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    • Apexs
    • By Apexs 10th May 19, 3:56 PM
    • 34Posts
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    Apexs
    question about transferring money
    • #1
    • 10th May 19, 3:56 PM
    question about transferring money 10th May 19 at 3:56 PM
    Hi, not sure were to post this really, after some advice...

    my mother isn't well, she is convinced something is going to happen to her soon, today she asked me to take her to the bank so she could transfer her funds to my bank, i told her she couldn't do this, firstly i don't think the bank would allow her to do this and secondly im sure i will end up being taxed.

    She said she doesn't have a Will, thats why she wanted to do this suddenly...im not sure what to do or what to tell her? thanks for your help
Page 1
    • Yorkshireman99
    • By Yorkshireman99 10th May 19, 4:02 PM
    • 5,387 Posts
    • 4,545 Thanks
    Yorkshireman99
    • #2
    • 10th May 19, 4:02 PM
    • #2
    • 10th May 19, 4:02 PM
    Hi, not sure were to post this really, after some advice...

    my mother isn't well, she is convinced something is going to happen to her soon, today she asked me to take her to the bank so she could transfer her funds to my bank, i told her she couldn't do this, firstly i don't think the bank would allow her to do this and secondly im sure i will end up being taxed.

    She said she doesn't have a Will, thats why she wanted to do this suddenly...im not sure what to do or what to tell her? thanks for your help
    Originally posted by Apexs
    Are you her only close relative. If she does not have a will the intestacy rules will apply. How much money is involved?
    • Browntoa
    • By Browntoa 10th May 19, 4:02 PM
    • 35,068 Posts
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    Browntoa
    • #3
    • 10th May 19, 4:02 PM
    • #3
    • 10th May 19, 4:02 PM
    Deprivation of assets for start if she needed care

    As you mentioned , tax depending on the amount.

    Is there also property involved ?
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    • getmore4less
    • By getmore4less 10th May 19, 4:34 PM
    • 36,298 Posts
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    getmore4less
    • #4
    • 10th May 19, 4:34 PM
    • #4
    • 10th May 19, 4:34 PM
    No extra tax would be due to her not transferring/gifting to you.

    No tax on gifts in the UK
    • onwards&upwards
    • By onwards&upwards 10th May 19, 4:56 PM
    • 519 Posts
    • 934 Thanks
    onwards&upwards
    • #5
    • 10th May 19, 4:56 PM
    • #5
    • 10th May 19, 4:56 PM
    She’d be better off getting an appointment to make a will ASAP.
    • Apexs
    • By Apexs 10th May 19, 8:31 PM
    • 34 Posts
    • 588 Thanks
    Apexs
    • #6
    • 10th May 19, 8:31 PM
    • #6
    • 10th May 19, 8:31 PM
    It's about 20k that she wanted to transfer...I guess her half of the house, but that wasn't mentioned, thanks
    • getmore4less
    • By getmore4less 10th May 19, 8:51 PM
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    getmore4less
    • #7
    • 10th May 19, 8:51 PM
    • #7
    • 10th May 19, 8:51 PM
    Who owns the other 1/2 of the house?
    • Apexs
    • By Apexs 10th May 19, 9:22 PM
    • 34 Posts
    • 588 Thanks
    Apexs
    • #8
    • 10th May 19, 9:22 PM
    • #8
    • 10th May 19, 9:22 PM
    her husband
    • Keep pedalling
    • By Keep pedalling 10th May 19, 11:29 PM
    • 6,568 Posts
    • 7,643 Thanks
    Keep pedalling
    • #9
    • 10th May 19, 11:29 PM
    • #9
    • 10th May 19, 11:29 PM
    her husband
    Originally posted by Apexs
    So, reading between the lines, she does not want him to inherit any of her assets, is that correct? She really needs to make a will as a matter of urgency.
    • getmore4less
    • By getmore4less 11th May 19, 4:30 AM
    • 36,298 Posts
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    getmore4less
    20k, how much is that relative to the rest of her estate?

