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Tax on gift from friend
Comments
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zygurat789 wrote: »Deposit takers have to report interest paid to HMRC, a sudden appearance on this list could prompt some questions
Yes I take your point. I will already be on this "list" I guess because I already have accounts that bear interest. Considerably less interest than there was a few years ago I might add!0 -
No, the OP would not have to declare a gift.
Although if he decides to go ahead despite what we've said, getting something on paper would be a good plan.
People keep referring to this as a gift, but is clearly is not. A gift is not to be repaid, and carries no obligations with it.
This money is not being gifted to the OP, as can be shown by the fact that the OP can't just go and spend it on a holiday. It's not even a gift with conditions attached.0 -
Agree look more like a bare trust(or something like that)
Which brings us back full circle, it does not do what the ops(friend) wants.0
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