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...today we received a big amount of £££ for building works, MIL has given it to my wife as a present. We are fully aware of tax should she leave mortal coil within 7 years.
Does/should the MIL write to us and state it's a gift ? Making it official ?
As it's been put in our account are we liable for tax ??? ( enough to pay for a loft and rear extension in London)
Any Advice would be helpful
Coke/hookers/fast cars etc not allowed.
[url= http://lmgtfy.com/?q=https%3A%2F%2Fwww.money.co.uk%2Fguides%2Fgifting-money-to-your-children-faqs.htm ]Its so easy, so easy, its so easy, yeah![/url]
Kryton demonstrates how not to use Google. 😆
how much? just being nosey
So Kryton wants to buys some Girl Guides stuff ?!?!
Kryton demonstrates how not to use Google
My SOH defeats Drac. I was being ironic with the name of my link and... ah well if you have to explain it it's not funny.
You failed and are now backing up.
I genuinely thought I posted something funny. Its just me then 😥
#failure
I’d like to know how much too.. 😆
Give me the cash and I'll look after it
Put it all in that bitcoin thingy and keep us up to date on a daily basis. Should be a good thread, potential thread of the year 2018? Go on, do it.
I genuinely thought I posted something funny. Its just me then
it was funny, just not in the way you expected it to be!
it was funny, just not in the way you expected it to be!
Yup.
thanks for all the useful advice.... 😯
I have now found out what I needed to know...
I’d like to know how much too..
Enough to buy one of these
[img] 
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That’s not a fat lot then.
Are erecting a marquee?
Iana accountant but i would get a signed note by the giver and receiver stating its a gift without reservation i think the expression is, also for inheritance tax purposes the first allowance kicks in yr 3, then tapers to full tax free status in year 7.
Actually of its a gift affordable out of her income i think it can be inheritance free in yr 1.
Some wiser more qualified people on here though.
it was funny, just not in the way you expected it to be!
It was? I don't get just so funny about it, in a way that I obviously can't understand...
I have now found out what I needed to know...
I don't suppose you could help me out here by pretending that it was my link that helped you could you? 😀
You can gift 25k in any one year.
Wrighty its 2.5k pa once, and unlimited 250s to any other recipient. Weddings its 1000.
How much? Well, if it's for a loft and extension in London it must end in 'illion'. 😀 (And that's just pay the builders' coffee.)
I am guessing its not above MIL nil rate allowance of 325,000.00?
As its a potentially exempt transfer (the 7 year thing) your MIL should document the gift as you should agree whether or not you pick up any inheritance tax liability arising from the gift or whether it drops into MIL's estate generally.
Your MIL does have an annual iht allowance which is 3000.00 and if she made no other gifts in this or the last tax year then you can roll back one year so there is potentially 6000.00 available.
Your MIL should revisit her will and consider whether or not this gift should be brought into account especially if your wife has siblings who were also going to benefit under the will, gifts being brought into account prevents recipients of lifetime gifts from getting a double benefit from a that and a gift in a will.