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Getting my money out of the bank.......
Comments
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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.0
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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.0
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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 itby 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"
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?0 -
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 itby 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"
Life in the slow lane0 -
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 itby 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"
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.2 -
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.Tall, dark & handsome. Well two out of three ain't bad.0
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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.0
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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 years0
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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/
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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.Life in the slow lane1
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