when I'm 94!

when I'm 94!

Didn't find your answer?

My dad is 94 and doing well. Yes, I know I should have done this years ago, but I've only now found out from the local solicitor that the cost of arranging a new style power of attorney is in the region of £750!

Dad's signature is starting to be a little shaky and it would be useful to know that my brother or I can operate his bank current account and several savings accounts if need be.

The bank have a form that will allow us to do so without first becoming joint account holders, but none of the building societies do. If either of us are named on those other accounts, and we are both higher rate tax payers, I believe that HMRC will apportion the interest between all accounty holders which would be an unnecessary expense for us.

Does anybody know if there is any ruling/concession whereby HMRC will allow us to be on these various accounts and accept that all of the interest is still taxable only on my dad?

Many thanks to you for reading this and especially to anyone leaving an answer.
ColinS

Replies (6)

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By User deleted
09th Sep 2008 09:47

Joint Signatories
Hi Colin,

A quick fix would be to forget about a PoA, transfer father's savings from building society to bank, and opt for the joint-signatory form on offer from banks that will allow you to operate his accounts.

From personal experience, Nat West allow my wife to operate her father's current, deposit, and ISA accounts as well as providing internet access and, most importantly, the full facility to talk to their clerks (sorry, I mean customer service officers) without any silly DPA obstacles. I imagine other High Street banks would offer similar facilities.

The interest rate suffers a little, but my wife's view is that there'll be slightly less cash in the pot for Fat Gordon to raid when her father is one day bundled off to a home. My view is that your money is safer in the banks - I predict meltdown for buy-to-let specialists Bradford & Bingley, and I hear Northern Rock are thinking of appointing Kevin Keegan as general manager.

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By Chris Smail
08th Sep 2008 11:48

Sorry typing to fast
My post amended, £150 each £300 total plus annual fees

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By Chris Smail
03rd Sep 2008 11:27

Agreed
The forms are simple (compared to tax returns) but tedious.

There are now two seperate PoAs one for financial matters and one for medical matters.

It will cost you £150 to register each type of PoA and then an annual fee for renewal,.

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By AnonymousUser
06th Sep 2008 09:11

£150.00
is the fee having done this myself for my Grandad quite recently. The forms are quite straightforward although the process takes a while at the public guardian office to complete (about three months). Sadly for us, my Grandad died after a short illness before the registration was complete.

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By David160
05th Sep 2008 17:07

I thought the fee was £150 per application? and a further renewal fee. see

http://www.publicguardian.gov.uk/docs/opg506-web-1007-1.pdf

Or have I looked at the wrong place?

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By John Savage
03rd Sep 2008 11:19

Do it yourself..
Why don't you, on behalf of your Father, go to the website of the Office of the Public Guardian and go about getting the new powers of attorney needed. The forms and information can be downloaded from this site.

See http://www.publicguardian.gov.uk

I'm in the same situation, as my own Mother is starting to age daily now.

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