New Posts For Thread: How much can i give as a gift to a family member without them paying tax?https://community.betfair.com/tradefair__financials/go/thread/view/94198/23718238/how-much-can-i-give-as-a-gift-to-a-family-member-without-them-paying-taxThanks.If the family member is a child, there is a whole host of further complications relating to income tax.https://community.betfair.com/tradefair__financials/go/thread/view/94198/23718238/how-much-can-i-give-as-a-gift-to-a-family-member-without-them-paying-tax?post_id=425716230#425716230If the family member is a child, there is a whole host of further complications relating to income tax.Mon, 14 Dec 2009 17:48:31 -0600if you die the day after giving them money the most is the IHt threshold which is about £312,000 plus £6,000 for yearly allowance times twohttps://community.betfair.com/tradefair__financials/go/thread/view/94198/23718238/how-much-can-i-give-as-a-gift-to-a-family-member-without-them-paying-tax?post_id=425716222#425716222if you die the day after giving them money the most is the IHt threshold which is about £312,000 plus £6,000 for yearly allowance times twoSat, 12 Dec 2009 10:41:54 -0600Say you lost it to them playing cards.https://community.betfair.com/tradefair__financials/go/thread/view/94198/23718238/how-much-can-i-give-as-a-gift-to-a-family-member-without-them-paying-tax?post_id=425716218#425716218Say you lost it to them playing cards.Sat, 12 Dec 2009 10:39:42 -0600There's one law: don't get caught. Stick to cash and say nowt, I'd say.https://community.betfair.com/tradefair__financials/go/thread/view/94198/23718238/how-much-can-i-give-as-a-gift-to-a-family-member-without-them-paying-tax?post_id=425716214#425716214There's one law: don't get caught. Stick to cash and say nowt, I'd say.Sat, 12 Dec 2009 06:51:08 -0600yep, a bigger hassle is if you want to gift assets, then there are capital gains tax implications i think (revenue views this as you effectively selling the asset)https://community.betfair.com/tradefair__financials/go/thread/view/94198/23718238/how-much-can-i-give-as-a-gift-to-a-family-member-without-them-paying-tax?post_id=425716206#425716206yep, a bigger hassle is if you want to gift assets, then there are capital gains tax implications i think (revenue views this as you effectively selling the asset)Sat, 12 Dec 2009 05:29:40 -0600As long as you live for a further 7 years & don't impoverish yourself you should be fine to give away as much as you like.https://community.betfair.com/tradefair__financials/go/thread/view/94198/23718238/how-much-can-i-give-as-a-gift-to-a-family-member-without-them-paying-tax?post_id=425716202#425716202As long as you live for a further 7 years & don't impoverish yourself you should be fine to give away as much as you like.Sat, 12 Dec 2009 02:32:54 -0600sounds right - if you are earning well, you can pass on a lot. no need for trusts and silly structures.https://community.betfair.com/tradefair__financials/go/thread/view/94198/23718238/how-much-can-i-give-as-a-gift-to-a-family-member-without-them-paying-tax?post_id=425716198#425716198sounds right - if you are earning well, you can pass on a lot. no need for trusts and silly structures.Fri, 11 Dec 2009 23:49:57 -0600In order not to fall foul of IHT issues.Unlimited between Husband/Wife£5k to Son or Daughter on marriage£3k gift each tax year.Small gifts of £250You can also give any amount you like from your income, as long as it does not affect your standard ohttps://community.betfair.com/tradefair__financials/go/thread/view/94198/23718238/how-much-can-i-give-as-a-gift-to-a-family-member-without-them-paying-tax?post_id=425716194#425716194In order not to fall foul of IHT issues.Unlimited between Husband/Wife£5k to Son or Daughter on marriage£3k gift each tax year.Small gifts of £250You can also give any amount you like from your income, as long as it does not affect your standard oFri, 11 Dec 2009 15:08:25 -0600*** disclaimer - do not take my advice as gospel, I AM NOT AN EXPERThttps://community.betfair.com/tradefair__financials/go/thread/view/94198/23718238/how-much-can-i-give-as-a-gift-to-a-family-member-without-them-paying-tax?post_id=425716190#425716190*** disclaimer - do not take my advice as gospel, I AM NOT AN EXPERTFri, 11 Dec 2009 14:31:32 -0600oh, and you get a yearly inheritance tax allowance btw, no idea what it is these dayshttps://community.betfair.com/tradefair__financials/go/thread/view/94198/23718238/how-much-can-i-give-as-a-gift-to-a-family-member-without-them-paying-tax?post_id=425716186#425716186oh, and you get a yearly inheritance tax allowance btw, no idea what it is these daysFri, 11 Dec 2009 14:30:51 -0600