question about transferring money
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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 own0 -
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
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?0 -
getmore4less wrote: »No tax on gifts in the UK
Could be Inheritance Tax depending on the amounts/how long the donor lives after giving the gifts. See https://www.gov.uk/inheritance-tax/giftsGoogling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0 -
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
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.0 -
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 tax0 -
AnotherJoe wrote: »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- 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.Signature removed for peace of mind0
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