Keeping a cash stash

spotty12

Since my kids were small I've saved cash at the end of every month which I promised them for a house deposit ( I refuse to pay for a wedding which probably won't last.) I've kept this hidden away for years and when the time came I gave my daughter £5,000 as deposit on a house. They had recently split and then got back together and when they split again without completing I got my money back. The husband , who knew what the money was for, has now said in the divorce proceedings that the money was the childrens savings and wants it back. I've given a letter explaining the situation and apparantly his solicitor has said that there is a legal limit to the amount of cash that a person can keep (£3,000) and we have now been reported to someone or other.

Is there a legal amount of cash that a person can keep?

Regards

Fang_3

That sounds ridiculous. Have you spoken to a solicitor?

spotty12

No, I only spoke to my soon to be ex son in law this evening. ( the ungrateful !!!!!!)

Fang_3

Well unless you live in Communist Russia circa whenever the hell it was communist, you should be fine. Though I hope you've not always been so anti-marriage to your children.

xmaslolly76

Never heard of that before and i cant find anything on the the interweb to back up the claim. They are probably just trying to frighten you do you have a solicitor you can speak to yourself?

closed

http://www.thetaxguide.co.uk/ExemptPotentiallyExemptTransfers.html

3k is the limit to excempt you from inheritance tax, so it becomes a PET unless one of you dies in the next 7 years, if you both survive 7 years, there's no tax to pay.

But once you've gifted it, it's becomes your daughters, so if she is gifting it back because they are splitting up, the husband could have a claim to part of it. Suggest you seek legal advice via her solicitor, and be careful what you say to his solicitor.

spotty12

I'm not anti marriage, I've been to several weddings where the parents spent in excess of £10,000 and the marriage was over in less than two years. My thought is that if they work together for something it will last longer, not easy come easy go.

Fang_3

spotty12 wrote: »

I'm not anti marriage, I've been to several weddings where the parents spent in excess of £10,000 and the marriage was over in less than two years. My thought is that if they work together for something it will last longer, not easy come easy go.

Pat

A wedding isn't a marriage.

leanne28

I've never heard of such a stupid thing. I wound't have thought there was a limit as it's your cash at the end of the day and it's up to you whether or not you stash it at home or in a bank...Maybe worth checking with your own solicitor....Hope everything works out for you xx

Valli

He's pulling your chain.

End of.

Ignore him.

belfastgirl23

Dunno who's crazier, him for saying this or you for worrying about it

I think by giving the money back to you they have acknowledged that it's yours. Possession in this case should be 10/10ths of the law!