Getting my money out of the bank.......

NotRichAtAll

OK long storey short, lets assume i have an incurable disease and i want to get my money out of the bank and give it away to family before i pop my clogs (trying to avoid taxes etc) whats the best and easiest way for me to do this to avoid any red flags from my bank which is barclays?

thanks in advance

Keep_pedalling

Going by your user name your estate won’t be subject to IHT, but if you really are in IHT territory then the best way is to take in out, give it away without leaving an IHT liability is to do so at least 7 years before you die. 

subjecttocontract

Well you could write them a cheque or just transfer the money by faster payments to the recipients bank account.

Ayr_Rage

If your estate is likely to be subject to Inheritance Tax, gifts to anyone need to be recorded, there is no avoiding taxes!

Barclays may not even bat an eyelid if amounts are small, what are the amounts of these gifts going to be?

Make a will and ensure the executor(s) know what you have done.

Brie

Make them joint on your account.  Well at least one of them.  That way when you die the money becomes the property of the other name on the account.  At least that's how I understand it.  

p00hsticks

Brie said:

Make them joint on your account.  Well at least one of them.  That way when you die the money becomes the property of the other name on the account.  At least that's how I understand it.  

It would, but half of it would be considered as part of the OP's estate for IHT purposes, and it could be 100% if all the money was sourced from them...

HappyHarry

p00hsticks said:

Brie said:

Make them joint on your account.  Well at least one of them.  That way when you die the money becomes the property of the other name on the account.  At least that's how I understand it.  

It would, but half of it would be considered as part of the OP's estate for IHT purposes, and it could be 100% if all the money was sourced from them...

Under these circumstances all the money would be considered to be part of the OP’s estate - unless half it it had been given as a gift at least seven years ago.

Ergates

NotRichAtAll said:

OK long storey short, lets assume i have an incurable disease and i want to get my money out of the bank and give it away to family before i pop my clogs (trying to avoid taxes etc) whats the best and easiest way for me to do this to avoid any red flags from my bank which is barclays?

thanks in advance

This would be tax evasion, which is a crime.  I'm fairly sure that asking how to commit a crime is against forum rules....

eskbanker

Ergates said:

NotRichAtAll said:

OK long storey short, lets assume i have an incurable disease and i want to get my money out of the bank and give it away to family before i pop my clogs (trying to avoid taxes etc) whats the best and easiest way for me to do this to avoid any red flags from my bank which is barclays?

thanks in advance

This would be tax evasion, which is a crime.  I'm fairly sure that asking how to commit a crime is against forum rules....

Not sure it's necessarily tax evasion, but it isn't really clear exactly what OP has in mind!

If they anticipate giving money away and this not being declared by the executor when calculating IHT then yes, that latter step is undoubtedly fraudulent, but not the former, in itself.

However, if OP simply means gifting money, while accepting that it'll still be within their estate if dying within 7 years (subject to published exemptions, etc), then that's a different scenario and would be legitimate IHT planning....

Ergates

Maybe, but the OP explicitly states "(trying to avoid taxes etc)" and "avoid any red flags " which seems a pretty clear indication that evading IHT is the intent.

NotRichAtAll

ok just to clarify the amount in question is 100k.
Now why should i pay tax if i can avoid it? after all i would not be here to pay it by avoiding red flags i meant i would like to withdraw all my money out of the bank and have it at hand, am sure if i went in the bank and asked for all my money it would raise a "red flag"