Hi,
My Mum is wanting to transfer me and my brother some money as a gift to us both, in the region of £30k.
She isn't wanting to lose any of it through tax. Is it simply a case of her doing a bank transfer to us both individually?
I just have a normal current account, but my brother has a business account, and he is worried about getting taxed on this, is there any way around this? Does he just need to open another personal current account?
Any info for tax free transfer would be great, so I can settle my mums mind!
Thanks
Mike
My Mum is wanting to transfer me and my brother some money as a gift to us both, in the region of £30k.
She isn't wanting to lose any of it through tax. Is it simply a case of her doing a bank transfer to us both individually?
I just have a normal current account, but my brother has a business account, and he is worried about getting taxed on this, is there any way around this? Does he just need to open another personal current account?
Any info for tax free transfer would be great, so I can settle my mums mind!
Thanks
Mike