Mum has gifted me 20k, is tax due?

[britboy4321]

As the title suggests.

If I do owe Mr Taxman some money for recieving this gift -- is this kind of a technicality that you wouldn't bother with as no-one actually pays it?

Or is me not paying it a serious case of tax fraud not worth the risk?

 

[sigma]

.....

 

['Wes]

.....

 

[doodah]

This should be an interesting one........

 

[LeJosh]

The rule is you take the Tax man out for a meal, I am officially the Tax man from now on.

 

[RobotXander]

As far as I am aware gifts are not subject to tax, and it is below the level at which capital gains tax would apply.

On a side note....O_0

 

[Zefan]

If it was over Paypal then it's ok as you pay the fee then.

 

['Wes]

Don't feed the troll.

 

[Jumblejug]

Trust me your bank details and address and I'll sort it out for you.

 

[GravyMonster]

The rule is you take the Tax man out for a meal, Then he gets choice of position and hole. And lube.

Fixed.

 

[Macro]

I would suggest taking a look Here as a starting point.

 

[Skidder]

HMRC have FAQs for questions such as this. Useful if you want an actual answer rather than just baiting people here. How's the ant farm?

 

[Metalface Mark]

The key here is "gift".

Put it in the bank any any interest will be taxed automatically.

 

[agnes]

Fancy chucking me £145 lol.

ags

 

[Theophany]

My uncle has gifted me 2 and 6, is there tax I have to pay on it?

 

[DJMK4]

How did you gift £20k?

 

[Mark M]

No tax due at the moment but could be inheritance tax issues if she dies within 7 years and depending on the value of her entire estate.

 

[Sunbed]

Worst "I have loads of spare cash" thread ever

 

[Saundie]

If it was over Paypal then it's ok as you pay the fee then.

This is the first post I've seen on a forum that's actually made me laugh. Excellent work, Zefan!

 

[platypus]

Despite not reading the creator's name, I think I knew this was a britboy thread. Why oh why did I click in..