Cash gifts

[kryten22uk]

What is the rules on cash gifts? Can I put a cheque for £30k in the bank without them asking questions, and if they do ask, what implications are there if I say my dad gave me it?

[srebbe64]

Who's "them"? The Revenue I presume you mean.

As I understand it your Dad can give you £30k and the IR won't see a penny of it - assuming it's definitely a gift. Your dad mught want to do you the honour of not dying for at least 7 years, otherwise there could be some Tax to pay on his demise.

[kryten22uk]

I initially meant the bank when i said "them", but it equally applies to the IR. I had heard about the 7yr rule, but didnt know if it was still applicable.

[Smartie]

kryten22uk said:

What is the rules on cash gifts? Can I put a cheque for £30k in the bank without them asking questions, and if they do ask, what implications are there if I say my dad gave me it?

does that mean your Dad did give it to you, or are you just saying he did?

[Eric Mc]

Are you talking about a limited company bank account or a personal bank account.

And yess, the seven year rule still applies for IHT.

[kryten22uk]

My dad did give me it (help with deposit for house). And, its a personal acct not business.

Well I gave it to the bank clerk today and no questions raised, so thats the end of that I guess.

[Leftie]

kryten22uk said:

My dad did give me it (help with deposit for house). And, its a personal acct not business.

Well I gave it to the bank clerk today and no questions raised, so thats the end of that I guess.

Won't this amount trigger the NCIS money laundering investigation?

[Eric Mc]

It should -although NCIS has been disbanded and all its personnel transferred to SOCA (Serious and Organised Crime Agency)

[srebbe64]

Yeah, but there's nothing to worry about because it's all pucker. It's simply a gift - there are tens of thousands of these every day.

As such, forget it and get on with life.

[cardigankid]

A gift is a gift. I can't see this being a problem. If your father is in the habit of dishing out money on this scale there may be other implications and it might be an idea to speak to an accountant, of whom there seem to be some well informed ones on this site.

[POORCARDEALER]

30 large in reddies if you normally have £32.50 would send all the bells ringing!