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"You can gift any amount of money to anyone without having to declare it. There's no tax to pay on gifts." You can't. If my father wants to give me money there's a £3,000 per year limit before tax becomes payable | |||
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"No there isn't a £3000 limit!!! You can gift whatever you want! If the gift is outright with no strings attached then the gift is potentially exempt. First £3000 is an Exempt Transfer and it becomes a Potentially Exempt Transfer on the excess over £3,000. If the donor dies within 7 years then the gift forms part of the estate. If the gift is more than £325,000 then the excess above £325,000 can benefit from taper relief. If you are gifting into a discretionary trust then the rules are different! " This is my understanding. One of the problems with PET gifts is the donor is potentially subject to capital gains tax if the source of funds was derived from the sale of shares or property (as opposed to cash savings) | |||
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"No there isn't a £3000 limit!!! You can gift whatever you want! If the gift is outright with no strings attached then the gift is potentially exempt. First £3000 is an Exempt Transfer and it becomes a Potentially Exempt Transfer on the excess over £3,000. If the donor dies within 7 years then the gift forms part of the estate. If the gift is more than £325,000 then the excess above £325,000 can benefit from taper relief. If you are gifting into a discretionary trust then the rules are different! Very boring post on a swingers website! Apologies! " I've been misinformed then. However my dad is 99 so... | |||
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"No there isn't a £3000 limit!!! You can gift whatever you want! If the gift is outright with no strings attached then the gift is potentially exempt. First £3000 is an Exempt Transfer and it becomes a Potentially Exempt Transfer on the excess over £3,000. If the donor dies within 7 years then the gift forms part of the estate. If the gift is more than £325,000 then the excess above £325,000 can benefit from taper relief. If you are gifting into a discretionary trust then the rules are different! Very boring post on a swingers website! Apologies! I've been misinformed then. However my dad is 99 so..." Many are unaware of PET hence the billions unnecessarily raked in through inheritance tax (Inheritance tax (IHT) receipts hit a record £8.5 billion for the 2025–26 tax year, marking a fifth consecutive annual high, driven by frozen thresholds and rising asset values. HMRC data) | |||
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"No there isn't a £3000 limit!!! You can gift whatever you want! If the gift is outright with no strings attached then the gift is potentially exempt. First £3000 is an Exempt Transfer and it becomes a Potentially Exempt Transfer on the excess over £3,000. If the donor dies within 7 years then the gift forms part of the estate. If the gift is more than £325,000 then the excess above £325,000 can benefit from taper relief. If you are gifting into a discretionary trust then the rules are different! Very boring post on a swingers website! Apologies! I've been misinformed then. However my dad is 99 so... Many are unaware of PET hence the billions unnecessarily raked in through inheritance tax (Inheritance tax (IHT) receipts hit a record £8.5 billion for the 2025–26 tax year, marking a fifth consecutive annual high, driven by frozen thresholds and rising asset values. HMRC data)" So can he give me more than £3k or not? | |||
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"No there isn't a £3000 limit!!! You can gift whatever you want! If the gift is outright with no strings attached then the gift is potentially exempt. First £3000 is an Exempt Transfer and it becomes a Potentially Exempt Transfer on the excess over £3,000. If the donor dies within 7 years then the gift forms part of the estate. If the gift is more than £325,000 then the excess above £325,000 can benefit from taper relief. If you are gifting into a discretionary trust then the rules are different! Very boring post on a swingers website! Apologies! I've been misinformed then. However my dad is 99 so... Many are unaware of PET hence the billions unnecessarily raked in through inheritance tax (Inheritance tax (IHT) receipts hit a record £8.5 billion for the 2025–26 tax year, marking a fifth consecutive annual high, driven by frozen thresholds and rising asset values. HMRC data) So can he give me more than £3k or not? " £3K annual gift. No tax ever And unlimited amount subject to LaurelnTarty’s explanation | |||
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"No there isn't a £3000 limit!!! You can gift whatever you want! If the gift is outright with no strings attached then the gift is potentially exempt. First £3000 is an Exempt Transfer and it becomes a Potentially Exempt Transfer on the excess over £3,000. If the donor dies within 7 years then the gift forms part of the estate. If the gift is more than £325,000 then the excess above £325,000 can benefit from taper relief. If you are gifting into a discretionary trust then the rules are different! Very boring post on a swingers website! Apologies! " Thank you for the very informative post. I also had the £3000 per year limit in my head so good to know it's not necessary the case  | |||
