Gambling, and losing to your kids

[Ihavenojob]

If I played poker with my kids and lost ,say, £20k, would they be taxed on it ?

 

[Mottie]

You could give them £20k and they wouldn’t be taxed on it couldn't you?

 

[Notch7]

Sounds like a gift with reservation to me.

 

[Notch7]

You could give them £20k and they wouldn’t be taxed on it couldn't you?

Only if ihavenojob lives for 7 years

 

[Captain Nemesis]

Only if

a) He lives for more than 7 more years

or

b) they dont find out.

If I played poker with my kids and lost ,say, £20k, would they be taxed on it ?

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.

 

[Bosswhite]

If you give them more than 10K and put it in a Bank the Bank will investigate . Plus your bank will investigate the withdrawel

 

[crystal ball]

Give it to me to look after, I guarantee no tax will be due

 

[Ihavenojob]

You could give them £20k and they wouldn’t be taxed on it couldn't you?

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.

 

[IT Minion]

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.

Bad luck, it's tax evasion (the gambling idea).

Have a look at the regular payment allowance, it avoids tax in an entirely above board basis. Youre effectively capped at whatever your income is, but if you want to burn down some savings then it might be a good option.

Find an accountant who does estate planning, if you've got more than 500,000 (or something like 825,000 if you're married) including house to pass down it'll pay for itself.

 

[Ihavenojob]

Bad luck, it's tax evasion.

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) .

 

[Mottie]

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

 

[securespark]

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

 

[Keithmac]

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.

 

[IT Minion]

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.

Any gifts you make, to anyone, are included. Spouses don't count as they already own the money too.

 

[Brigade77]

I sacked my accountants & financial advisors to appoint Facebook as my preferred source of information that is all important.

Excuse me while I shoot off to play poker with my kids & watch my 'magic beans' grow into a money tree.