Regular cash gifts...?

Yorkie1

OP if you're not a troll then you're acting just like one.

You've received as much advice as is possible from the non-existent facts you've given us.

There's absolutely no need for abuse to those who regularly post on here and have taken the time to try to respond to your increasingly sarcastic and rude replies.

lov3cats

le_loup wrote: »

lov3cats, it's nice to see new members here but I hope, with your attitude, you won't be requiring any other advice on this board.

I don't know le loup... I'm just responding to the presumptuous attitudes that have greeted me upon my arrival. I rather hope that I won't be "requiring any other advice on this board" too.

lov3cats

Yorkie1 wrote: »

OP if you're not a troll then you're acting just like one.

You've received as much advice as is possible from the non-existent facts you've given us.

There's absolutely no need for abuse to those who regularly post on here and have taken the time to try to respond to your increasingly sarcastic and rude replies.

Honestly, only one poster here has given me a satisfactory reply- the rest needn't have bothered. Including yourself.

Laurencek

lov3cats wrote: »

I guess English isn't your first language.

At least he's got enough brain structure to make some sense,

dzug1

If you receive CASH gifts of that sum they will certainly be reported to the money laundering authorities - you'll not be told this, it will happen. And depending on their priorities they will possibly investigate. The more often it happens, the more certain they are to do so.

If they are not CASH gifts you have wasted everyone's time by pretending they are.

lov3cats

dzug1 wrote: »

If you receive CASH gifts of that sum they will certainly be reported to the money laundering authorities - you'll not be told this, it will happen. And depending on their priorities they will possibly investigate. The more often it happens, the more certain they are to do so.

If they are not CASH gifts you have wasted everyone's time by pretending they are.

They are cash gifts by cheque.

dzug1

The likelihood is that they will still be (potentially) subject to money laundering investigation. If they are legitimate gifts then this should not give you any worries.

I can't tell you the limit above which money laundering procedures are mandatory - one, I don't know, two, if I did I wouldn't be allowed to tell you.

From the Inland Revenue angle you do not need to report gifts in your tax return. However, you do need to report any interest you may receive. The banks do make a return each year to the IR and sudden large amounts of interest (whether declared or not) could (and only could) ring alarm bells and prompt an investigation. Again, if the gifts are legitimate and you have paid any tax due on the interest, it shouldn't concern you.

jennifernil

People's bank accounts have been frozen and investigated for far less than £30k per month, I would have thought a Money Laundering investigation would be inevitable!

lov3cats

jennifernil wrote: »

People's bank accounts have been frozen and investigated for far less than £30k per month, I would have thought a Money Laundering investigation would be inevitable!

I don't understand why a money laundering investigation would be necessary for a cash gift made by a tax payer? Money laundering happens when 'dirty' money needs to be made clean- why would anyone jump to that conclusion when the gift is made by someone who earns their living and pays their taxes? :huh:
Then again, this isn't obvious to an investigator because there doesn't appear to be any document involved in gifting someone money and informing HMRC that this is indeed a legitimate exchange.

Yorkie1

But your bank won't know from whom the money is coming, in the sense that they don't know anything detailed about the person who has written the cheque. It will simply see what is a very very large sum of regular money coming in by cheque.

Particularly if that is unusual for the customer / account, suspicions will be raised that the money is not completely clean - e.g. it comes from a suspicious transaction, or is being used to evade tax elsewhere etc.

The bank is legally obliged to report such suspicions to the authorities and not to tell the account customer.

http://en.wikipedia.org/wiki/Money_laundering