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"I've been misinformed then." You're not the only one. HMRC like to imply that there's a limit and you should declare all gifts so that they can check for compliance. Their guidance often says "A gift of less than £3,000 is tax free", which rather implies that any larger amount is taxable. What they actually mean is "Many precedents in court cases have established that we are unable to bring forward an investigation for an amount less than £3,000". | |||
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"So can he give me more than £3k or not?" It gets complicated quickly but ... Anyone can give you any amount of money as a gift and no tax is payable. If the gifter dies soon afterwards and HMRC think that the gift was an attempt to avoid inheritance tax, they can take you to court and try to make you pay. The courts won't let them do that if the gifter lives for 7 years after the date of the gift. There are extra rules around family homes and other wrinkles, but that's the basics. | |||
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"I've been misinformed then. You're not the only one. HMRC like to imply that there's a limit and you should declare all gifts so that they can check for compliance. " Yeah they're as bad as the bbc with their licence always trying to get your money. At the end of the day money you have paid the required tax on in the country you were resident in (for tax) when you earned it can be given away, repatriated to other countries, whatever you like it's no business of HMRC. But if they do investigate you, they have the best lawyers cost a fortune to defend. | |||
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"how do you get a 5 million gift into your bank account without telling anyone." That all depends who you don't want to know. Like, obviously the bank will know. The tax man – you don't need to tell them, but anti money laundering safeguards will kick in and you may be investigated. If it was me, I'd consider asking the donor to buy me some bitcoin through a peer to peer network until I work out what you want to do with it. It's volatile in the short term and down at the moment, but it will potentially be at an all time high by 2028. Seriously though, if you get that much money, consider signing off the dole.  | |||
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"Seek advice when you go for a haircut!" So, nobody thinking of money laundering via the currently favoured method? | |||
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"You can gift any amount of money to anyone without having to declare it. There's no tax to pay on gifts." Oh dear | |||
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"You can gift any amount of money to anyone without having to declare it. There's no tax to pay on gifts. Oh dear " Why would anyone declare a gift when they wouldn't have to declare that they had spent money on expensive call girls, drugs, booze, holidays or any number of other luxuries or necessities? | |||
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"You can gift any amount of money to anyone without having to declare it. There's no tax to pay on gifts. Oh dear Why would anyone declare a gift when they wouldn't have to declare that they had spent money on expensive call girls, drugs, booze, holidays or any number of other luxuries or necessities?" But they do have to declare it - it’s in the rules. | |||
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"You can gift any amount of money to anyone without having to declare it. There's no tax to pay on gifts." "Oh dear" "Why would anyone declare a gift when they wouldn't have to declare that they had spent money on expensive call girls, drugs, booze, holidays or any number of other luxuries or necessities?" "But they do have to declare it - it’s in the rules." The OP said that he was asking "for a friend", so I gave him advice that would be applicable to his friend. You seem to be making it about Nigel Farage. In his case he only has to declare it if it was a political gift. If it was a personal gift, the rules say he doesn't need to declare it. | |||
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"You can gift any amount of money to anyone without having to declare it. There's no tax to pay on gifts. Oh dear Why would anyone declare a gift when they wouldn't have to declare that they had spent money on expensive call girls, drugs, booze, holidays or any number of other luxuries or necessities? But they do have to declare it - it’s in the rules. " if the gift was given to him while he was an m.p then yes.if he wasn't an m.p when he received it then no he dosent have to declare it | |||
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"You can gift any amount of money to anyone without having to declare it. There's no tax to pay on gifts. Oh dear Why would anyone declare a gift when they wouldn't have to declare that they had spent money on expensive call girls, drugs, booze, holidays or any number of other luxuries or necessities? But they do have to declare it - it’s in the rules. if the gift was given to him while he was an m.p then yes.if he wasn't an m.p when he received it then no he dosent have to declare it" Thats wrong. He became an MP within 12 months of receiving it, so it should have been declared. | |||
