Will I have to pay any tax?

[Boto]

My partner is due to inherit a substantial sum of money. If he gives me some will I have to pay any tax on it? I'm talking about quite a lot of money, and will there be sort of investigation from my bank as to where it came from - possible money laundering?

[dot.hawkes]

my bank didn;t bat an eyelid and they probabbly won't even notice until you start to withdraw it, so go easy and don''t draw attention to it lol I went in and asked for a balance one day and the smarmy cow who was used to me taking out my last �20 the day beore payday casually swiped my card and did a double take, she nearly dropped off her chair! I only did it as a ';kiss my ass' gesture lol felt good though! Noone asked me to pay any tax.

[PrinceRainie]

Firstly, if the amount inherited by your partner is over �300,000 then there may have been inheritance tax payable, however this would have been most probably paid prior to your partner receiving the money.

You will not be liable for any tax as the money given to you by your partner will be classed as a gift rather than income etc.

There may however be an inheritance tax liability due should your partner die and his estate is valued at over �300,000.

[factor-fiction]

Under money laundering rules your bank has a duty to review any out of the ordinary transactions on your account

[PrinceRainie]

I wouldnt worry too much about your bank "reporting you for suspicion for money laundering" This happens all the time for transactions that are out of the ordinary for the historical transactions on te account.....for example...if your account has historically been used to salary and bills....e.g �2k in and �1500 in bill goin out..then all of a sudden you pay in �50,000 then that will raise few questions. You have stated that the money is from an inheritance...therefore there will be a paper trail from the estate...to the solicitors...to you..therefore all above board.
If however the money was from drug dealing or other illegal pursuits..then expect a long stretch inside.......in ither words....dont worry so long as its all above board..it happens all the time..trust me..!