Root
Member
Registered: 28th Dec 08
User status: Offline
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I've voted no, but reflecting on it, it would be good to go public just so the ex and all my old friends/enemies knew I won a huge amount and they've missed out, lol.
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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quote:
Originally posted by adiohead
Is it true that you get taxed for any money you give away as a gift?
no
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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quote:
Originally posted by adiohead
Is it true that you get taxed for any money you give away as a gift?
ah well, actually... subjetc to usual inheritance tax rules which do prohibit large gifts without tax, yes
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Hammer
Member
Registered: 11th Feb 04
User status: Offline
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Like fuck the taxman would be finding out about 'gifts' to family and friends.
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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Inheritance Tax exemptions and reliefs
Sometimes, even if your estate is over the threshold, you can pass on assets without having to pay Inheritance Tax. Examples include:
•Spouse or civil partner exemption. Your estate usually doesn't owe Inheritance Tax on anything you leave to a spouse or civil partner who has their permanent home in the UK - nor on gifts you make to them in your lifetime - even if the amount is over the threshold.
•Charity exemption. Any gifts you make to a 'qualifying' charity - during your lifetime or in your will - will be exempt from Inheritance Tax. A donation to charity in your will may also reduce the rate that tax is paid at (see more in the link below).
•Potentially exempt transfers. If you survive for seven years after making a gift to someone, the gift is generally exempt from Inheritance Tax, no matter what the value.
•Annual exemption. You can give up to £3,000 away each year, either as a single gift or as several gifts adding up to that amount - you can also use your unused allowance from the previous year but you use the current year's allowance first.
•Small gift exemption. You can make small gifts of up to £250 to as many individuals as you like tax-free.
•Wedding and civil partnership gifts. Gifts to someone getting married or registering a civil partnership are exempt up to a certain amount.
•Business, Woodland, Heritage and Farm Relief. If the deceased owned a business, farm, woodland or National Heritage property, some relief from Inheritance Tax may be available.
key point/s highlighted in bold
[Edited on 15-08-2012 by Robbo]
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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quote:
Originally posted by Hammer
Like fuck the taxman would be finding out about 'gifts' to family and friends.
unless they keep it under a mattress, theyd find out from the banks
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mwg
Member
Registered: 19th Feb 04
Location: South Lakes
User status: Offline
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Cash in hand
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nathy_87
Member
Registered: 14th Aug 08
Location: West Mids. Drives: Škoda Fabia VRS 5J
User status: Offline
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Yesterday at work, we was talking about what we'd do if we won that £148m.
I then went to check out a Lamborghini Gallardo for £132k and this what made me laugh the insurance is only £3,600.  How?
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Tomnova16
Premium Member
Registered: 21st Jan 06
Location: Gerrards Cross Drives: Porsche 911
User status: Offline
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nope, purely for the fact that i would like to surprise everyone close to me, friends and family by getting new cars delivered to them on the same day at the same time 
http://www.lemass.co.uk/ for all your automotive/bodyshop needs
Located in Chalfont st Peter
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_Allan_
Member
Registered: 24th Mar 04
User status: Offline
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quote:
Originally posted by Hammer
No because I would become fatman.
When did you win 
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Whittie
Member
Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
User status: Offline
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quote:
Originally posted by nathy_87
I then went to check out a Lamborghini Gallardo for £132k and this what made me laugh the insurance is only £3,600. How?
What do you mean how?
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Russ
Member
Registered: 14th Mar 04
Location: Armchair
User status: Offline
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quote:
Originally posted by Robbo
Inheritance Tax exemptions and reliefs
Sometimes, even if your estate is over the threshold, you can pass on assets without having to pay Inheritance Tax. Examples include:
•Spouse or civil partner exemption. Your estate usually doesn't owe Inheritance Tax on anything you leave to a spouse or civil partner who has their permanent home in the UK - nor on gifts you make to them in your lifetime - even if the amount is over the threshold.
