Main site > MoneySavingExpert.com Forums > Essential Money > Savings & Investments > 12000 gift to my girlfriend, tax implications? (Page 1)

IMPORTANT! This is MoneySavingExpert's open forum - anyone can post

Please exercise caution & report any spam, illegal, offensive, racist, libellous post to forumteam@moneysavingexpert.com

  • Be nice to all MoneySavers
  • All the best tips go in the MoneySavingExpert weekly email

    Plus all the new guides, deals & loopholes

  • No spam/referral links
or Login with Facebook
12000 gift to my girlfriend, tax implications?
Reply
Views: 973
Thread Tools Search this Thread Display Modes
# 1
Counterspell
Old 27-04-2013, 6:31 PM
MoneySaving Newbie
 
Join Date: Apr 2013
Posts: 3
Question 12000 gift to my girlfriend, tax implications?

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.
Counterspell is offline
Reply With Quote Report Post
# 2
Masomnia
Old 27-04-2013, 6:34 PM
Deliciously Dedicated Diehard MoneySaving Devotee
 
Join Date: May 2008
Location: The Drones Club
Posts: 13,700
Default

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.
She looked as if she had been poured into her clothes and had forgotten to say 'when.' - Wodehouse
Masomnia is offline
Reply With Quote Report Post
The Following 3 Users Say Thank You to Masomnia For This Useful Post: Show me >>
# 3
Counterspell
Old 27-04-2013, 6:39 PM
MoneySaving Newbie
 
Join Date: Apr 2013
Posts: 3
Default

Quote:
Originally Posted by Masomnia View Post
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.
Counterspell is offline
Reply With Quote Report Post
The Following User Says Thank You to Counterspell For This Useful Post: Show me >>
# 4
mucgoo
Old 27-04-2013, 6:43 PM
MoneySaving Convert
 
Join Date: Mar 2013
Posts: 28
Default

That's quite a risk to take.
mucgoo is offline
Reply With Quote Report Post
# 5
richyg
Old 27-04-2013, 8:01 PM
MoneySaving Convert
 
Join Date: Oct 2005
Posts: 75
Default

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
richyg is offline
Reply With Quote Report Post
The Following User Says Thank You to richyg For This Useful Post: Show me >>
# 6
kloana
Old 27-04-2013, 8:10 PM
MoneySaving Stalwart
 
Join Date: Jul 2012
Posts: 331
Default

Quote:
Originally Posted by richyg View Post
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...
kloana is offline
Reply With Quote Report Post
The Following User Says Thank You to kloana For This Useful Post: Show me >>
# 7
ozzage
Old 27-04-2013, 8:11 PM
MoneySaving Stalwart
 
Join Date: Sep 2008
Posts: 473
Default

richyg that quote is from around 400 BC
ozzage is offline
Reply With Quote Report Post
# 8
iammumtoone
Old 27-04-2013, 8:22 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Apr 2013
Posts: 2,221
Default

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.

Last edited by iammumtoone; 27-04-2013 at 8:28 PM.
iammumtoone is offline
Reply With Quote Report Post
# 9
iammumtoone
Old 27-04-2013, 8:25 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Apr 2013
Posts: 2,221
Default

Quote:
Originally Posted by Counterspell View Post
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.
iammumtoone is offline
Reply With Quote Report Post
# 10
Nine_Lives
Old 27-04-2013, 8:25 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Sep 2009
Location: The UK.
Posts: 3,000
Default

Quote:
Originally Posted by richyg View Post
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.

