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Where Taxpayers and Advisers Meet

Sending money to friends

davidos123
Posts: 2
Joined: Tue Feb 21, 2017 6:29 pm

Sending money to friends

Postby davidos123 » Tue Feb 21, 2017 6:32 pm

Hi,

I have a deal with a couple of my friends where we basically give each other money to gamble on different online sports bets/online casinos. From time to time one of us gets a big win and then we split the money up.

I was wondering. If a friend of mine was to win say 80k and was to send me maybe 30k over a period of a year. Does either of us have to pay tax on this? There is no tax on gambling wins but I am not sure what happens when we send each other large amounts of money. Usually we would do it in 2-3k lumps.


Thanks in advance for any advice.

SteLacca
Posts: 444
Joined: Fri Aug 07, 2015 2:17 pm

Re: Sending money to friends

Postby SteLacca » Wed Feb 22, 2017 12:12 pm

There's no immediate tax, but there are possible inheritance tax implications depending on your respective circumstances that may need to be considered.

More information is needed.

davidos123
Posts: 2
Joined: Tue Feb 21, 2017 6:29 pm

Re: Sending money to friends

Postby davidos123 » Wed Feb 22, 2017 1:31 pm

Well. We are all under 30 so none of us are going to die any time soon. Sometimes one of us will be having a bad week at betting and a I might send him 3k so has money to continue betting with. Sometimes when he gets a big win he would send me back 3k and maybe 10k more.

It is just money going back and forth. But there could be a year where he has sent me 30k more than I sent him. For example over the course of a year I sent him 10k and he sent back 40k to my bank account.

SteLacca
Posts: 444
Joined: Fri Aug 07, 2015 2:17 pm

Re: Sending money to friends

Postby SteLacca » Thu Feb 23, 2017 5:31 pm

You should be fine, notwithstanding accidents (death doesn't only come from old age).

wamstax
Posts: 1869
Joined: Wed Aug 06, 2008 3:39 pm
Location: Operate Nationally but based in Aberdeen
Contact:

Re: Sending money to friends

Postby wamstax » Sat Mar 04, 2017 11:43 pm

Of course what you have to hope is that neither HMRC or any other agency have reason to enquire into your financial affairs as somebody might have a thought that you were money laundering and concealing taxable income.
regards and hope this helps
http://www.wamstaxltd.com
Operates Nationally with competitive costs
and email and phone contact can be obtained from website


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