£12000 gift to my girlfriend, tax implications?

Counterspell
Counterspell Posts: 3 Newbie
in Savings & investments
I'm thinking about transferring £12000 to my girlfriend's bank account. I'd like to know if it has any tax implications for me or her and whether I have to inform the HMRC or make any official document explaining that it's a gift. She has no savings nor earnings.

Thank you very much in advance.
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Comments

  • Masomnia
    Masomnia Posts: 19,506 Forumite
    Name Dropper First Post First Anniversary
    Only if you pop it in the next 7 years, in which case it still counts as part of your estate for inheritance tax purposes should that be relevant.

    The caveat is that the money will legally be hers to do as she wishes with it. If you broke up you would have no claim on it whatever, and have no legal right to claim it back if you change your mind.
    “I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse
  • Counterspell
    Counterspell Posts: 3 Newbie
    Masomnia wrote: »
    Only if you pop it in the next 7 years, in which case it still counts as part of your estate for inheritance tax purposes should that be relevant.

    The caveat is that the money will legally be hers to do as she wishes with it. If you broke up you would have no claim on it whatever, and have no legal right to claim it back if you change your mind.

    I'll try not to die so early :)

    Ok, I'll have to deal with the risk that we broke up or something ugly happens, I just wanted to know if it was legal to make that kind of gift and if we had to pay any taxes for it or sign any formal document.
  • mucgoo
    mucgoo Posts: 28 Forumite
    That's quite a risk to take.
  • richyg
    richyg Posts: 148 Forumite
    Masomnia -

    Any chance of taking your signature off - as it is making me more than a little nauseous.

    The younger generation are the first generation in ages likely to grow up poorer than their parents- and this wealth is effectively been kept hold of by the older generations.

    Ridiculously high house prices mean that many house share into their 30's and are afraid to even have children due to a lack of secure housing.

    Meanwhile with a sense of entitlement fuelled by early retirement and comfortable final salary pensions the grey brigade masses throng thorugh our local Morrison cafe every lunchtime like locusts across the plains. Get in their way at your peril !

    For Christ sake give the youngsters a break. An Ipod at 25 compared to an affordable house at 25 - I know which I would choose. - and so would they.

    The one saving grace for those that can afford a mortgage is a low interest rate for the foreseeable future. Whilst it may toast the savings of the rest of us - maybe the cheap interest rates might at least keep a few of the younger generation out of the poorhouse.

    I feel a lot better now. Thanks

    richyg
  • kloana
    kloana Posts: 431 Forumite
    richyg wrote: »
    Masomnia -

    Any chance of taking your signature off - as it is making me more than a little nauseous.

    It's supposed to be a Socrates quote, dating it at well over 2,000 years old. It's not, apparently, an ancient philosopher's direct quote at all, but does still relate to children in ancient times...and the quote first appeared well over a hundred years ago.

    Hardly a gratuitous stab at the youth of today...
  • ozzage
    ozzage Posts: 518 Forumite
    richyg that quote is from around 400 BC :)
  • iammumtoone
    iammumtoone Posts: 6,377 Forumite
    First Anniversary Name Dropper First Post I've been Money Tipped!
    edited 27 April 2013 at 8:28PM
    wow that is a very generous offer, and I admit I don't know hers or your circumstances but in my view to accept an offer like that would be wrong. I once had a ex offer to pay off a large sum into my mortgage, I declined I stand on my own two feet I worked hard to be able to afford the deposit for my house and I didn't want/expect anyone to help with that, I would have cheated myself if I did.

    Sometimes I wonder if I made the right decision.
  • iammumtoone
    iammumtoone Posts: 6,377 Forumite
    First Anniversary Name Dropper First Post I've been Money Tipped!
    Counterspell wrote: »
    She has no savings nor earnings.

    Thank you very much in advance.

    If she has no earnings what does she live off? If she claims any benefits it may effect her entitlement as she would now have savings.
  • Nine_Lives
    Nine_Lives Posts: 3,031 Forumite
    richyg wrote: »
    Any chance of taking your signature off - as it is making me more than a little nauseous.
    If something so minor affects you so deeply on the internet, then i'd suggest cancelling the membership with your ISP.
  • Counterspell
    Counterspell Posts: 3 Newbie
    iammumtoone wrote: »
    If she has no earnings what does she live off? If she claims any benefits it may effect her entitlement as she would now have savings.

    I pay all her expenses, we live together. None of us get any benefits.
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