Tax on gift from friend

purdyoaten

ukste wrote: »

Many thanks. That's good to hear.

While it is true that there is no gift tax in the UK, Mr saaad800 is building up a post count with nonsense whereas you, also a 'newbie', are here to seek advice.

ukste

purdyoaten wrote: »

While it is true that there is no gift tax in the UK, Mr saaad800 is building up a post count with nonsense whereas you, also a 'newbie', are here to seek advice.

But, you agree that what he said is correct?

purdyoaten

I agree that there is no gift tax in the UK on the recipient.

ukste

purdyoaten wrote: »

I agree that there is no gift tax in the UK on the recipient.

Ok, many thanks.

patanne

I just don't think that what he intends to do is the act of a reasonable man UNLESS he has some other motive. Let's look at it logically. He doesn't own the roof over his head. This £30,000 is all he has in the world. Now would you hand over that money to someone else when all you need to do to achieve the same thing is go into a solicitors & make a very basic will saying everything to these two sisters & I am not leaving anything to my other sister.

To claim benefits he needs to have (or used to need, I'm not up to date on this) 6 months bank statements showing he doesn't have much money.

The only think I can think to make this a logical thing to do is that he is a person who thinks making a will is condemning himself to an early death.

You may take this post with a pinch of salt after checking out my signature.

ukste

patanne wrote: »

I just don't think that what he intends to do is the act of a reasonable man UNLESS he has some other motive. Let's look at it logically. He doesn't own the roof over his head. This £30,000 is all he has in the world. Now would you hand over that money to someone else when all you need to do to achieve the same thing is go into a solicitors & make a very basic will saying everything to these two sisters & I am not leaving anything to my other sister.

To claim benefits he needs to have (or used to need, I'm not up to date on this) 6 months bank statements showing he doesn't have much money.

The only think I can think to make this a logical thing to do is that he is a person who thinks making a will is condemning himself to an early death.

You may take this post with a pinch of salt after checking out my signature.

Let's not get bogged down in "reasonable" here. The question is based on a taxation query and nothing more. It's the taxation issue that I'm seeking answers to.


However, to reiterate, he does not claim benefits and is not proposing to do so. He is in full time employment.


Can we concentrate on the tax issue alone and not focus on what you think about him possibly condemning himself to an early demise?

Mojisola

ukste wrote: »

My friend is 63. He's got £30,000 that he wants me to hold on to for him.

Rather, my concern is centred on any tax implication if I held the money for him. Would there be a tax burden on me if I suddenly got the money or indeed on him if he gives it to me??

In this situation, no tax due from him or you.

But you won't be "holding the money for him". If he gives it to you, it will be yours and the others have explained some of the problems that could bring.

ukste

Mojisola wrote: »

In this situation, no tax due from him or you.

But you won't be "holding the money for him". If he gives it to you, it will be yours and the others have explained some of the problems that could bring.

Thank you.


I understand what you are saying about the potential for problems and these will need to be addressed.


The real concern for both of us is that there would be no tax issues arising from it. The other things we can sort out.

agrinnall

Well, you've been told plenty of times that from the information given there are no tax implications for either of you. The concern that we have is for all of the other implications, but if you're not interested in those then you may as well stop posting and the thread will eventually come to a natural end.

ukste

agrinnall wrote: »

Well, you've been told plenty of times that from the information given there are no tax implications for either of you. The concern that we have is for all of the other implications, but if you're not interested in those then you may as well stop posting and the thread will eventually come to a natural end.

Thanks everyone for your help.

The possible tax implication is my prime and only concern here. You've all set my mind at rest regarding this.