 P45: Can I claim I lost it? |
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Mustard Jones | If I win the lottery, and want to give some to friends and family, will they be taxed on its - gift tax? |
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steve
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Nice to see all the budding accountants out there all with total bollox answers!!!! Keeps me in a job!!! The following answer assumes you are resident in the UK, oh and domiciled!!
This all depends on how long you live after having "gifted" the money. Gifts are classed as "potentially exempt transfers" by the Revenue.It isn't called gift tax but in this instance, the tax in question is called "Inheritance Tax" or IHT for short. If you die within 7 years of making the gift the gift will become chargeable to IHT. However, this depends on the total value of your estate When you die. If your estate is above the current threshold (2006-07 tax year is £285,000), the value of all gifts donated within the last 7 years will be chargeable to some IHT. However, IHT is affected by something called Taper Relief. This means that the tax is reduced for each year up to 7 years from when the gift was given to the date of death.
There are exemptions however, such as gifts less than £3,000 to an individual per tax year. Also, husbands and wives may gift up to £55,000 between them before any IHT liability arises.
If you do win the lottery, I am quite happy to give you some more IHT planning advice, obviously only if I am one of the beneficiaries:):):):) |
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fluffer
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nope
and the answer b4 is bollocks too, doing that wood make it taxable |
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maxpower1972
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stevomuzo below is right....no initial tax, but IHT is payable is giver dies within 7 years, this is usually payable by the estate of the dead person |
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deleted
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Actually, they will be taxed on it, it's classed as income and they will have to pay tax on it. Which is why people in syndicates have to make some sort of formal note of who is in the syndicate, otherwise they all have to pay tax on their winnings except the guy with the ticket. |
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johndukque
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Well if you win the lottery be sure to think of the little people, :P
anyway you can give up to $10,000 dollars and it is not taxed after that be sure that uncle SAM will stick his hand in it.
You can give as many people $10,000 dollars but only once a year. |
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beca
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depending on how much you give them. every person is allowed to receive a gift up to a certain amount before they are taxed(you'd have to check the specifics with you accountant, which im sure you'd have if you won the lottery) |
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MSMORTGAGE
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Inheritance Tax - POTENTIALLY exempt from tax transfer: Important exemptions from inheritance tax - transfers between spouses (man and wife), small gifts of 250.00 in each tax year, donations to charity & political parties, wedding gifts of up to 1000 (5,000 from parents, 2,500 from grandparents), gifts made on a regular basis which do not affect donor's standard of living, an annual exemption of 3,000 per tax year for gifts. Other than than it is taxed at 40%. So if my brother wins the lottery and gives me £500,000 when I fill in my tax return and put in income £500,000 - the government will not tax me like everybody else? |
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bear8357
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Go to Switzerland,transfer your money there,invite them all over,free plane tickets.When they get there give them all their own accounts.Screw the American parasite politicians,every time you turn around the bastards vote themselves a raise.Wouldn't we all like a job like that.Even when our economy sucks because of them,they still vote for a raise..maggots. |
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jame_football
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no they wont be taxed, but if they pit it in the bank i think there will be a small amount of tax on it. |
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Al Zymer
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You can give someone any amount, up to about £6,000 a year without them paying tax. Above that, they would be taxed if you died within, I think it is, 7 years. |
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Thin Kaboudit
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No, YOU would be!
But it doesn't matter because you have a far better chance of being struck by lightning than you do of winning the lottery! |
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extra_37
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You will be taxed on the gift if it exceeds the maximum amount. the best way to do it would be to create a partnership with your "family and friends" as partners with you. Then you can divide up you winnings in ANY way you want, either evenly or you taking 99.99% and your givees 0.01%. Then they will pay the taxes and you will still be a great guy for giving them some $$. |
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thecharleslloyd
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Yep at fourty percent. Give them cash. |
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ill answer you
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no they wouldnt or what you can do is buy like a pen or any commodity from them at a real high price like a pen for 50000 |
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kimmie
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i dont think you can actually give someone more then 5000 £ at a time if you win the lottery bt not to sure |
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cheryl b
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no dont think so |
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