Nine_Lives is offline
Reply With Quote Report Post
The Following User Says Thank You to Nine_Lives For This Useful Post: Show me >>
# 11
Counterspell
Old 27-04-2013, 8:26 PM
MoneySaving Newbie
 
Join Date: Apr 2013
Posts: 3
Default

Quote:
Originally Posted by iammumtoone View Post
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.
Counterspell is offline
Reply With Quote Report Post
# 12
iammumtoone
Old 27-04-2013, 8:27 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Apr 2013
Posts: 2,221
Default

Nine lives your signature made me chuckle
iammumtoone is offline
Reply With Quote Report Post
# 13
lippy1923
Old 27-04-2013, 8:27 PM
MoneySaving Stalwart
 
Join Date: Nov 2010
Location: South East
Posts: 544
Default

Do you fancy dating me for a little while? I would like 12000
Savings 2014 #002 915/1,000
Total Mortgage OP 6000
Total Savings 20,500
lippy1923 is offline
Reply With Quote Report Post
The Following 2 Users Say Thank You to lippy1923 For This Useful Post: Show me >>
# 14
kloana
Old 27-04-2013, 8:31 PM
MoneySaving Stalwart
 
Join Date: Jul 2012
Posts: 331
Default

Quote:
Originally Posted by lippy1923 View Post
Do you fancy dating me for a little while? I would like 12000
Is there room for two? I'm down for anything for a few quid
kloana is offline
Reply With Quote Report Post
The Following User Says Thank You to kloana For This Useful Post: Show me >>
# 15
innovate
Old 27-04-2013, 9:19 PM
PPR
Deliciously Dedicated Diehard MoneySaving Devotee
 
Join Date: Jun 2005
Location: On this planet
Posts: 15,717
Default

Quote:
Originally Posted by richyg View Post
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.
It wasn't exactly easy for my generation 30 or 40 years ago to get on the housing ladder. We were, or had, lodgers. Or we lived with our parents. We didn't have mobile phones / ipods/ ipads / laptops / PS3s etc, we didn't go clubbing because outside London there weren't really any clubs. We didn't have hair straighteners and nail art, we didn't need to raid Primark 3 times a month, there were no drive-through MacDonalds and KFCs. And so the list goes on - - just don't you think that it was all wonderful when the older generation were young.

Quote:
Originally Posted by richyg View Post
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.
How dare you questioning whether pensioners, who worked all their lives, should be allowed to have lunch at Morrisons!


Quote:
Originally Posted by richyg View Post
The one saving grace for those that can afford a mortgage is a low interest rate for the foreseeable future.
Well, glad you can see some good.. Mortgage interest rates now seem a heck of a lot better than the 10-14% , with a matching inflation rate, the oldies had to get on with.

Nobody says things are rosy right now. But generation wars most certainly don't offer any improvement.
innovate is offline
Reply With Quote Report Post
The Following 2 Users Say Thank You to innovate For This Useful Post: Show me >>
# 16
Lost2
Old 27-04-2013, 9:39 PM
Deliciously Dedicated Diehard MoneySaving Devotee
 
Join Date: Dec 2008
Posts: 11,956
Default

Quote:
Originally Posted by lippy1923 View Post
Do you fancy dating me for a little while? I would like 12000
I was going to ask that so back of the queue
Sealed Pot Number 6842009..950.50 2010..256 2011..5262012..548.802013..758.882014..
SwagBucks to-date 360
Lost2 is offline
Reply With Quote Report Post
Reply

Bookmarks
 
 




Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

 Forum Jump  

Contact Us - MoneySavingExpert.com - Archive - Privacy Statement - Top

Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.

All times are GMT +1. The time now is 4:22 AM.

 Forum Jump  

Free MoneySaving Email

Top deals: Week of 27 August 2014

Get all this & more in MoneySavingExpert's weekly email full of guides, vouchers and Deals

GET THIS FREE WEEKLY EMAIL Full of deals, guides & it's spam free

Latest News & Blogs

Martin's Twitter Feed

profile

Cheap Travel Money

Find the best online rate for holiday cash with MSE's TravelMoneyMax.

Find the best online rate for your holiday cash with MoneySavingExpert's TravelMoneyMax.

TuneChecker Top Albums

  • KATE BUSHTHE WHOLE STORY
  • ARIANA GRANDEMY EVERYTHING (DELUXE)
  • VARIOUS ARTISTSNOW THAT'S WHAT I CALL MUSIC! 88

MSE's Twitter Feed

profile
Always remember anyone can post on the MSE forums, so it can be very different from our opinion.
We use Skimlinks and other affiliated links in some of our boards, for some of our users.