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20 Apr 10
19:54
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Date Joined:
19 Mar 10
im not talking huge sums just a couple of grand a month.
back in say c0rals in my name and lay in sons on betfair.
Is it wrong?
back in say c0rals in my name and lay in sons on betfair.
Is it wrong?
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Replies: 17
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tax to who?
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inhertitance tax
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nothing to stop you gambling away your fortune and nothing to stop your son winning money
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thanks.
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No its fine
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will give it trial.
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the thing is if you lay on bf who puts the cash in to fund the lay? if its not your son then thats not ok imo
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ok so i can gift him 3k a year so if he puts that in then its ok?
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Im no lawyer!
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true but you have provided a good point that ill need to look at.
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if you read the ebay cases in the sun today you will see that trading to others in the same family may be a little dodgy but training two your own second account may be prison.
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luke that is confusing, can you explain more?
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problem would be if you won if your name in corals, you would increase your estate for iht purposes, whilst the gifts made to your son to fund his laying would only be potentially exempt so if you were to die within 7 years, they could trigger IHT liability.
Eg you back at 10/1 at bookies for a grand, and give your son 10 grand to lay at 10/1 on here. Horse wins, you now have 10k subject to iht and if you kick the bucket the following day (god forbid), the £10k gifted to your son is taxed at 40% also (the fact he has spent it gambling is irrelevant. Family is no richer but 8k IHT liability I think OK, there are annual IHT exemptions (£3k etc) so may not be an issue, but if not huge amounts, you can probably just gift and insure against the PET Would need the arb to be neutral as well when often you're laying over bookie prices on here. |
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what happens when u win at the bookies?
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Dont forget the 20% premium charge
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a few years ago I wanted to lose some money to a pal, the reason will remain
In the sun today there is a case of inisder trading were a man, run a price up for something he was selling. on abay |
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If all gambling is tax free, why don't you and your son just toss a coin for the money you want to pass over - doubling up until he wins...??
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