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If I played poker with my kids and lost ,say, £20k, would they be taxed on it ?
Only if ihavenojob lives for 7 yearsYou could give them £20k and they wouldn’t be taxed on it couldn't you?
Im neither a lawyer or an inheritance tax consultant, but common sense says you wouldnt be the first person to have thought of that wheeze.If I played poker with my kids and lost ,say, £20k, would they be taxed on it ?
They would be taxed if you died within a certain time. I gave my daughter about £40k to help her buy her house, she will have to pay tax if I die within 6 years I think, otherwise it is fine. Thinking of ways to help the kids out, thought the gambling loss would be a good one.You could give them £20k and they wouldn’t be taxed on it couldn't you?
Bad luck, it's tax evasion (the gambling idea).They would be taxed if you died within a certain time. I gave my daughter about £40k to help her buy her house, she will have to pay tax if I die within 6 years I think, otherwise it is fine. Thinking of ways to help the kids out, thought the gambling loss would be a good one.
The money I gave her isn't, all legal and above board via a solicitor, it takes into account the yearly amount, which is why if I croak within a certain time, she then pays inheritance tax on it (if applicable) .Bad luck, it's tax evasion.
A few years ago, a person I know who was going through a divorce got his mother to 'gift' his new girlfriend £70k to help her buy a house where he now lives with her. All done through a solicitor as she had to prove where the money was coming from. She'll be stuffed if the mother dies in the next 5 years or so
Any gifts you make, to anyone, are included. Spouses don't count as they already own the money too.I don't think gifting a son's girlfriend comes under inheritance tax does it?.
I'm going through all if this with my Dad's house, it's a bloody joke really. Over £1200 in solicitors fees.