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Transferring money as a gift
Tayus
Posts: 313 Forumite
My father is transferring a large amount of money into my account tonight (Approx 45k)
It is money that he has made from the sale of his house and he is giving it to me as a gift.
Will it be as simple as him just transferring the money across? I dont want to wake up tomorrow to find the FBI or whoever at my door accusing me of being a criminal!!
Many Thanks
It is money that he has made from the sale of his house and he is giving it to me as a gift.
Will it be as simple as him just transferring the money across? I dont want to wake up tomorrow to find the FBI or whoever at my door accusing me of being a criminal!!
Many Thanks
Aoccdrnig to a rscheearch at an Elingsh uinervtisy, it deosn't mttaer in waht oredr the ltteers in a wrod are, the olny iprmoetnt tihng is taht frist and lsat ltteer is at the rghit pclae. The rset can be a toatl mses and you can sitll raed it wouthit porbelm. Tihs is bcuseae we do not raed ervey lteter by it slef but the wrod as a wlohe.
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Comments
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Can't think why you think it may be a problem.
I trust you are aware of any IHT and care cost implications of what is happening?0 -
IHT - is this inheritance tax? I understand that as long as he lives for 7 years after giving the gift its exempt?
Care cost implications - Not sure what you mean, can you elaborate?Aoccdrnig to a rscheearch at an Elingsh uinervtisy, it deosn't mttaer in waht oredr the ltteers in a wrod are, the olny iprmoetnt tihng is taht frist and lsat ltteer is at the rghit pclae. The rset can be a toatl mses and you can sitll raed it wouthit porbelm. Tihs is bcuseae we do not raed ervey lteter by it slef but the wrod as a wlohe.0 -
You are correct about IHT.
If your father should need council help with care costs in the next few years, it could be suggested that he has deliberately deprived himself of capital that he would otherwise use to be able to pay for himself.
Do a search here for Care Costs.0 -
How is he going to transfer it? He's too late for CHAPS, it's too big for Faster Payments, and I don't think any bank will let him send that much in a day out of online banking.
It will, however, be as simple as a transfer, yes. The FBI, being American, really don't care about you.
What would William Shatner do?0 -
Thanks for your replies.
He didnt transfer it last night and is going to do it next week instead.Aoccdrnig to a rscheearch at an Elingsh uinervtisy, it deosn't mttaer in waht oredr the ltteers in a wrod are, the olny iprmoetnt tihng is taht frist and lsat ltteer is at the rghit pclae. The rset can be a toatl mses and you can sitll raed it wouthit porbelm. Tihs is bcuseae we do not raed ervey lteter by it slef but the wrod as a wlohe.0 -
If he sells anymore houses, tell him RedXIII would like a 45k gift too.
Thanks.0
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