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Depositing money in bank - inland revenue??

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leeoka
leeoka Posts: 8 Forumite
in Budgeting & bank accounts
Does anyone know the amount of cash you can deposit in your bank account before the bank have to declare it to the inland revenue?

Can't seem to find any info anywhere....:mad:
«13

Comments

  • thriftymomma
    thriftymomma Posts: 1,107 Forumite
    Depends why you are depositing it in your account I would have thought. If it is self employed earnings, you do need to declare it.
    Got Halifax Classic to reduce my interest rate by 5% woohoo - 10/06/08 Thanks MSE!
    Another 3% shaved off 10/12/08
    ANOTHER 4 % June 09:beer:
  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    The bank don't have to declare any big deposits to HMRC surely?

    However they will stop the account if they suspect illegal activity....
  • leeoka
    leeoka Posts: 8 Forumite
    Basically, my father has agreed to pay off my Personal Loan (lucky me, I know!) and he wants to write me a cheque for over £12K so I can transfer straight to my bank loan from my current account.

    I've heard in the past that the bank legally informs HM Revenue with any large deposits to ensure there's no laundering going on? Can't be sure though.........
  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    leeoka wrote: »
    Basically, my father has agreed to pay off my Personal Loan (lucky me, I know!) and he wants to write me a cheque for over £12K so I can transfer straight to my bank loan from my current account.

    I've heard in the past that the bank legally informs HM Revenue with any large deposits to ensure there's no laundering going on? Can't be sure though.........

    Even if they do why does that matter? Gifts aren't taxable.
  • leeoka
    leeoka Posts: 8 Forumite
    Is there a gift limit? Per month/year?
  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    leeoka wrote: »
    Is there a gift limit? Per month/year?

    No there isn't.
  • Bob_the_Saver
    Bob_the_Saver Posts: 5,610 Forumite
    leeoka wrote: »
    Is there a gift limit? Per month/year?

    Not as such but check the inheritance tax rules. I think it's OK if the giver
    lasts 7 years after. You can have 3k OR 6K if they gave you nothing in the last tax year - I THINK - CHECK IT!
  • leeoka
    leeoka Posts: 8 Forumite
    Is it still classed as a gift if its paying off bills? I won't personally be left with any money out of it once the bill is paid.
  • lainemd
    lainemd Posts: 9 Forumite
    Hi I put a cheque in the bank for around £18000 when our house went on fire was never asked any question by the bank or HMRC
  • Bob_the_Saver
    Bob_the_Saver Posts: 5,610 Forumite
    leeoka wrote: »
    Is it still classed as a gift if its paying off bills? I won't personally be left with any money out of it once the bill is paid.

    What it's used for makes no difference.
This discussion has been closed.
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