Gift Tax/Inheritance Tax?

[podgster]

Ok cut a long story short, me and the wife are splitting up, we have joint uk HSBC bank account (we moved to australia 3 years ago) , this money was from the sale of my house in the uk, and money from her house which she rents,,, my share is 70,000+ pound, we both have access to the account, but i dont trust her and want to transfer this money out but not to an australia bank. The quickest way without having to set up an offshore account is to transfer it to my dads uk account, but what are the tax impllcations for him or me when i want it back? capital gains? inheritance after 7 years etc etc??????? thanks in advance

[joggerjayne]

How about transferring the money, and then you and your dad signing a deed of trust, saying that he holds the money on trust for you? That way, although it is out of your wife's reach, it remains yours, so there are no inheritance issues. Although, remember if you split up, that your wife might make a claim for a lump sum.

[d9f1c7]

it takes 5 minutes to open an account somewhere in your own name with 70k any highstreet savings outfit will snap you up. Why get into all the ramifications with your dads account?

[coccinelle]

Sorry d9 but it does not take 5 minutes to open an account when you're not a resident of the country I can tell you from experience...

[factor-fiction]

He may have to explain the source of the money to the bank's money laundering department.
I'm not sure why it needs to be a UK bank- it seems much easier to open one in Australia- but I guess you have your reasons.
I'm not sure what you mean by gift tax.
Inheritance tax is only an issue for very large estates

[ubasses]

why not just open a savings account in your own name on line with HSBC, they already have all your info so should be straightforward, then sort out what you want to do long term later.

[factor-fiction]

Good question, ubasses.
Is the objective to keep the money hidden from your wife, podgster, or maybe some authority?