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Tax on large gifts

2

Comments

  • le_loup
    le_loup Posts: 4,047 Forumite
    GeckoLI wrote: »
    I will not divulge further to just 'some guy' on MSE.com.
    Strange how you were interested in getting help and advice from 'some guy' on MSE.com.
    You chose your user name well although PRAT may be more appropriate.
  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 21 January 2013 pm31 2:50PM
    There's no pleasing some folk.

    Love the phrase 'Wind your neck in'

    Heres another one 'stop losing your blob'

    Mother could in fact just walk away with the whole lot if she so wishes because nothing was written down.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • xylophone
    xylophone Posts: 45,426 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    If there is "nothing written down", then this is simply a gift from her late father's partner to your partner.

    There may be IHT considerations in due course for your partner's late father's partner's estate.
    http://www.hmrc.gov.uk/inheritancetax/

    As the person making the gift has no reason at the moment to foresee any care needs that will need to be met by the state , it seems to me that there is little reason to consider Deprivation of Assets- otherwise nobody would ever make a gift?
  • xylophone wrote: »
    As the person making the gift has no reason at the moment to foresee any care needs that will need to be met by the state , it seems to me that there is little reason to consider Deprivation of Assets- otherwise nobody would ever make a gift?

    I agree although we only know what the OP told us.

    It would be up to a local authority to pursue anyway but giving away large sums of money approaching senior ages DoA is always something to keep in mind.
    Thinking critically since 1996....
  • I'm satisfied this question has been answered, suplimented by sufficient additional advice regarding my forum user name, and underpinned by plenty of 90's Sunday league football manager motivational phraseology.

    Thank you to those who resisted the urge to launch a condescending offensive and provide me with the facts.

    Bye.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    GeckoLI wrote: »
    I'm satisfied this question has been answered, suplimented by sufficient additional advice regarding my forum user name, and underpinned by plenty of 90's Sunday league football manager motivational phraseology.

    Thank you to those who resisted the urge to launch a condescending offensive and provide me with the facts.

    Bye.


    One has read more gracious thanks for unpaid selfless help.
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    Buddy36 wrote: »
    Excellent advice Mojisola, remind me to go back in time & tell my dead father to 'write it down'. Was looking for some advice not judgement bearing in mind you don't know the full details of the situation this idea frankly sounds stupid in context.

    Does nobody else think this must have been the OP registering a second ID just so that he could pretend he had a supporter? If not then Buddy is going to be one to watch out for in the future I suspect if the tone of his first post is anything to go by.
  • agrinnall wrote: »
    Does nobody else think this must have been the OP registering a second ID just so that he could pretend he had a supporter? If not then Buddy is going to be one to watch out for in the future I suspect if the tone of his first post is anything to go by.

    Thats actualy my other half so I wouldnt worry too much. She's unlikely to harass anyone on the Internet.
  • I think you got what you paid for :D
    Thinking critically since 1996....
  • chrismac1
    chrismac1 Posts: 2,585 Forumite
    One of the funniest threads on here for a while, thanks all!
    Hideous Muddles from Right Charlies
This discussion has been closed.
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