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TonyTax
TonyTax, Tax Consultant
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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my boyfriend has transferred £8000 into my account (im in debt

Resolved Question:

my boyfriend has transferred £8000 into my account (im in debt and have credit card worries). do i have to pay tax on this please?
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

You won't have to pay tax on the money which your boyfriend has either loaned to you or gifted to you. If it is a gift, then there could be Inheritance Tax implications if your boyfriend dies within seven years of making the gift but that will only be a problem if his net wealth is more than £325,000.

I hope this helps but let me know if you have any further questions.
Customer: replied 2 years ago.

Hi, thanks for your answer, but i looked earlier on hmrc and it said £3000 max gift and ive panicked (we dont live together does this change things).

thanks

Expert:  TonyTax replied 2 years ago.
The £3,000 level is an IHT exempt gift. If he made no gifts in the previous tax year, then he can use his allowance of £3,000 from that year, so he has £6,000 in total. Therefore, only £2,000 (£8,000 - £6,000) is what is called a potentially exempt transfer.

Provided your boyfriend lives for at least seven years from the date of the gift, it will not be included in his estate for IHT purposes. Even if it was, the IHT would normally be paid by his estate and it would only fall on you to pay if there was not enough money in his estate to pay it.

Take a look here for ionformation on gifts and IHT.
Customer: replied 2 years ago.

thanks i will put excellent as my rate. is there any way i can have a record of this conversation ie email? *****@******.***

Expert:  TonyTax replied 2 years ago.
You could ask just answer customer services here if that is possible.

What I recommend is that you save the address of this webpage into an email and send it to yourself. The question will always be accessible to you.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15847
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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