Hello Folks,
I wondered if you could help ?
I have two scenarios that i need advice on:
1).
I wanted to gift around 15 of my friends up to £6,000 each in the same tax year 2017 all at the same time.
The total amount i will gift is £100k.
I am confused about who pays what tax and the allowances.
Would any of them have to pay any tax on their gift, OR would I have to pay the tax for every gift, OR do both parties (myself and each friend) pay tax and what would the rate of tax be?
I thought that the £3000 allowance was for EACH friend but that doesn't seem to be the case.
2). On top of the above in (1). I also wanted to buy a car for my parent at a cost of around £10,000. What tax and rate of tax would either of us pay if any? This would also be included in the £100k as in 1 above.
the above funds are coming from a windfall...
I thought I would ask this in your forum for the benefit of other people as well, although I am happy to pay for the advice or make an appointment etc.
Many Thanks
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