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Paying Tax On Gifts
iustus
Posts: 2 Newbie
in Cutting tax
Help!
I currently "own" 15% share of a company which I have 2 years to pay off with my dividend payments.
My business partner has offered to transfer £20,000 into my account from his personal account as a "gift".
The deal is I then transfer £15,000 directly back to the company, thus paying off my shares, and keep £5000
This transaction is due to take place next week on my say so and i just wondered if anyone had any advice on this scenario and where I stand from a tax point of view and a legal point of view.
Many thanks
I currently "own" 15% share of a company which I have 2 years to pay off with my dividend payments.
My business partner has offered to transfer £20,000 into my account from his personal account as a "gift".
The deal is I then transfer £15,000 directly back to the company, thus paying off my shares, and keep £5000
This transaction is due to take place next week on my say so and i just wondered if anyone had any advice on this scenario and where I stand from a tax point of view and a legal point of view.
Many thanks
0
Comments
-
Thanks for your reply.
The bottom line is other people wish to invest in the company. I have opposed this investment for various reasons but basically to see how much I could gain before I let the investment go through.
This financial situation has come about for this reason, and if you like, this is a way to make me agree to the investment which is the outcome I was looking for.
Cheers0
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