Quizzes & Puzzles1 min ago
Money Under The Mattress
19 Answers
Quite literally.
A friend I have known for years has always joked about 'stashing money away' as they Wanted to get their mortgage paid off as soon as possible.
Well with over payments and the money saved they now have enough to pay it off.
I always thought she had a savings account but no, they have literally been stashing the cash.
Another friend said you can't pay off a large lump sum without proving where it came from due to money laundering .
Well how is she going to do that? This money has amassed over several years, she now knows it was a silly thing to do but it's too late now.
A friend I have known for years has always joked about 'stashing money away' as they Wanted to get their mortgage paid off as soon as possible.
Well with over payments and the money saved they now have enough to pay it off.
I always thought she had a savings account but no, they have literally been stashing the cash.
Another friend said you can't pay off a large lump sum without proving where it came from due to money laundering .
Well how is she going to do that? This money has amassed over several years, she now knows it was a silly thing to do but it's too late now.
Answers
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For decades the UK has been selling licences to launder money through the country's institutions and tax free at that, to the irritation of other authorities including the EU. You buy yourself "Non-Domiciled status" while still living in the country and shove through as many billions as you like - people from all points of the globe have been doing and continue to do this, the London financial centre is to a degree built on it.
The cost of the licence is perhaps £35000 and I suspect this will not suit your friend because of the relatively small sum she has hidden away. I believe that if it comes to a question and answers session with the taxman then she will be regarded guilty unless she can prove her innocence even though in the scheme of things her sum is a pittance, and however likely it is that she is innocent of any and all wrongdoing. The tax authorities are arguably the most potent force in the land and have forced lawyers, bankers, employers, etc. to do the policing and collecting for them.
The cost of the licence is perhaps £35000 and I suspect this will not suit your friend because of the relatively small sum she has hidden away. I believe that if it comes to a question and answers session with the taxman then she will be regarded guilty unless she can prove her innocence even though in the scheme of things her sum is a pittance, and however likely it is that she is innocent of any and all wrongdoing. The tax authorities are arguably the most potent force in the land and have forced lawyers, bankers, employers, etc. to do the policing and collecting for them.
Darcy.....as long as your friend has an income, either from a pension, or earnings, than she should just up her over payments by a goodish bit, as the Bank/Building Society won't question where the extra funding is coming from for that.
But you also do your bit to persuade her that keeping anything other than a small amount of money "under the mattress" is daft thing to do....what would happen if she was burgled ?
But you also do your bit to persuade her that keeping anything other than a small amount of money "under the mattress" is daft thing to do....what would happen if she was burgled ?
How much money are we talking about? If it's only £5-£15k there really is no issue usually. She's actually not in any trouble, she has done nothing wrong and there is no law which says you need to keep your money in a bank, but she might be wise to pay it in in installments over the next few months if it's a huge amount of money because of laundering regulations. I frequently pay in large sums of money and it's never been questioned, she has already paid tax on it, and if her wages are paid into her bank she will have withdrawals to specify where it came from and if it didn't but she has already paid tax then she is under no obligation to keep it in a bank.
Thanks for all your help.
Am going to persuade to gradually overpay and not keep it in the house! (She does have a safe)
It did get me thinking though, when my hubby got made redundant a few years ago we paid in his leaving cheque of 20k and no one batted an eyelid.
Kval, we live down South, 15K doesn't get a garage here. Ha ha, if only.
Am going to persuade to gradually overpay and not keep it in the house! (She does have a safe)
It did get me thinking though, when my hubby got made redundant a few years ago we paid in his leaving cheque of 20k and no one batted an eyelid.
Kval, we live down South, 15K doesn't get a garage here. Ha ha, if only.
I think you over egging the money laundering bit, they will enquire but let them if it's legit then there is nothing to worry about. Just pay it into the bank and answer all their questions. Tell the truth, tell them she's been saving the cash over the time she saved it. then use it to pay off the mortgage. Dam silly way to do it but easily rectified.
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