as an income? What is a reasonable amount to pay for 1 child? Can I dispute this deed of variation upon assets I owned before I even met my ex? that I am using for my pension. Pleas help!
Many thanks
I went through the variation process a long time ago, and ultimately it can be appealed up to the secretary of state, if I recall. The calculations she is using are technically correct, in that if you have assets (excluding your main house) over £65k, then the CSA do indeed apply an 8% calculation on the assets and then use this as an additional income - on the CSA calculation, you would then pay 15% of this as maintenance, so if the property was valued at £100k, the income is £8k and you would pay maintenance of £1200 per year on this.
I believe the tribunal can alter the rules, and they do (or did in the past) use some common sense, so it may not necessarily go against you - I think it might be worth having an accountant draw up your accounts (although, I assume you have declared income to HMRC anyway, so that may be sufficient).
If it does go against you, then it would be worth looking into reducing the value of your assets - do you have a mortgage on your main home? If so, then increase the mortgage on your rental properties (there's a tax advantage to doing this anyway, as you can offset the mortgage interest against your income) and use the money to pay off your mortgage on your home.
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