Sending money into England

[ASB]

Thanks for that. The next question is equally bizarre (if you don't like how I'm asking the questions, ask them yourself.)

Does anyone know what the extra cost is, and whose account it gets charged to, if you broach the trigger level for an enquiry?

Will it affect his kids future credit rating if such an enquiry has been made on their bank account?

So I'll answer it in an equally bizarre fashion. What happens is that certain transaction are obliged to be reported. I do not beleive there are any banks that make a specific charge as a result of this. Thus the extra costs or borne by all the shareholders (or more accurately all the customers). This enquiry is not noted on a credit file.

If the possibility worries you then just pay it into my account instead and I'll pass it on. Honest.

[threaded]

Thanks for that. The next question is equally bizarre (if you don't like how I'm asking the questions, ask them yourself.)

Does anyone know what the extra cost is, and whose account it gets charged to, if you broach the trigger level for an enquiry?

Will it affect his kids future credit rating if such an enquiry has been made on their bank account?

[Gonzo]

AFAIK in the UK gifts are made out of after-tax income so there is no tax for the recipient to pay on them, nor any for the donor to reclaim.

So there is no need to declare them to the Inland Revenue. Any income that the gifts subsequently generate are a different matter.

Payments greater than €15,000 in one go, or in total over a month, might trigger a money laundering inquiry though. (And a UK bank will make an approximation of that figure in sterling).

As usual, IANAA. Neither have I ever given large amounts of money to anyone else

[threaded]

A colleague, who is too frit to post himself, is wanting to send a large amount of money to his child in England, (what with the £ being so low,) and is worried about tax... He is non-resident UK, but his ex-wife and kid are resident in England.

The question is: at what amount, does he, his child, his ex-wife, and the bank, have to report the transaction to the tax authorities, and who is it that has to report, declare, drop their trousers etc. etc..

In Denmark, he can choose whether to claim the tax paid on the money, so if he's a higher rate tax payer, and his kid isn't, it is worth it to claim, but if it's the other way around, then you don't, yet the Danish tax authorities do not check to see if the recipient paid tax on it at their end if it is outside Denmark, so people tend to claim anyway...