what is the maximum you can give away

[for my friends]

how much can you give away to a single individual without it being taxable? cgt? if I gave someone a cheque for 30k would they be heavily taxed on it? or could they just put it in their bank and it not be looked at?

thanks in advance

[F458]

as long as the person who gives it survives 7 years after he gives it there is no tax to pay - if he/she dies before the 7 years then tax is worked out on a pro rata basis

[for my friends]

ok thats great thankyou

[Backtobasics]

F458 said:

as long as the person who gives it survives 7 years after he gives it there is no tax to pay - if he/she dies before the 7 years then tax is worked out on a pro rata basis

sounds right to me. this will get moved to the finance section by one of the mods shortly I would expect.

[mybrainhurts]

F458 said:

as long as the person who gives it survives 7 years after he gives it there is no tax to pay - if he/she dies before the 7 years then tax is worked out on a pro rata basis

Note..this is Inheritance Tax

Another name for State sponsored theft...

[marcosgt]

I'm guessing we all know what it is...

Certainly the OP does...

M.

Edited by marcosgt on Sunday 10th October 15:15

[madala]

....also you can give I think £3500 each year to any sibling......

[EDLT]

One 335d (mapped) or two MX5s a year.

[ferrisbueller]

Hows does IHT work on shares or other assets with varying value? Is the tax calculated based on the share value on the day they are transferred?


Cannot believe people still refer to the "mapped" thing....FFS...MOVE ON....it wasn't funny at the time.

[jonno990]

Not sure on the legality of this, but if you say you lost the money in a game of cards then I have heard there's no tax to pay.No tax on gambling any more.Probably heard it off someone down the pub though so don't take my word for it.Be interesting to know how true it is though if anybody knows?

P.S. you haven't just won £113m have you?

[Chiswickboy]

ferrisbueller said:

Hows does IHT work on shares or other assets with varying value? Is the tax calculated based on the share value on the day they are transferred?


Cannot believe people still refer to the "mapped" thing....FFS...MOVE ON....it wasn't funny at the time.

Valued on the day of transfer I would have thought. Used to be many years ago when I was involved.

[NuisanceFactor]

ferrisbueller said:

Hows does IHT work on shares or other assets with varying value? Is the tax calculated based on the share value on the day they are transferred?

I believe that it's date of death, more details here

[ferrisbueller]

NuisanceFactor said:

ferrisbueller said:

Hows does IHT work on shares or other assets with varying value? Is the tax calculated based on the share value on the day they are transferred?

I believe that it's date of death, more details here

I feared that may be the case. Date of death if within 7 years of transfer?

[Lordbenny]

You can give it to me, I won't tell anybody!

[Scraggles]

cash was £3k ? but guess if someone gave use of a car to someone else, then not quite the same ?

[Somnophore]

You could buy a painting she has done for £30k, who's to say that's not how much it's worth? You could also Just get it out in cash, give it to someone and then say you lost it gambling or spent it all on expensive wine and drank it

[Scraggles]

buying a painting or modern art is a good one

[TotalControl]

This is still in GG?

[rottie102]

Scraggles said:

buying a painting or modern art is a good one

But wouldn't they have to pay tax for 30k profit anyway?

[TotalControl]

rottie102 said:

Scraggles said:

buying a painting or modern art is a good one

But wouldn't they have to pay tax for 30k profit anyway?

Could it not go to 'charity'?