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| *Ostroff, Fair and Company>>>United Kingdom Taxes |
If I win the lottery, and want to give some to friends and family, will they be taxed on its - gift tax? |
If I win the lottery, and want to give some to friends and family, will they be taxed on its - gift tax? Nice to see all the budding accountants out there all with total bollox answers!!!! Keeps me in a job!!! The following answer assumes you are resident in the UK, oh and domiciled!! This all depends on how long you live after having "gifted" the money. Gifts are classed as "potentially exempt transfers" by the Revenue.It isn't called gift tax but in this instance, the tax in question is called "Inheritance Tax" or IHT for short. If you die within 7 years of making the gift the gift will become chargeable to IHT. However, this depends on the total value of your estate When you die. If your estate is above the current threshold (2006-07 tax year is 拢285,000), the value of all gifts donated within the last 7 years will be chargeable to some IHT. However, IHT is affected by something called Taper Relief. This means that the tax is reduced for each year up to 7 years from when the gift was given to the date of death. There are exemptions however, such as gifts less than 拢3,000 to an individual per tax year. Also, husbands and wives may gift up to 拢55,000 between them before any IHT liability arises. If you do win the lottery, I am quite happy to give you some more IHT planning advice, obviously only if I am one of the beneficiaries:):):):) no they wouldnt or what you can do is buy like a pen or any commodity from them at a real high price like a pen for 50000 to help you better-http://www.free-articles.blogspot.com... nope and the answer b4 is bollocks too, doing that wood make it taxable being an accountant no dont think so No, YOU would be! But it doesn't matter because you have a far better chance of being struck by lightning than you do of winning the lottery! |
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