    Any issues with her husband?
    Is he your dad?

    Have you asked her why beyond not having a will?


    Context is relevant if she has loads and just wants to gift you some cash then 20k is not that much if the rest goes to hubby along with the house.

    If 20k is her life savings then a lot more caution is wise.
    • Flugelhorn
    • By Flugelhorn 11th May 19, 7:29 AM
    • 1,418 Posts
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    Flugelhorn
    and she can only give "half a house" if it is held as tenants in common..

    need to have a chat with her about why she wants to do this transfer and why now
    • Apexs
    • By Apexs 11th May 19, 9:43 AM
    • 34 Posts
    • 588 Thanks
    Apexs
    thanks for all the advice, sorry for not giving much info...families!

    its just around 20K, she wants me to have it and not my dad, it was left to her when her mother died, its whats left of what was split between her and her siblings...the house wasn't mentioned so forget about that..this is the only money she has because she's not worked for over 40 years, and has no income of her own
    • Keep pedalling
    • By Keep pedalling 11th May 19, 11:50 AM
    • 6,568 Posts
    • 7,643 Thanks
    Keep pedalling
    thanks for all the advice, sorry for not giving much info...families!

    its just around 20K, she wants me to have it and not my dad, it was left to her when her mother died, its whats left of what was split between her and her siblings...the house wasn't mentioned so forget about that..this is the only money she has because she's not worked for over 40 years, and has no income of her own
    Originally posted by Apexs
    As this is all she has giving it away would not be wise. She really needs to make a will, even a simple DIY one is better than nothing. Alternatively she could convert or move the money into a new joint account so that in the event of her death you will automatically own whatever is left in that account.

    You say she gets no income, but Is she not entitled to at least some state pension?
    • Marcon
    • By Marcon 11th May 19, 12:23 PM
    • 1,033 Posts
    • 792 Thanks
    Marcon
    No tax on gifts in the UK
    Originally posted by getmore4less
    Could be Inheritance Tax depending on the amounts/how long the donor lives after giving the gifts. See https://www.gov.uk/inheritance-tax/gifts
    • getmore4less
    • By getmore4less 11th May 19, 7:51 PM
    • 36,298 Posts
    • 22,355 Thanks
    getmore4less
    Could be Inheritance Tax depending on the amounts/how long the donor lives after giving the gifts. See https://www.gov.uk/inheritance-tax/gifts
    Originally posted by Marcon
    No extra tax to if it had not been gifted and just passes on death.

    Gifting is initially a IHT neutral event, unless the asset would go to spouse on death, untill it drop out of the estate.

    Also it is also very rare the recipients ever needs to pay IHT when a gift has not fallen out of the estate.
    • AnotherJoe
    • By AnotherJoe 16th May 19, 9:02 AM
    • 14,706 Posts
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    AnotherJoe
    I like the suggestion of a joint account between you and her. That way she can still access it if needed.
    From what OP has said there's unlikely to be any tax
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
    • Savvy_Sue
    • By Savvy_Sue 16th May 19, 5:47 PM
    • 39,869 Posts
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    Savvy_Sue
    I like the suggestion of a joint account between you and her. That way she can still access it if needed.
    From what OP has said there's unlikely to be any tax
    Originally posted by AnotherJoe
    There are a couple of issues with joint accounts in this situation, although it may be one of those where it's appropriate.
    • If the OP is on or needs to claim means-tested benefits, then half of this account will be noted as their income
    • If the OP ends up separating or divorcing a Significant Other, then half the money in this account will be seen as theirs
    • There is nothing to stop either party spending the lot without consultation
    • If there are other potential beneficiaries after death, accusations of wrongdoing may be made

    But IF the OP is the only beneficiary other than her Dad, and she's on good terms with her Dad / he'll understand what mum is doing, then a joint account, IF it can be set up, may be appropriate in this situation.
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