2006-10-22 02:09:22 · 8 answers · asked by leni 1 in Social Science ➔ Other - Social Science
no, just keep this knowledge to yourself, if you have inherited it, you will have to pay a tax, I think if it is a large amount of money, you are meant to declare it, and if you put it in the bank they may start to ask questions. If you are claiming benefits and it is a large amount, you have to declare it because it can affect the amount of benefit you get if it is over a certain amount.
2006-10-22 02:12:22 · answer #1 · answered by Kelly D 4 · 1⤊ 1⤋
It depends who gave it to you and how much it was. Parents are allowed to give their children £.5000.00. every tax year free of tax. It is hard to imagine a circumstance where anyone other than a parent or grand-parent would give a gift in excess of this amount, unless it was a legacy from a will; in which case the Inland Revenue will eventually know about it, because the will has to go through probate to wind up the dead persons`estate` With smaller amounts that are given to anybody, by anyone else, tax only becomes due once it is put into a bank account, and earns interest. The tax is payable only on the interest, not on the capital.
2006-10-22 05:56:59 · answer #2 · answered by Social Science Lady 7 · 0⤊ 1⤋
If it is a gift then you do not pay anything but as others have said if the donor gives a large sum of money to you and dies within 7 years they [or more correctly their estate] may be liable for inheritance tax. I have however no idea what would happen if they gave all their money away and then were liable for IHT. Perhaps that's what we all should do!
2016-03-28 03:57:18 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Not usually, unless it's mega bucks and part of an inheritance in which case inheritance tax applies.
2006-10-22 02:18:49 · answer #4 · answered by bumbleboi 6 · 0⤊ 1⤋
if it is over a large amount of money yes 40% if your bank asks tell them you won it at a race course make sure you check the racing post for bet that have been laid
2006-10-22 02:14:45 · answer #5 · answered by Andy K 3 · 0⤊ 1⤋
Don't declare nuffin son - money's for under floorboards. Nods as good as a wink to a blind bat.
2006-10-22 02:14:03 · answer #6 · answered by Evo 3 · 1⤊ 2⤋
if you received more than £8000/year....in that case yes!
2006-10-22 02:12:49 · answer #7 · answered by interested_party 4 · 1⤊ 1⤋
It depends how much they give you!
2006-10-22 02:13:22 · answer #8 · answered by Ah! 5 · 1⤊ 1⤋