'Income'?? Tax?? Help!!

RayWolfe

Don't ya just hate spell checkers?
Was supposed to be reassured.
It was rather funny though!

Biggles

RayWolfe wrote: »

Stop right there!
It has already been explained that the is NO tax implication. Why would you want to ask the OPs people to commit a fraudulent act to evade a tax that does not exist?

Hello? What fraudulent act? Or are you referring to some other post??

dzug

You are not liable to tax on this gift either under US law or UK law.

However if your father is a US tax payer he MAY be liable to pay gift tax on it. It's his problem, not yours though - and it's likely that there will be some form of exemption. He will still, I believe, have to include it in his tax return as it contributes towards a lifetime limit, even if it's not taxable now.

RayWolfe

Biggles wrote: »

and avoid you having to explain it to the IR.

Did you not read your own post post?
Do you not know that executors of wills have fiduciary duty to HMRC?

PasturesNew

Sounds like it could get tricky to keep track.
If it were me I'd open up a new account too.
Just in case you wanted to see who paid what, where the money went, truly track things YOU paid for etc.

Biggles

RayWolfe wrote: »

Did you not read your own post post?
Do you not know that executors of wills have fiduciary duty to HMRC?

I was referring to income tax (as presumably were you when you said 'there is NO tax implication') and the practicalities of making payments for the wedding from the States.

Obviously, IHT is a remote possibility but probably not worth playing with the sums to try and avoid it. Certainly, it was the last thing on my mind when my daughter got married, I had other priorities, as did she!

RayWolfe

".... and avoid you having to explain it to the IR."
So why mention IR if your sole interest was to avoid the problems of transferring money?

There are people who post on this board who think that it's purpose is to discuss ways of evading (as opposed to avoiding) tax. I know you don't fit this category, because you said you don't, but I believe we all have a duty to prevent such people from going down the wrong path.

Biggles

RayWolfe wrote: »

".... and avoid you having to explain it to the IR."
So why mention IR if your sole interest was to avoid the problems of transferring money?

There are people who post on this board who think that it's purpose is to discuss ways of evading (as opposed to avoiding) tax. I know you don't fit this category, because you said you don't, but I believe we all have a duty to prevent such people from going down the wrong path.

Quite right, Ray; I thought the OP might be interested in a practical method of dealing with her difficulty - the only reason I mentioned the Revenue was because the OP seemed worried about paying income tax on money she received and my suggestion wouldn't have involved her receiving any in the first place.

I'm sure she (and I) were already progressing down the path of righteousness ;-)

Chaddee

I wasn't trying to avoid tax - just to set the record straight - just asking about the situation as I didn't know how it works! If I did have to pay tax I would do, but I'm glad I don't! (Unless he dies in the next 7 years of course, which I'd rather not think about just now!)

RayWolfe

The possibility of misunderstanding in a written conversation is enormous and unfortunately my one finger "hunt & peck" typing does not allow the fullest of comment. However, I did not misunderstand your intent for one second. Good luck with your future and I hope the wedding goes well ... it ought to at that price! ;-)