Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
Page 1
    • CLAPTON
    • By CLAPTON 21st Mar 07, 10:34 PM
    • 37,794 Posts
    • 26,556 Thanks
    CLAPTON
    • #2
    • 21st Mar 07, 10:34 PM
    • #2
    • 21st Mar 07, 10:34 PM
    you can give what you like to anyone.

    however if you die within seven years then this money is counted as part of your estate for inheritance tax purposes and so the estate would have to pay the IH tax assuming your total estate was above the limit at that time.

    mind you if you didn't give it away it would then be part of your estate when you die and would attract IH tax anyway
    • kevin0410
    • By kevin0410 22nd Mar 07, 3:45 AM
    • 222 Posts
    • 124 Thanks
    kevin0410
    • #3
    • 22nd Mar 07, 3:45 AM
    • #3
    • 22nd Mar 07, 3:45 AM
    But say you gave away some money, you could just say that you gambled it away couldn't you? Who's gonna know?
    • oldwiring
    • By oldwiring 22nd Mar 07, 7:07 AM
    • 2,181 Posts
    • 441 Thanks
    oldwiring
    • #4
    • 22nd Mar 07, 7:07 AM
    • #4
    • 22nd Mar 07, 7:07 AM
    Don't forget that some giftd are outside the seven year rule. Scroll down to Exempt Gifts on the link.
  • hannaht
    • #5
    • 22nd Mar 07, 5:21 PM
    • #5
    • 22nd Mar 07, 5:21 PM
    Thanks everyone for the replies. That's what I thought was the case, but I just wanted to check.

    Thanks a lot
    H
  • kevinroet
    • #6
    • 6th Aug 08, 1:21 PM
    Tax implications of giving money to a relative?
    • #6
    • 6th Aug 08, 1:21 PM
    Hello,

    I would like to give £8000 to a relative to look after, to then receive it back some time in the future. Will this money be taxed if done so within a 7 year period?

    Kevin
  • kazzys51
    • #7
    • 6th Aug 08, 2:55 PM
    • #7
    • 6th Aug 08, 2:55 PM
    hi there as far as i'm aware if you or the other person r self empl you are only allowed £2000 gift money in any given tax year other wise it looks like a earning thats was info i was given last yr this yrs may be increased you proberbly cud just phone and ask hmrc it as a general question gd luc
    • CLAPTON
    • By CLAPTON 6th Aug 08, 3:05 PM
    • 37,794 Posts
    • 26,556 Thanks
    CLAPTON
    • #8
    • 6th Aug 08, 3:05 PM
    • #8
    • 6th Aug 08, 3:05 PM
    I can't see why you want to do this
    but yes you can ask a relative to look after your 8k without any tax implications and yes they can return it to you without any tax implications
    .. It might be prudent to document what is being done so if the relative died etc then you would have first claim on the 8k.
  • sloughflint
    • #9
    • 6th Aug 08, 9:52 PM
    • #9
    • 6th Aug 08, 9:52 PM
    What if the relative went bankrupt or divorced whilst 'looking' after your money? Might not be a good idea if you want your money back.
Welcome to our new Forum!

Our aim's to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,921Posts Today

6,575Users online

Martin's Twitter
  • All good now with Cheap Energy Club - the new EDF blagged tariff that'll typically save most £340/yr is now live... https://t.co/soY0xIgT0s

  • Very sorry that Cheap Energy Club is struggling, the tech team are on it full pace.

  • RT @Income_MAX: RESEARCH PROJECT: We're looking for people living without a bank account for a confidential research project https://t.co/O?

  • Follow Martin