 I don't have a bank account can I still cash my tax return? |
| I just got it today but I don't have a bank account. Can I cash it on my own or do I have to have someone who has one cash it for me?... |
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 Can I claim my son as a dependent if his mother already has? |
| My taxes aren't being accepted by the IRS, because my son was already claimed by his mother. I pay for all of the child care, etc. We were never married, and live in seperate houses. What are ... |
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 Did you get your rebate check? |
| I make around $30,000 dollars a year and I'm single, if you got your rebate check how much did you get if you have the same filling status as I do.... |
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 Tax Question: If I pay my own health insurance premiums, is it tax deductible? |
| I do not get the health insurance that is offered through my employer. I get my health insurance on my own and pay for it with my money that taxes have already been taken from. So I am paying with P... |
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 I lent my brother £15k as house deposit- he has now paid me back £60k - do I have to declare this to taxman? |
| 8 years ago I lent my brother £15k to help him buy a house (house cost £60,000). We had a basic agreement drawn up between ourselves that until he was in a position to repay me, that I was ... |
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 Direct Deposit Question? |
| I was told online that my refund check would be deposit to my account on 2/9/07. When I check this morning it was not in there so, I waited to 4PM and it still was not in. I called my bank to see if ... |
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 Should we hire a tax attorney ? |
| The IRS placed a levy on my daughter's paychecks today. She hasn't filed a tax return in nearly 15 years. Should she hire a tax attorney , or deal directly with the IRS to resolve this ? F... |
|
 What do uk mean when they say 'annual salary'? |
| lets say one's annual salary is 30,000 pounds? does the employer pay all in advanced at the beginning of the year?? or what??... |
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Mo | If a lottery winner gives £100,000 to someone as a present do they have to pay tax on it? |
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Jackson P
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Yup, they sure do. |
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suerye
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The other answers are incorrect. There is no gift tax in the UK, so the recipient would not pay tax on the gift. The estate of the donor might be liable to Inheritance Tax on the gift if the donor dies within 7 years of making the gift. |
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SimonC
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Assuming this question is from the UK most of these answers are wrong. As usual the Americans don't bother to check where the question has originated.
There is no tax on cash gifts, so neither the giver or the receiver will be liable for any tax when the gift is made. However, if the giver dies within 7 years then the gift will be included in the giver's estate and Inheritance Tax could be payable. If this happens it is the recipient of this gift that is liable for any tax due on the gift.
If the giver manages to survive for 7 years there will be no tax at all.
Btw, I mentioned cash gifts above. If the gift was £100,000 worth of property there could be Capital Gains Tax to pay, depending on the precise circumstances of the gift. But that wasn't the question so I'll leave it there. |
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steffi
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Not if the donor lives for seven years after the gift is made. If he dies within that time, the value of the gift increases the value of the estate, although the gift itself doesn't revert.
If the recipient invests the £100,000, he will be liable to tax on any interest received.
Answer for the UK. |
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mike h
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There are certain loopholes. You have to talk with someone that knows them... |
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Ryan M
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Absolutely, less any exclusions for allowable gifts |
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golferwhoworks
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yes they do |
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angie
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Keep very quiet indeed ! |
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micciiimoo
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They do if the pay by cheque but I suppose if you transferred the money between accounts then it should be ok. |
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Sasha
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Yes, if it is given as a gift, then the recipient must pay a levy on the money. |
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