Luke

Paying in no more than £2k at a time. Auto flag alert I believe at £5K ?????


Also 10k in cash is very very easy to hide. In £50.00 notes its easy to carry it wearing a suit.

fast bloke

If it is coming from the sale of your primary residence then you can say that your ex lived there and while she did not contribute directly to the mortgage, she did contribute to the runing and maintenance of the house, which would be a factor in a divorce settlement. You can now agree a 'fair' amount for you to give her on the basis of how much she spent maintaining the house.

Give all the details to an accountant or FA. They should be able to keep it legal and tax free

Scooby96

Just tell your mate to tell his bank hes just sold a BMW X5 for cash

289

No tax is payable unless you die within 7 years, provided the gift is absolute (i.e. without any form of conditions).


Inheritance tax
0%
40% £0-£255,000
over £255,000

Lifetime Gifts
Certain lifetime gifts (eg: to discretionary trusts) taxable at half of death rates. Where gift within 7 years of death, tax at death rates becomes payable, reduced as follows and credit given for tax paid on lifetime gift:

Years 0-3 3-4 4-5 5-6 6-7
% of death rates 100% 80% 60% 40% 20%

Tiggs

Crikey what a faff over nothing.

give away £10 million if you want, just dont die soon after. The bank who is losing/getting the money have no business in your payments in or out, they have money launder checked you already- if you were a drug baron they would know.

If it is a gift up to £255,000 you can forget the seven year sliding scale, whats this only family stuff? forget that too. Unless you are gifting to discretionary trust forget that...if you are youre 7 year rule could become 14...but lets assume you aren't.

and the revenue view a reduction in your esate as a gift so if you buy a £1 car of someone for £20,000 you have made a gift in their eyes......in short, give them the money (dont die)

T

ps- if you die who cares what the tax is anyway!

NACRO

Thanks all- the issue of the cash (10's of thousands of pounds for green eyed tel boy-LOL)has been settled following advice from an IFA. The money will be transferred as a settlement to my ex just as a divorced couple would do. Just as fast bloke suggested.

I wonder if tel boy has finished trolling on the threads I post yet? Truly pathetic, as for insulting you, I think the way you have to live your life and the chips on your shoulders are punishment enough.

edited to add: sorry I didn't reply to the thread sooner (no doubt troll-boy had to get on with trolling some of his other regulars) but I've been in San Sebastian soaking up some rays- what did you do today telboy? LOL.

[Edited by NACRO - 9/15/2003 3:35:56 PM]

Chip

Nacro,
Lend us a grand will you?

Chip.

NACRO

lol@chip

despite what some of the monkeys on here seem to think I'm not cash rich at all. I just like to pay back old debts and remember thos who helped me out during the hard times. If more people did that the world would be a better place.

I wonder if someone posts on here saying they are going to buy a car costing 10's of thousands of pounds whether the self appointed scoobynet houlier than thou a55hole would regard that as "a look at me" type thread? Personally if I was in the game for drawing attention to myself I certainly wouldn't waste time doing it on a BBS where nobody knows who I am. Seems a bit unlikely doesn't it? Makes me wonder what goes on in the head of someone who'd think that- just trolling or truly a pathetic individual? I wonder what the rest of the evidence points to? A proven hypocrite as well eh troll-boy?