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"You can gift any amount of money to anyone without having to declare it. There's no tax to pay on gifts. Oh dear Why would anyone declare a gift when they wouldn't have to declare that they had spent money on expensive call girls, drugs, booze, holidays or any number of other luxuries or necessities? But they do have to declare it - it’s in the rules. if the gift was given to him while he was an m.p then yes.if he wasn't an m.p when he received it then no he dosent have to declare it" From what I read he has to declare donations from the 12 months before being elected so this donation falls within the time frame. However apparently it's only political donations that need to be declared and from what I understand he is claiming this is a personal donation which is for his personal security. I don't know if the investigation have to prove it's actually a political donation or he has to prove it's a personal donation | |||
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"You can gift any amount of money to anyone without having to declare it. There's no tax to pay on gifts. Oh dear Why would anyone declare a gift when they wouldn't have to declare that they had spent money on expensive call girls, drugs, booze, holidays or any number of other luxuries or necessities? But they do have to declare it - it’s in the rules. if the gift was given to him while he was an m.p then yes.if he wasn't an m.p when he received it then no he dosent have to declare it From what I read he has to declare donations from the 12 months before being elected so this donation falls within the time frame. However apparently it's only political donations that need to be declared and from what I understand he is claiming this is a personal donation which is for his personal security. I don't know if the investigation have to prove it's actually a political donation or he has to prove it's a personal donation " You’re not really arguing that it’s not a political donation are you? Yes, but Starmer something something - doesn’t speak properly something | |||
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"You can gift any amount of money to anyone without having to declare it. There's no tax to pay on gifts. Oh dear Why would anyone declare a gift when they wouldn't have to declare that they had spent money on expensive call girls, drugs, booze, holidays or any number of other luxuries or necessities? But they do have to declare it - it’s in the rules. if the gift was given to him while he was an m.p then yes.if he wasn't an m.p when he received it then no he dosent have to declare it From what I read he has to declare donations from the 12 months before being elected so this donation falls within the time frame. However apparently it's only political donations that need to be declared and from what I understand he is claiming this is a personal donation which is for his personal security. I don't know if the investigation have to prove it's actually a political donation or he has to prove it's a personal donation You’re not really arguing that it’s not a political donation are you? Yes, but Starmer something something - doesn’t speak properly something " I'm not arguing for anything. I simply pointed out to another poster that the donation falls within the time frame to declare political donations. Also that I think farage is going down the route of saying it's a personal donation as his defence. | |||
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"You can gift any amount of money to anyone without having to declare it. There's no tax to pay on gifts. Oh dear Why would anyone declare a gift when they wouldn't have to declare that they had spent money on expensive call girls, drugs, booze, holidays or any number of other luxuries or necessities? But they do have to declare it - it’s in the rules. if the gift was given to him while he was an m.p then yes.if he wasn't an m.p when he received it then no he dosent have to declare it From what I read he has to declare donations from the 12 months before being elected so this donation falls within the time frame. However apparently it's only political donations that need to be declared and from what I understand he is claiming this is a personal donation which is for his personal security. I don't know if the investigation have to prove it's actually a political donation or he has to prove it's a personal donation You’re not really arguing that it’s not a political donation are you? Yes, but Starmer something something - doesn’t speak properly something I'm not arguing for anything. I simply pointed out to another poster that the donation falls within the time frame to declare political donations. Also that I think farage is going down the route of saying it's a personal donation as his defence. " It’s a terrible defence and it stinks of hypocrisy | |||
