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Can I put 25k in my Dads Tax free account

ultra10 · 2008-08-25 15:12:15

Just a thought, but I have 25k maturing in a weeks time from a 1 yr Bond, can i simply gift it to him in order to take advantage of the tax free savings he qualifies for ?? ...

Comments

Mikeyorks Posts: 10,380 Forumite

25 August 2008 at 9:23PM

opinions4u wrote: »

I think you'll find that since April 1993 Her Majesty has paid income tax.

I don't think she is liable to CGT or IHT though.

Both IT and CGT. But she is not 'liable', as the Monarchy remains exempt from tax. However she is assessed under the same rules as anyone else but on a voluntary basis agreed (and documented in Hansard) in the latter stages of the John Major reign. And a bit more open now the Palace publish accounts

If you want to test the depth of the water .........don't use both feet !
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