Transferring money

bobbybee2

Is there a tax associated with transferring money between people (£16000). I want to transfer the money to my gfs account. Both accounts are in the UK. I am a UK tax payer and she is not. Can anyone forsee any issues with this?

Thanks in advance

barak

bobbybee2 wrote: »

Is there a tax associated with transferring money between people (£16000). I want to transfer the money to my gfs account. Both accounts are in the UK. I am a UK tax payer and she is not. Can anyone foresee any issues with this?

None at all - it would be a gift and will become her money!

Somebody will probably add what might be relevant if one of you.... but I am not in the mood for that!

bobbybee2

Thanks for the reply - I had guessed there wasn't anything associated with it, but didn't want to take the risk without checking.

It's her money anyway! So I don't have any worries about her running away with it!

John_Pierpoint

I would do it as two transactions - anyone know the size of transaction that attracts the money laundering department of the bank?

pete80

John_Pierpoint wrote: »

I would do it as two transactions - anyone know the size of transaction that attracts the money laundering department of the bank?

I seem to remember that the transaction size was reduced to £4,000 when GB was Chancellor but that may have been for cash deposits (not sure), would transfers be any different if the bank has records of both the people transferring and receiving the funds.