In the UK, can I get my friend to transfer 5000 pounds from my friends account to my account, what are tax law

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In the UK, can I get my friend to transfer 5000 pounds from my friends account to my account, what are tax law

I need some money to pay loans and buy things. Can I take a loan of 5000 pounds from my friend? What exactly are laws regarding tax on cash gifts in the UK?

2007-10-12 18:56:36 · 2 answers · asked by catspin 1 in Business & Finance ➔ Taxes ➔ United Kingdom

2 answers

Nothing to pay unless he dies within 7 years. A gift is a gift. What he does with his money is his business.

2007-10-14 11:09:11 · answer #1 · answered by Philip W 7 · 0⤊ 0⤋

Your friend needs to ask his/her bank. And you shouldn't worry about it.

2007-10-16 09:17:18 · answer #2 · answered by sestud69 4 · 0⤊ 0⤋