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"In three years time we could have a prime minister who is bought and paid for by a Thai citizen crypto billionaire. Surely nothing could go wrong?" Lord Waheed Alli the prominent Labour peer and major party donor, gifted over £600,000 in donations, services, and gifts to Labour politicians over the last several years. His gifts to Keir Starmer and Angela Rayner included clothes, glasses, and holiday accommodation in his £18M New York second home. The Labour minister recipients failed to declare the gifts. And there’s been more Labour MPs imprisoned for expenses fraud than from any other party. | |||
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"In three years time we could have a prime minister who is bought and paid for by a Thai citizen crypto billionaire. Surely nothing could go wrong? Lord Waheed Alli the prominent Labour peer and major party donor, gifted over £600,000 in donations, services, and gifts to Labour politicians over the last several years. His gifts to Keir Starmer and Angela Rayner included clothes, glasses, and holiday accommodation in his £18M New York second home. The Labour minister recipients failed to declare the gifts. And there’s been more Labour MPs imprisoned for expenses fraud than from any other party. " This is true & I’m certainly not going to defend Labour but there is a difference between 600k spread around several individuals & 5 million to one man. Make yourself clear: are you defending Farage here? Or making the point they are all on the take no matter the colour of the rosette? | |||
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"making the point they are all on the take no matter the colour of the rosette?" And I forgot all the Vip Tory contracts handed out through Covid. And Former Tory Jenrick ( now reform) signing off party donors planning application early to save the donor £40M infastructure levy. | |||
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"making the point they are all on the take no matter the colour of the rosette? And I forgot all the Vip Tory contracts handed out through Covid. And Former Tory Jenrick ( now reform) signing off party donors planning application early to save the donor £40M infastructure levy. " | |||
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"You can gift any amount of money to anyone without having to declare it. There's no tax to pay on gifts. Oh dear Why would anyone declare a gift when they wouldn't have to declare that they had spent money on expensive call girls, drugs, booze, holidays or any number of other luxuries or necessities? But they do have to declare it - it’s in the rules. if the gift was given to him while he was an m.p then yes.if he wasn't an m.p when he received it then no he dosent have to declare it From what I read he has to declare donations from the 12 months before being elected so this donation falls within the time frame. However apparently it's only political donations that need to be declared and from what I understand he is claiming this is a personal donation which is for his personal security. I don't know if the investigation have to prove it's actually a political donation or he has to prove it's a personal donation You’re not really arguing that it’s not a political donation are you? Yes, but Starmer something something - doesn’t speak properly something I'm not arguing for anything. I simply pointed out to another poster that the donation falls within the time frame to declare political donations. Also that I think farage is going down the route of saying it's a personal donation as his defence. It’s a terrible defence and it stinks of hypocrisy " It's just my guess based on what I have read and heard from him. Perhaps my guess is completely wrong. Will have to wait to see | |||
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"making the point they are all on the take no matter the colour of the rosette? And I forgot all the Vip Tory contracts handed out through Covid. And Former Tory Jenrick ( now reform) signing off party donors planning application early to save the donor £40M infastructure levy. "I forgot mrs non dom Sunak and what her companies had in furlough before she bankrupted them, owing HMRC a shedful to | |||
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"You can gift any amount of money to anyone without having to declare it. There's no tax to pay on gifts. Oh dear Why would anyone declare a gift when they wouldn't have to declare that they had spent money on expensive call girls, drugs, booze, holidays or any number of other luxuries or necessities? But they do have to declare it - it’s in the rules. if the gift was given to him while he was an m.p then yes.if he wasn't an m.p when he received it then no he dosent have to declare it From what I read he has to declare donations from the 12 months before being elected so this donation falls within the time frame. However apparently it's only political donations that need to be declared and from what I understand he is claiming this is a personal donation which is for his personal security. I don't know if the investigation have to prove it's actually a political donation or he has to prove it's a personal donation You’re not really arguing that it’s not a political donation are you? Yes, but Starmer something something - doesn’t speak properly something I'm not arguing for anything. I simply pointed out to another poster that the donation falls within the time frame to declare political donations. Also that I think farage is going down the route of saying it's a personal donation as his defence. It’s a terrible defence and it stinks of hypocrisy It's just my guess based on what I have read and heard from him. Perhaps my guess is completely wrong. Will have to wait to see" It is his defence and he now bleats that the info was obtained illegally | |||
