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col123

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posted on 22-1-2010 at 20:40

tax on trust funds.

My god a serious topic from Me...

Anybody know how much cash can be given as a gift without paying tax?

got some off shore cash bonds coming my way and was wondering if taxable or not, apparently they were put into this off shore bond to stop the tax side of things so there not part of a deceased estate ..

Any clues

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bucski

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posted on 23-1-2010 at 12:00

Tough one that col, there are lots of solicitors which give half an hours advice for nothing, might be worth a go.

mNeil

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posted on 24-1-2010 at 10:56

Col if it comes as a gift from your parents there is no tax to pay providing they outlive you for, i think its 7 years and the amount is ¬£5035 per annum but you can show that a s a loan per year if more and you are paying the loan back at the ¬£5K+ per year. here is a link http://www.myfinances.co.uk/savings/news/savings/tax-free-savings-accounts/11-ways-minimise-inheritance-tax-$464243.htm />

[Edited on 24/1/10 by mNeil]

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mNeil

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posted on 24-1-2010 at 11:10

AHA FORGOT THE MAIN THING......KEEP SHUSH!!!!!!!!!!!!!!!!

ps if you treat the total as an interest free loan and you theoreticaly pay it back or take off the amount ¬£3035 per annum as a gift. dont forget both parents can give ¬£3035 per annum

[Edited on 24/1/10 by mNeil]

A KITE IS FOR LIFE!! THAT IS IF ITS A YARGA.

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col123

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posted on 24-1-2010 at 15:54

cheers guys, have got appointment with fianance bod..were talking 610k, and don't want the tax man playing with that do we!!

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