For help, advice and discussion about stuff not related to aviation. Play nice: no religion, no politics and no axe grinding please.
By ROG
#1834920
If someone won a million pounds and decided to share it with some friends--say 4 friends £200k each . Are there any tax implications from such a gift. Friends are not related.
PS-just something that came up in a conversation--"onest guv it aint me"
User avatar
By Sooty25
#1834923
Create a syndicate before collecting the winnings.
By ROG
#1834950
Thanks misc and sooty
very useful---I run a lottery syndicate and members have signed appropriate docs.
REF-tax if donor dies within 7 years--understand ok--£325k ok--tax above that amount.
The point i"m not clear on of is that it says add gifts given to value of estate. If the recipient has paid tax , where applicable, does the estate get another tax bill.?
All a bit academic but interesting to know.
User avatar
By flybymike
FLYER Club Member  FLYER Club Member
#1834960
You can give away up to £3000 p.a. with no tax implications, and any amount at all provided you live for a further seven years after the gift.

Here is a fairly good summary.

https://www.money.co.uk/guides/how-do-i ... -taxed.htm

Of course, HMRC may well not be (made) aware of when and how much any particular gift was given.

I’m acquainted with someone who came into substantial good fortune, and both the benefactor and beneficiary may possibly have forgotten to tell a particular party about it. :whistle:
By Rallye
#1835015
ROG wrote:If someone won a million pounds and decided to share it with some friends--say 4 friends £200k each . Are there any tax implications from such a gift. Friends are not related.
PS-just something that came up in a conversation--"onest guv it aint me"


A winning ticket is not always nominal, maybe you bought it with your friends,then it is not a gift .If you buy a ticket with three friends,you have to share if the ticket is winning.
Exemple :We buy a lotto ticket and we share the ticket price.If the ticket is winning,it is to be split in 2,you and me to be honnest.
By ROG
#1835024
Thanks to all--think I may now get a job as a tax consultant.
The lottery syndicate is all signed up--just in case.
So i t seems ok to put any surplus group funds (none at present)
into some premium bonds--could only be a problem if we won a million--better get our youngest or healthiest member to get them.
I1m always amazed what one can learn from the forum plus u-tube. Found out today that I could cancel a dodgy car warning light(Where there is no problem) by removing and then replacing the negative terminal on the battery.
User avatar
By eltonioni
#1835084
The winner should stop worrying, just buy the aeroplanes and share them.
Flyin'Dutch' liked this