gifting money to a friend

Ergates

https://forums.moneysavingexpert.com/discussion/comment/81970685#Comment_81970685

Connect doesn't (or didn't) check transactions between individuals. It takes data from all reportable sources, feeds of things like interest payments from banks (from which it can estimate balances) and other "indicators of wealth" (like people buying expensive cars).

I worked on it when it was first built -specifically on the systems feeding in data from banks and building societies and we didn't process transactions. The volume would be just too great to get anything meaningful.

Yorkie1

Another scenario that might come up, depending on the age/situation of the donor is "deprivation of assets". Giving away money/assets before going into a care home to avoid paying fees.

Or where means-tested benefits are relevant

ZeroSum

https://forums.moneysavingexpert.com/discussion/comment/81970315#Comment_81970315

If youre worried about bank blocking a new payee for a large sum, then write a cheque

MEM62

How would one go about gifting a sum (say between, £10,000 or £20,000) to a friend?

You simply transfer the money from your bank account to theirs. It is no more complicated than that.

Granted there will be many 'what if the friendship fails' or 'what if the lender wants the money back in years to come'

Both these popints are irrelevant. If the money have been gifted the recipient is not obligated to pay it back and the generous friend who made the gift is not entitlement to it back.

are there any legal ways to transfer between 2 adults?

If you want to give your money to someone you are perfectly entitled to do you. The law has nothing to do with it.

longwalks1

Thanks again everyone, mind put at ease (should the situation ever arise)