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"You can gift any amount of money to anyone without having to declare it. There's no tax to pay on gifts. Oh dear Why would anyone declare a gift when they wouldn't have to declare that they had spent money on expensive call girls, drugs, booze, holidays or any number of other luxuries or necessities? But they do have to declare it - it’s in the rules. if the gift was given to him while he was an m.p then yes.if he wasn't an m.p when he received it then no he dosent have to declare it From what I read he has to declare donations from the 12 months before being elected so this donation falls within the time frame. However apparently it's only political donations that need to be declared and from what I understand he is claiming this is a personal donation which is for his personal security. I don't know if the investigation have to prove it's actually a political donation or he has to prove it's a personal donation You’re not really arguing that it’s not a political donation are you? Yes, but Starmer something something - doesn’t speak properly something I'm not arguing for anything. I simply pointed out to another poster that the donation falls within the time frame to declare political donations. Also that I think farage is going down the route of saying it's a personal donation as his defence. It’s a terrible defence and it stinks of hypocrisy It's just my guess based on what I have read and heard from him. Perhaps my guess is completely wrong. Will have to wait to see It is his defence and he now bleats that the info was obtained illegally " So I guessed correctly for once | |||
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" Damage control and people are running defence by using the gift excuse…." It’s a bit pathetic to be honest, and very reminiscent of the way MAGA bootlickers will leap to Trump’s defence over anything. | |||
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"Remember this is the same farage that has had a go at Starmer for receiving glasses and having a box for security at arsenal games, had a go at Rachel reeves for receiving some dresses, and had a go at the culture secretary for accepting Taylor swift tickets…. But heck… 5 million… nothing to see here! The only reason we found out was that the guardian found out…. Asked him and reform for comment, reform asked for 2 days grace to publish, in which time farage ran to the telegraph and admitted it….. Damage control and people are running defence by using the gift excuse…." What was the reward for the clothes gifted to Starmer and his wife? I can give you a clue... Pass? | |||
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"“Nigel Farage bought a £1.4 million property in cash, shortly after receiving a £5m personal gift from billionaire donor Christopher Harborne, Sky News learns” I thought it was for security. " Look it’s all fine because a different politician didn’t pay a parking ticket, or something. The lengths people will go to in order to defend Farage is quite extraordinary. | |||
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"Hang on, that £5 million gift to pay for his security was sent to pay for his security at all, says Nige, it was as a reward for a successful Brexit campaign. The plot thickens." He can’t even lie without lying it seems. | |||
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"“Nigel Farage bought a £1.4 million property in cash, shortly after receiving a £5m personal gift from billionaire donor Christopher Harborne, Sky News learns” I thought it was for security. " Was it literally in cash, a big wheelbarrow full, or purchased outright without a mortgage  | |||
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"“Nigel Farage bought a £1.4 million property in cash, shortly after receiving a £5m personal gift from billionaire donor Christopher Harborne, Sky News learns” I thought it was for security. Was it literally in cash, a big wheelbarrow full, or purchased outright without a mortgage "As much as I can't stand him, it'd be a brilliant story if he had rocked up with a wheelbarrow full of cash to buy a house | |||
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"“Nigel Farage bought a £1.4 million property in cash, shortly after receiving a £5m personal gift from billionaire donor Christopher Harborne, Sky News learns” I thought it was for security. Was it literally in cash, a big wheelbarrow full, or purchased outright without a mortgage
As much as I can't stand him, it'd be a brilliant story if he had rocked up with a wheelbarrow full of cash to buy a house "Can you imagine the melt down | |||
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