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If i were to inherit some money where would be the best place to hide it so no one can find it, ie: tax man, and that i dont have to declare.

2006-11-21 22:12:53 · 27 answers · asked by MAXINE G 2 in Business & Finance Personal Finance

27 answers

Get "The Private Investigators Handbook" by Chuck Chambers. I've never seen better advice for hiding your Assets!

2006-11-21 22:16:41 · answer #1 · answered by SGT. D 6 · 0 1

If you were to inherit money, there would be a paper trail. If you failed to declare it and hoped the tax man wouldn't notice, well...they will eventually find you, believe me, and the interest and penalties will REALLY hurt. Not worth it. Tell the truth, pay your fair share, invest it wisely and sleep well at night.

2006-11-22 06:19:41 · answer #2 · answered by keepsondancing 5 · 1 0

I agree with keepsondancing. It is best to declare to the Revenue the amount, and pay the tax accordingly. Otherwise, like the Social, they have the Credit Reference Agency style systems employed in flushing out all kinds of savings, either to be taxed by the Revenue, or be whittled down by order of the Social Security.
As the advert for the Social implies "We target benefit fraud".

2006-11-22 06:47:49 · answer #3 · answered by Phil P 3 · 0 0

This is nigh on impossible to do. Whoever administrates the will has to fill in copious forms for the Inland Revenue and account for where it is going before they will grant probate.
They will know exactly what the deceased estate had so will know if something has 'gone missing'. Unless of course your 'inheritance' is stored under the mattress and nobody knows about it.

2006-11-22 06:18:28 · answer #4 · answered by RRM 4 · 0 1

If I were to inherit some money, I would invest it online. My blog contains a variety of article to get started on. The url is:
http://millionairex.blogspot.com
Don't worry about the government, if they accuse you of anything, unless you have the money, they can't say you have it. Therefore, you can innocent.

2006-11-22 08:11:21 · answer #5 · answered by thy1 2 · 0 0

I could be wrong but i think its worth checking out.

What if you give it away as a gift.... a friend mentioned to me a while ago that you cant get taxed on a gift to someone if under a certain amount of money. So put it in your kids bank account or someone you cant trust.. REALLY TRUST!! May not be the case but certainly worth looking in to.

2006-11-22 06:23:35 · answer #6 · answered by debz 1 · 0 1

I know of a bank in Nigeria that will look after it for you.

They seem to look after my long-lost uncles inheritance well, they keep trying to give it to me.

TAX avoidance, i.e. the dliberate hiding of money to avoid paying tax, is a crime, i've reported you to crimestoppers.

Hide it in a paper shredder, no one will look there. use it a bit at a time so no-one gets suspicous.

btw, any cash purchases of more than 10K need to be reported to the police ( by the seller ), its part of the recent money laundering laws, so watch out when you go to buy your new Austin Martin.

2006-11-22 06:27:27 · answer #7 · answered by Michael H 7 · 0 2

Aa advised, tax will have already been deducted. You can put up to £3000 per tax year into an ISA and you won't get taxed again on the interest.

2006-11-22 06:26:34 · answer #8 · answered by Stephen L 7 · 0 1

You could hide it in my account, and I would not charge you a penny, or buy a safe, put your cash in that, and then filter it into other accounts in small amounts at a time.

2006-11-22 06:58:54 · answer #9 · answered by Anonymous · 0 0

first of all my friend...it comes from your late relitives estate and the tax is automaticly subtracted off their total value..

i suggest if you want to hide it in your house..a VHS usally can hold about 2 grand..

2006-11-22 06:15:49 · answer #10 · answered by Anonymous · 0 1

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