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

eskbanker

Ergates said:

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.

I read the reference to red flags as recognising that multiple significant transfers in quick succession could raise suspicions with the bank and cause account freezing/blocking, i.e. a separate issue from any tax avoidance/evasion intent relevant to other authorities, but OP will perhaps return to clarify....

NotRichAtAll

eskbanker said:

Ergates said:

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.

I read the reference to red flags as recognising that multiple significant transfers in quick succession could raise suspicions with the bank and cause account freezing/blocking

Spot on esbanker freezing and blocking

eskbanker

NotRichAtAll said:

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"

You're not seriously suggesting withdrawing £100K in cash?  That would indeed raise pretty substantial red flags!

And, just to confirm, how do you envisage this avoiding taxation - are you suggesting that your executor wouldn't declare that this money was yours?  Is your estate subject to IHT anyway?

born_again

NotRichAtAll said:

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"

That will seriously raise red flags.

Keep_pedalling

NotRichAtAll said:

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"

Well for a start dead people don’t pay tax and even if they did why would you worry about it.

Secondly everyone has a nil rate band of £325k so you would need to die with another £225k before it would be taxed and a widow has double that if their spouse left them everything. A couple who own their own home and have children can leave up to £1M IHT free. 

Assuming you have additional assets that actually push your estate into IHT territory, then your executor would be committing a criminal offence by not declaring non exempt gifts made in the last 7 years of your life.

EssexExile

If you want to give your money to people then just do bank transfers, if it's lots then you may have to pay to use CHAPS, but you say it's £100k and to several people so I don't see a problem.

FIREDreamer

EssexExile said:

If you want to give your money to people then just do bank transfers, if it's lots then you may have to pay to use CHAPS, but you say it's £100k and to several people so I don't see a problem.

I suppose if the bank account was closed afterwards (or a burner account was open, used for transfers and closed afterwards) there would be nothing recorded for inheritance tax purposes?

mta999

If the executor didn't declare it AND if HMRC got suspicious when probate was applied for they could ask the bank for all bank statements for all accounts held by the deceased going back seven years

friolento

I don’t think anyone has mentioned deprivation of assets yet? This might also come into play.

 https://www.ageuk.org.uk/information-advice/care/paying-for-care/paying-for-a-care-home/deprivation-of-assets/

born_again

FIREDreamer said:

EssexExile said:

If you want to give your money to people then just do bank transfers, if it's lots then you may have to pay to use CHAPS, but you say it's £100k and to several people so I don't see a problem.

I suppose if the bank account was closed afterwards (or a burner account was open, used for transfers and closed afterwards) there would be nothing recorded for inheritance tax purposes?

Think again..