Large amount of money need to deposit in savings

mt99

There have been several helpful posts here, but I don't think the seriousness of what could happen has come across.

£24k in cash appearing from nowhere without a paper trail COULD trigger VERY SERIOUS money laundering investigations. They are really really hot on large cash sums.

In any case, mortgage providers ask very searching questions about the source of deposit funds. I doubt they would entertain using this money as a deposit.

I would be very careful, and maybe contact a professional (eg an accountant) and get some advice or you could find yourself in trouble.

xylophone

Your in-laws dealt with their deceased son's affairs.

This would have included closing his bank account to which any salary etc would have been paid.

It may be that they have closing statement/old statements or could obtain them.

They should approach their own bank to explain what has happened and that they need to transfer their late son's cash savings to his widow.

It may be that their bank will permit you to open an account to receive the money.

Otherwise it should be possible for them to deposit the money and transfer it to you through the system.

Glen_Clark

Malthusian wrote: »

Explain £24,000 in cash to whom?

The DWP since he was on Benefits?

Pincher

HSBC got fined, so they are extra strict these days.

HMRC is the same, they will chase after the easy pickings, who can't afford lawyers who get their moral code from Lucifer himself, like Starbucks. If you are self employed, it's red hot poker time if you have one payment you can't account for.

Buy a car with cash, pay your council tax using a paying in slip, etc.
How much is your grocery a year?
Get a new boiler.

£24k? I can spend it in a year.

Glen_Clark

Pincher wrote: »

If you are self employed, it's red hot poker time if you have one payment you can't account for.

Wheras if you ae the Duke of Westminster you can inherit £10bn tax free. But I have no doubt that was legal. It sounds like his £24k wasn't. So I wouldn't try to hide it, even though the system is not fair. Try and change the law by all means. But don't just ignore it or you will lose.

Pincher

Some relative brought his family over for a European holiday.

Despite repeated request to transfer the money, he just brought thousands in US$ and forced it on me for his share. I do not have a US$ account, and if I did, is it going to trigger money laundering suspicions. So it took me YEARS to use it up, going on holidays.

xylophone

The DWP since he was on Benefits?

It would appear that he had been working for some while.

No I believe this was wages after being taxed so would take out the bank and give to his parents to put aside so wouldn't be tempted to spend. Think its cos he was abit of a pot head and also didn't want his gf spending all his money. I think at some point he was on benefits after we split but wasn't putting as much away at the time but when he started working was putting more away. I presume he must have been doing work officially on the books paying tax because I recieve widow parent allowance which they said I get as I have a child by him and we weren't divorced. They say the amount depends on tax he paid so he must have been paying something and the last job he had was in London on a building sites.

Glen_Clark

xylophone wrote: »

It would appear that he had been working for some while.

You don't have to be unemployed to claim benefits.
The majority of housing benefit claimants, for example, are in work.

xylophone

You don't have to be unemployed to claim benefits.
The majority of housing benefit claimants, for example, are in work.

There is no indication as to whether he remained on benefits after starting work or whether he had too much capital to claim benefits ( if, indeed, he did).

There is simply not enough information to make a blanket statement that the DWP should be involved.

grey_gym_sock

it's not obvious to me that there has been any tax or benefit cheating going in. if it did become obvious to the OP that there had, then it could be dangerous not to report it, as that would look like covering it up. but so long as it appears above board as far as she can tell, that should be good enough. she doesn't have to assume he ex was guilty of cheating, and then try to prove he wasn't.

perhaps the parents would be better placed to deposit the cash. they may already be in possession of bank statements, etc, for their son. (and perhaps banks would view older people depositing cash less suspiciously?)

mt99 wrote: »

In any case, mortgage providers ask very searching questions about the source of deposit funds. I doubt they would entertain using this money as a deposit.

providing the cash can be deposited first, i don't really see the problem here.

the source is inheritance from deceased husband. if they want more details: it's his savings from working as ... .