•Charity exemption. Any gifts you make to a 'qualifying' charity - during your lifetime or in your will - will be exempt from Inheritance Tax. A donation to charity in your will may also reduce the rate that tax is paid at (see more in the link below).
•Potentially exempt transfers. If you survive for seven years after making a gift to someone, the gift is generally exempt from Inheritance Tax, no matter what the value.
•Annual exemption. You can give up to £3,000 away each year, either as a single gift or as several gifts adding up to that amount - you can also use your unused allowance from the previous year but you use the current year's allowance first.
•Small gift exemption. You can make small gifts of up to £250 to as many individuals as you like tax-free.
•Wedding and civil partnership gifts. Gifts to someone getting married or registering a civil partnership are exempt up to a certain amount.
•Business, Woodland, Heritage and Farm Relief. If the deceased owned a business, farm, woodland or National Heritage property, some relief from Inheritance Tax may be available.
key point/s highlighted in bold
[Edited on 15-08-2012 by Robbo]
can i not just get several credit cards that they could use and let them go wild/me pay them off?
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Gary
Premium Member
Registered: 22nd Nov 06
Location: West Yorkshire
User status: Offline
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Yep, how would teh tax man ever know.
Personally i'd be getting involved in offshore bank accounts etc. Tax man can suck my balls
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Russ
Member
Registered: 14th Mar 04
Location: Armchair
User status: Offline
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i'd get involved in cocaine and hookers, but thats me
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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quote:
Originally posted by Gary
Yep, how would teh tax man ever know.
Personally i'd be getting involved in offshore bank accounts etc. Tax man can suck my balls
banks all have to report information to somebody! yes of course you can send money to offshore accounts but it still gets taxed to some degree
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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quote:
Originally posted by Russ
i'd get involved in cocaine and hookers, but thats me
amen!
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mwg
Member
Registered: 19th Feb 04
Location: South Lakes
User status: Offline
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Rather build a secure storage facility and keep the cash there instead of the bank. Everything cash in hand. No trace  
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Gary
Premium Member
Registered: 22nd Nov 06
Location: West Yorkshire
User status: Offline
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MattyG knows the score.
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Hammer
Member
Registered: 11th Feb 04
User status: Offline
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quote:
Originally posted by Robbo
quote:
Originally posted by Hammer
Like fuck the taxman would be finding out about 'gifts' to family and friends.
unless they keep it under a mattress, theyd find out from the banks
Exactly this.
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Hammer
Member
Registered: 11th Feb 04
User status: Offline
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quote:
Originally posted by _Allan_
quote:
Originally posted by Hammer
No because I would become fatman.
When did you win
Come here 'til I slap you.
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3CorsaMeal
Member
Registered: 11th Apr 02
User status: Offline
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i'd buy all the milk and bread from the local shops, to annoy people
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Robin
Premium Member
Registered: 7th Jan 04
Location: Northants Drives: Clio 182 Cup
User status: Offline
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Yes.
I'd want to be able to tell people who begged for money that I was better than them and they can only have money if they get it from my shark tank.
I assume being rich means you have a shark tank automatically.
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sc0ott
Member
Registered: 16th Feb 09
User status: Offline
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Who would continue to live with parent(s) if you won?
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Gary
Premium Member
Registered: 22nd Nov 06
Location: West Yorkshire
User status: Offline
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Bet you'd still live in your mums house and play with lego.
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Neo
Member
Registered: 20th Feb 07
Location: Essex
User status: Offline
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quote:
Originally posted by nathy_87
Yesterday at work, we was talking about what we'd do if we won that £148m.
I then went to check out a Lamborghini Gallardo for £132k and this what made me laugh the insurance is only £3,600. How?
Exact opposite reason why a 1.1 nova for a 17 year old is ludicrous, law of averages.
How many 20 year olds have a lambo, how many of them have then buried it. Risk therefore is quite low.
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