Giving money to children

The London Stock Exchange is a fair-sized casino with margin trading, tightly regulated in America, as one of more risky tables.

Reply to
JF
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There are exceptions. On one occasion our english class (at age 9) was asked what they'd do if they won a million pounds. Mine was deeply boring, involving putting 90% of the money in a high interest account, from which I could only draw the interest, and paying off my parents mortgage...

Reply to
Ian Stirling

But that would give them legal entitlement and I wouldn't be able to get them grovelling a bit :)

Reply to
AlanG

Fortunately my offspring are approaching middle age. They can pay their own taxes.

still interesting to see the ptifalls of actually giving money away.

Reply to
AlanG

Unfortunatly you are wrong on both counts. Why I am justifying it I don't know. Probably because you are argumentative.....

Jan 19th (this year) No's 15, 24, 33, 34, 47 (Bonus 37) I indeed won

186,194. Somewhat higher than your 'estimated' 100'000

Feel free to do any search. Whether or not you believe me, unfortunatly isn't my problem.

Reply to
ColinH

Cool , thats a very nice sort of amount to win. Enough to pay off a mortgage (for most people) and leave you with a nice comfortable lifestyle , but not so much that your life would be changed too much.

Reply to
Dr Zoidberg

If you give enough money away to the Labour Party, you could end up with a knighthood.

Reply to
A. J. Moss

ISTM that the easiest way around this problem is to state that the lottery ticket was owned by a syndicate comprising yourself and the children you want to gift the money to (provided they are over 16). You can say that you were not equal partners in the syndicate so that the prize is distributed *from source* in the amounts you wish.

That way there cannot be any inheritance tax or other tax implications.

Reply to
Cynic

Unfortunatly I was 30 grand in debt at the time, minus a new car, holiday, giving some to family , computer and 50% deposit on a house. It's all gone. I still have to work, am still skint and still paying through the nose for a house that was worth half as much 8 years ago, and still have a 15 year mortgage!.

Things could be worse though!

Reply to
ColinH

No need to do that until he actually wins a big prize. Why give away part of the odd tenner?

Draw up an agreement *after* the win, date it some time before, and nobody will be any the wiser. It's not as if the kids would be likely to protest that the agreement was not really in place at the time of the draw, is it?

AFAIK you don't need a written agreement at all. Just make the statement that there was a verbal understanding in place that any prize would be shared in whatever proportion you decide. There is, after all, no way that anyone other than the beneficiaries could prove that the agreement did *not* exist.

Should you then die within 7 years, the only gift that could be added to IHT would be the gift of part of the winning lottery ticket at time of purchase - less than £1.

ISTM that a winning lottery ticket is a very unsafe document, as there is no easy way to prove who it belongs to if there is any contest between parties and all parties know where and approximately when the ticket was purchased.

So if you *do* win a big prize, you should keep it a secret until you have actually got the money in your bank. Else someone may well be tempted to knock you over the head and steal your ticket.

Reply to
Cynic

That is true of all parties. At least of those with more than a few elected members.

Reply to
AlanG

We are getting hung up on a lotto win. Supposing I had earned millions years ago and only now wished to give my children (or anyone else) half a million?

It's the actual getting rid of the money given the tax and money laundering regulations.

Reply to
AlanG

Could you not just invite the kids to a poker game, and contrive to lose the money to them?

Reply to
Ronald Raygun

Bitstring , from the wonderful person AlanG said

The lotto win is easier to make look like it was theirs all along (the syndicate route). Anything else is fraught with IHT problems.

Reply to
GSV Three Minds in a Can

Although another poster's suggestion of a contrived poker game may have merit.

Reply to
Cynic

Well done, congratulations. I'm very pleased for your good luck.

Obviously a lot of people buy lottery tickets and get nothing back. Regularly. That's just how it works. Camelot publicise the good luck of the lucky few, but they are very, very few.

£100,000 is a typical payout and it can be more or less, depending on how many winners there are.
Reply to
Aidan

In message , GSV Three Minds in a Can writes

But would they not have to be above whatever the age limit is?

Reply to
me

In message , john boyle writes

Are companies allowed to own the ticket - on winning could you suddenly discover that the ticket was bought by XYZ(BVI)Ltd and do various offshore things like that?

Reply to
me

Hmm. IHT. Applicable?

Reply to
<nospam

No. Not unless it's proven that the game was a sham, and that it was therefore a gift rather than genuine gambling.

Reply to
Ronald Raygun

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