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-   -   How much would be too much? (https://www.accringtonweb.com/forum/f69/how-much-would-be-too-much-18808.html)

Gayle 04-01-2006 17:17

Re: How much would be too much?
 
Bear in mind that any gift you give that's over £70k (I think that's the amount) would have to have 40% tax deducted from it.

SPUGGIE J 04-01-2006 18:36

Re: How much would be too much?
 
Ok in that case gifts of 69,99.95 :D or less New Year Sales style.

West Ender 05-01-2006 22:10

Re: How much would be too much?
 
There is currently no gift tax in the Uk. The problems can arise where the person makes the gift and then dies, leaving the open question of inheritence tax. If you die within 7 years of making the gift, your Estate is responsible for 40% tax on the gift, provided your Estate is more than £263K.

garinda 05-01-2006 22:15

Re: How much would be too much?
 
Untold riches didn't bring much happiness to the Onassis family.

Somethings like health and love can't be bought, even by lottery winners.

West Ender 05-01-2006 22:47

Re: How much would be too much?
 
Bill Gates, said to be the richest man in the world, doesn't look too miserable though. :cool:

maccawozzagod 05-01-2006 23:52

Re: How much would be too much?
 
£200k for a decent house on a better council estate
£100k to blow on furniture and new clothes to put in my new wardrobes
couple of decent holidays
£50k slush fund
£50k rainy day money
£5k for a few hundred weight of chippings for the Stanley car parks
£150k for a roof and new bogs for the Clayton end terrace
£150 for a new sasusage warmer for the away end at Halifax (cos my sausage was really cold)
£29.99 a month for AOL Gold.

SPUGGIE J 06-01-2006 06:37

Re: How much would be too much?
 
Quote:

Originally Posted by maccawozzagod
£150 for a new sasusage warmer for the away end at Halifax (cos my sausage was really cold) .

Yes well the less said about that then the better.
;)

pendy 06-01-2006 14:06

Re: How much would be too much?
 
WestEnder is right, Gayle. Provided you can go for seven years before you pop your clogs, there is no tax on such lifetime gifts. Also gifts made out of income are free of CTT. So, if your income is £150,000 net, you can happily hand over £70,000 without attracting tax, as you still have plenty to live on. £1 million will bring in, at a conservative estimate, £50K before tax, so with a big lottery win, you are sitting pretty.

Whatever happened to "Unto those who have not shall be given ....."?

West Ender 06-01-2006 14:29

Re: How much would be too much?
 
[quote=pendy]WestEnder is right, Gayle.


It's my job!!!! ;)

SPUGGIE J 06-01-2006 15:37

Re: How much would be too much?
 
Would the same work if a bundle was donate to ASFC?

West Ender 06-01-2006 18:24

Re: How much would be too much?
 
Quote:

Originally Posted by SPUGGIE J
Would the same work if a bundle was donate to ASFC?


Depends on whether it's a business, a charity or whatever.


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