Giving Money to my Sister-in-Law twice removed

le_loup

I've looked everywhere on this site but can't find an answer to the question of the tax implications of Giving Money to my Sister-in-Law twice removed.
I can see the answers to every other type of relative, partner, friend, lodger, Mafioso, or pet but not to this one.

agrinnall

Ah, you've hit on the one scenario that the taxman has got covered, with tax levied at 150%. See manual BIM2391873651279, page 473a - if you can't find it online it's rumoured that there is a hard copy filed alongside the planning permission for the bypass that resulted in the demolition of Arthur Dent's house shortly before the arrival of the Vogon construction fleet (but do make sure you beware of the leopard).

holly_hobby

No tax for the recipient in the uk, the donors estate may be exposed to IHT as this is a PET, if it fails to meet or falls outside of gift exemption limits/regular income assessment.

H x

thenudeone

holly_hobby wrote: »

No tax for the recipient in the uk, the donors estate may be exposed to IHT as this is a PET.

H x

I think le loup was gently taking the mickey of daily newbies asking basically the same question again and again every day, rather than requiring advice.

Perhaps there should be a sticky titled "THERE IS NO TAX ON GIFTS IN THE UK", but even then, people post the question anyway:wall::wall:

grey_gym_sock

if you give money to a pet, is the gift a PET?

thenudeone

agrinnall wrote: »

(but do make sure you beware of the leopard).

Have you ever thought of going into advertising?

agrinnall

thenudeone wrote: »

Have you ever thought of going into advertising?

No, but if it was as easy as quoting Douglas Adams I might consider it.