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What would you do?


Scully
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13 hours ago, oldypigeonpopper said:

hello, to follow on from my post,  while i was in my bank yesterday talking to a member of staff  it seems there are still rules for giving away money, seems any sum over £3000 is subject to HMRC rules or who ever,  you have to live another 7 years or something along those lines, or the recipient has a tax bill, maybe a more learned PW member could clarify??, in that case with the 20 mill i will have to find many new friends:) names on a post card please:lol: 

Yes money received as a gift is still taxed as income.  Otherwise people would claim that their wages or payment for a job was just a gift, and it doesn't have to be cash, cars or even student fees given to somebody over 18 counts as income. 

The seven year rule usually applies to parents transferring ownership of their house, car boat farm etc to their children to avoid death duties or inheritance tax . The statute of limitations on all tax matters is seven years. But as the practice becomes more common there are still pitfalls. If it can be shown that you did it as part of a conspiracy (and frankly it is always going to be a conspiracy to defraud HMRC) it can be set aside. 

Councils are challenging that a lot more now when it comes to avoiding having to sell the house to fund care packages for the elderly. They argue that if the ownership was transferred  with 'intent' it is a conspiracy and there is no statute of limitations on a conspiracy.

The upshot is you definitely cannot gift money away without it being taxed

On ‎10‎/‎05‎/‎2018 at 13:18, Harnser said:

Buy a top of the range Range Rover and a house next door to the main dealer so they could pick it up to do the warranty work .

harnser

If you bought a top of the range Range Rover you would probably have to live very close to the main agents

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On 10/05/2018 at 09:41, Gordon R said:

In Paul McCartney's shoes, I would get a better hair dye and retire, to spare the public more embarrassing performances from this has-been.

If I had the money,  I would consider donating a mega fortune to charities such as the RSPCA and then quickly dismiss that dumb idea. I would distribute a very sizeable chunk to friends and relatives. I would know where the money was going and to a good cause, unlike a new Roller for the charity CEO. 

 

You can't call a person who never was a has-been. ....Singing wise.

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12 minutes ago, winnie&bezza said:

I think I’d build myself a house to my spec,

have a house in canada

get a Dickson round action

build myself a workshop and kit it out with the best woodworking tools

get some days shooting and always fancied having a go at driven boar

 

 

Sod the kit . I think I’d never touch my tools again ;) 

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You can't call a person who never was a has-been. ....Singing wise.

He wrote the odd good song - most simple repetitive rubbish - a decent bass player and the best drummer in the Beatles (according to his own modest assessment). That said, he has made a lot of money and invested wisely. He is lost in show business and I have no time for him.

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7 minutes ago, Gordon R said:

He wrote the odd good song - most simple repetitive rubbish - a decent bass player and the best drummer in the Beatles (according to his own modest assessment). That said, he has made a lot of money and invested wisely. He is lost in show business and I have no time for him.

And I still think he is morphing into the late Ken Dodd.

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Still can't think what I'd do; taking care of family and friends is a given of course, but what would my kids do? Nothing? Scary thought. 

I'd love to be able to do some good ( probably to offset my guilt at having that amount of money knocking about ) with it; find a worthy cause or two. 

Invest in property and possibly emigrate. But where to? I'd miss the seasons. New England ? I'd really enjoy some of those walked up 'rooster' shoots with a self loader I've seen on the net in North Dakota etc. 

I'd have to return to MY shooting estate for the shooting season obviously, and go on some of those shoots I've seen Dave Carey on ( saw a couple of faces I've shot with on a recent one....made me laugh as their wives were there too; one of them looking as miserable as she always does!  ) as the landscape and scenery look fabulous. 

Apart from that I think I'd just paint and travel. An apartment in most of my favourite cities of course, especially one on the Grand canal in Venice. 

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