FairyBlessed
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I do not know the full details, but provided you survive 7 years after giving the gift there is no liability to inheritance tax.
Otherwise the only tax which may be relevant is Capital gains tax, whether this is liable depends on how the money is passed, for instance if you pass shares over, there is tax on the increased value.
I don't know a great detail about it, but the link should help you understand capital gains tax.
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/BeginnersGuideToTax/DG_4016313
This is the relevant part of the above site:-
http://www.hmrc.gov.uk/leaflets/cgtfs1.htm#b2 |
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Davy B
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Right. No one has to pay any tax when you give the gift of whatever amount.
If you survive 7 years there is no tax to pay whatsoever.
If you live less than 7 years [and your total taxable estate is about £300000] there might be some tax to pay BY YOUR ESTATE [but why would you care!].
The amount possibly payable decreases by 1/7 for each of the 7 years that you live |
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Mephistopheles
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Set up a trust fund that pays money out to whoever on a monthly basis - that way even if they do have to pay tax, they will not beeing paying large amounts of it.
I also believe that one may get tax relief on a trust fund - but since I'm not an accountant - perhaps you ought to chat to one about how to do it and what the implications are for you as the donor and for the recipient(s). |
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Smiler
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Inrehitance tax also comes into play if you die within a certain amount of time after having given the money to whoever (when it is over a certain amount).
Check out the HMRC (revenue and Customs) website or call your locak office or even an accountant. |
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William H
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There are ways round giving it without paying tax. Speaking to an accountant is probably the best bet. |
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Weed
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not if they don't know about it, |
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Armyvet
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if you are in America... we pay tax on everything of course... see the link below...
http://www.irs.gov/businesses/small/article/0,,id=108139,00.html |
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intelon
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Is it better to give someone fish or teach them how to fish?
Anyway...it's up to you what you do with your money.
Ever wonder why all rich people have some sort of foundation?
Could that be the answer to your question? |
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skybluecarp
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give it me, promise l wont tell anyone |
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lisa l
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you dont if noone know about it |
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katehughes2706
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If you dont declare it, then no one knows about it and you wont have to pay any tax. |
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