We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Parent giving money to child to start a business...
Jarlawuk
Posts: 555 Forumite
in Cutting tax
My friend's parents are looking to give him money to purchase a business on property on leasehold, no mortgage, would they have to pay any tax on the 'gift' seeing as they've been taxed on it already?
0
Comments
-
No. However it could be included in the persons estate for inheritance tax if the person gifting the money dies within 7 years.
There are exemptions - see inland revenue website.
How much we talking?US housing: it's not a bubble
Moneyweek, December 20050 -
£40k - mid 40s so inheritance tax shouldn't be a issue - thanks.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards