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Money & the tax man
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If I were given a lump sum of money would my bank notify the tax man? If so what amount of money woud I have to receive for this to happen?
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Unlikely - but they do tell the taxman how much interest they have paid you each year.
The taxman isn't overinterested in lump sums - they are not generally in themselves taxable, though there are exceptions.
They may tell the money laundering authorities, particularly if they are suspicious. There is no set sum for this - if they are suspicious they will go ahead anyway even if it's relatively small. They will have an unpublished figure above which they will do so anyway.
The taxman isn't overinterested in lump sums - they are not generally in themselves taxable, though there are exceptions.
They may tell the money laundering authorities, particularly if they are suspicious. There is no set sum for this - if they are suspicious they will go ahead anyway even if it's relatively small. They will have an unpublished figure above which they will do so anyway.
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