So, marriage

mattyg said:
For example. My Mrs won a car on a competition. We sold it for £106k and paid a chunk of debts off. Including my personal credit cards... Were going to have to record that and pay tax on the Gift. Unless we can all it a loan
Had we been married then it would have been cheaper. Both Higher rate payers

Unless i'm out of touch
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Someone paying off your debt isn't taxable as it's considered a gift and not income. If you were to profit or gain interest from the gift then, yes, that profit/interest would be taxable. Or, if this was an attempt to thumb around inheritance tax, that would also be taxable (if it's over £325k). The person has to live longer than 7 years after giving the gift for it not to liable to taxation.

Of course, speak to an accountant and explain your situation in detail. It won't cost a lot for a small consultation and will ensure you have done things properly.

If you've got a lot of that 106k sitting in a bank still, also speak to a financial advisor and get them to tell you how to use it most effectively. You don't seem to have the financial know-how or acumen to use that kind of sum wisely. I mean that as politely as possible.
 
Just had our 21st anniversary, together for 2 years before that. Although long story short I had dated her previously a few years before!
 
aaronyuri said:
Someone paying off your debt isn't taxable as it's considered a gift and not income. If you were to profit or gain interest from the gift then, yes, that profit/interest would be taxable. Or, if this was an attempt to thumb around inheritance tax, that would also be taxable (if it's over £325k). The person has to live longer than 7 years after giving the gift for it not to liable to taxation.

Of course, speak to an accountant and explain your situation in detail. It won't cost a lot for a small consultation and will ensure you have done things properly.

If you've got a lot of that 106k sitting in a bank still, also speak to a financial advisor and get them to tell you how to use it most effectively. You don't seem to have the financial know-how or acumen to use that kind of sum wisely. I mean that as politely as possible.
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Next to FA of it left after clearing some debts. We've had a tough business year with the Southport attacks. Put nearly £400k into one of our businesses to try and trade through, But still failed, some of that money was via personal credit. The win helped clear 80% of those personal debts. And the rest we can clear fairly easily over the next few months.

I'll mention it to our Accountant (who actually drove passed and stopped when Elite were dropping off the win)
 
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