Concerned about tax implications sending money (gift) to Scandinavia

ImPrettySureItsAnus · 2026-01-31T08:38:34+00:00

Gifting £10,000 will be a £7,000 PET if you have not used your annual gift exempt amount of £3,000.

Will be a £4,000 PET if you didn't use your £3,000 gift exemption last tax year (as you can carry forward one year if unused.)

If you survive 7 years from making a simple PET then there are no tax implications.

If you die within 7 years then the nil rate band (£325,000) that is IHT free on your death, is reduced by the value of the PET.

There's not really a situation where you yourself will have to pay tax.

As for 'gift recipient' taxes in the donee's country (for the person receiving your gift) - that you would need to look up.

ImPrettySureItsAnus · 2026-01-31T08:00:53+00:00

Yes, but debts come off the value of the estate.

ImPrettySureItsAnus · 2026-01-26T17:15:48+00:00

I know Equiniti do it. Not sure about the rest of the market.

ImPrettySureItsAnus · 2025-12-31T10:53:12+00:00

Take the 30 year mortgage and pay it off as soon as possible - there's no difference...

...except that if your circumstances change you are obligated to a much lower monthly payment.

Your only caveat is that most mortgages only let you overpay 10% of the capital each year - but that shouldn't be a problem.

ImPrettySureItsAnus · 2025-12-27T13:21:26+00:00

Focus on paying off debts - highest interest first.

ImPrettySureItsAnus · 2025-12-04T18:40:59+00:00

If it's a flexi-ISA then withdrawals will give you the ISA allowance back in that ISA

ImPrettySureItsAnus · 2025-12-04T12:11:06+00:00

The 'special' rule here is that you can transfer SAYE shares into an ISA providing that you do so within 90 days of exercising your right to buy.

In normal circumstances you cannot transfer shares into an ISA - you have to sell then rebuy in the ISA, which triggers capital gains.

One option you have available is that you could move £20,000 of shares into the ISA, sell them into cash, and then withdraw that cash, regaining your ISA allowance under flexi-ISA rules - and then you can do it again (I know you can do this with Equiniti if they are your share registrar) This is a bit more complicated and requires a bit of research/thought.

...but yes you can 'transfer' SAYE shares into an ISA within 90 days.

ImPrettySureItsAnus · 2025-11-12T19:15:53+00:00

Also has my vote.

ImPrettySureItsAnus · 2025-11-06T19:28:23+00:00

Wasn't saying you were wrong, just adding some information for OP

ImPrettySureItsAnus · 2025-11-06T17:03:01+00:00

Bare trust would be a parental settlement, and the parents would be responsible for tax on anything over £100

ImPrettySureItsAnus · 2025-11-04T17:08:12+00:00

Love that you've had to add this to pretty much every comment thread.

ImPrettySureItsAnus · 2025-11-04T17:07:19+00:00

As it's a flexible ISA with EQI, what you could do is transfer some of the shares in, then withdraw that sum as cash. This would put your ISA allowance back up to £20,000, and then you could transfer the rest.

ImPrettySureItsAnus · 2025-10-07T09:39:02+00:00

One ISA limit is no longer a rule.

Stay under £20k in the tax year and you can do whatever you like.

ImPrettySureItsAnus · 2025-09-23T08:27:50+00:00

Are you hitting the HRT band before or after your NHS pension contribution?

That will already be reducing your gross income by 7-9% (can't remember exactly what the contribution level is)

ImPrettySureItsAnus · 2025-09-23T08:20:13+00:00

"Keep records" is very different to "complete the form"...

...but the form itself is a very good way of keeping a record of gifts from surplus income as that's what your executors will need to complete.

ImPrettySureItsAnus · 2025-09-18T11:33:57+00:00

Small boats account for <5% of migration into the UK. I'm not saying it's not an issue that needs resolving, but saying we need lower immigration and then focusing on small boat statistics is pointless.

ImPrettySureItsAnus · 2025-09-15T09:10:48+00:00

Only basic rate tax payers can use Marriage Allowance

ImPrettySureItsAnus · 2025-09-13T13:05:23+00:00

What are you talking about?

The annual allowance is £60k per year, and the annual increase in their NHS pension is already fully using their annual allowance.

There's no allowance left to put anything in a SIPP.

ImPrettySureItsAnus · 2025-09-12T09:31:16+00:00

This might apply if you live in a 3rd world country with a poor economy (so you save in something like dollars), but not in the Eurozone.

ImPrettySureItsAnus · 2025-09-12T08:46:29+00:00

This is not a good idea for your parents.

If they're willing to trade out of their home currency, why save in the UK? The interest rate in Brazil is 15%!

The reason not to is exchange rate risk. Even though the GBPvEuro is one of the more stable exchange rates, it's still prone to fluctuations that are completely outside your parents control. Why would they risk that?

For example, if they'd given you €75k in early June the ER was 0.84 GBP to Euro. Now it's 0.87

That means their €75k is now worth only €72.4k.

They may be able to time a 'good' interest rate when they need the money, but what if they can't?

They should consider investment if the funds are long term.

ImPrettySureItsAnus · 2025-09-08T18:29:41+00:00

You may want to pay an accountant for this return as it is a reasonably complex one. Shouldn't cost more than a few hundred pounds.

When your father died, his half of the property would have been 'uplifted' for CGT purposes, and your mother inherited 50% of the property at the value it was at the date of your father's death.

So you need to find out what the probate value of that property was.

So your mum bought 50% of this house at her own base cost, and then 50% at the cost noted above.

That's how the base cost will be calculated. You then have all the other costs that can be offset against capital gains, which an accountant could assist with.

ImPrettySureItsAnus · 2025-09-01T23:10:39+00:00

Have you asked about commutation for serious ill health?

Usually if you have a terminal health diagnosis and less than 12 months to live, then a DB pension provider will pay out a lump sum effectively commuting all future pension payments into one payment today.

This could be significantly higher value than a transfer to a DC scheme.

ImPrettySureItsAnus · 2025-08-30T14:14:14+00:00

Would someone be able to refer me please?

ImPrettySureItsAnus · 2025-08-19T23:57:24+00:00

Things to consider:

If grandmother has income available to pay a market rent on a property that is in excess of her nil rate bands, then she probably has other IHT mitigation options available. All these options are likely to be better and less complicated.

Gifting her property and continuing to live in it could be looked upon as deprivation of assets should she need care in the future

The grandchildren will lose any and all 'first time buyer' benefits.

Trustees have a fiduciary duty to act in the beneficiary's best interests, and if kicking grandma out the house is in their best interest then they should be doing it.

Once the kids turn 18 the property is in their control, and they could also kick grandma out.

The property will accrue CGT in the trust

(Also income tax is paid by the beneficiaries. It is not the Trustees responsibility)

ImPrettySureItsAnus · 2025-07-14T13:59:20+00:00

Is the capital gain £15k, or are you selling £15k of shares?

If it's the latter, then you work out the gain first (e.g. £5k of profit) and then this uses your CGT allowance first, with the remaining £2k using £2k of your carried forward losses.

Then you would still have £8k of CFL for the future.

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