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£5000 cash gift

okciv · 2009-06-05 21:35:09

Hi, Looking for some help here. Might have posted in the wrong place? A relative has just given my partner £5000 cash for a 'rainy day' They don't want to have 'too much' money as they are a pensioner & do not want the govermnent getting their hands on the money (their words not mine) My question is, what does he do with…

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CLAPTON Posts: 41,865 Forumite

6 June 2009 at 2:29PM

If his estate is under the IHT limit there the HMRC won't be the slightly bit interested.

There's nothing illegal about cash or cheques etc and frankly 5,000 is pretty small beer.

There are no tax implication for either party.

Your OH can put in the bank whenever he wants. Large cash deposits say 10k or over may be queried because of money laundering concerns and not about tax. If they are queried then just tell the truth.

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£5000 cash gift

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