62 votes
Accepted

Why doesn't everyone in UK just pay with exempted gifts?

In short, because the government is not required to honor your characterization of the transaction. A gift is something given without receiving anything in exchange. In almost all taxable contexts ...
ohwilleke's user avatar
  • 213k
18 votes
Accepted

How can I get back my dead mother's ring, which I gave to a family friend?

Sarah, thanks for your question. You have asked this on the Legal forum; and whilst there might be many moral or ethical considerations surrounding your situation - I'll try to deal with the legal ...
DrDee's user avatar
  • 573
14 votes

Why doesn't everyone in UK just pay with exempted gifts?

Why doesn't everyone in UK just pay with exempted gifts? Very short answer to complement ohwilleke's one: Gifts cannot be paid with. If you are paying with something it is a payment, not a gift.
Greendrake's user avatar
  • 27.5k
13 votes

Can someone sue me for not giving back the amount of money they gave me as a gift?

Under normal common-law principles, she has provided you a gift and you have accepted it, which transfers the property to you unconditionally. You also made a gratuitous promise that you might attempt ...
bdb484's user avatar
  • 58.9k
8 votes

What laws did Lori Loughlin (and friends) break?

From the link, it appeared that: Payments were made so that exam answers would be corrected before marking Payments were made to have an athletic offer extended for a person who would not otherwise ...
Dale M's user avatar
  • 209k
7 votes

What laws did Lori Loughlin (and friends) break?

What they're currently being charged with: conspiracy to commit mail fraud: in this case, an agreement between two or more parties(people) had been entered into, to defraud another. honest services ...
User37849012643's user avatar
7 votes

Does the legal definition of prostitution exclude gifts as a type of “fee”?

Does the legal definition of prostitution exclude gifts as a type of “fee”? No. The term "fee" is defined at Texas Penal Code § 43.01 which states: (1-b) “Fee” means the payment or offer ...
ohwilleke's user avatar
  • 213k
6 votes

Do you have to pay tax when you sell a gifted car?

A capital gains tax is due on the sale, if the sale price for the car is more than the adjusted basis of the car for the person who made the gift of the car. If a car had been owned by the donor as ...
ohwilleke's user avatar
  • 213k
5 votes

Is it acceptable to send flowers to a judge after a routine administrative proceeding?

This is a somewhat tricky one. judges tend to be particularly sensitive to possibly improper gifts, so it is best to err on the side of caution—the low-value side. I would think a very pleasant floral ...
David Siegel's user avatar
5 votes
Accepted

Is it a crime to receive money from one individual and give it to another individual to reduce their taxes?

It is not necessarily a crime to do this, but the gift to you and from you to Betty would be disregarded and treated as if gift directly from Alice to Betty, if the IRS knew all of the facts. A gift ...
ohwilleke's user avatar
  • 213k
5 votes

Can a Chrismas gift be taken back several years later?

A gift creates a permanent transfer of title from the giver to the receiver. That is, a gift cannot be taken back. To be a gift there must be: Intention of donor to give the gift to the donee (...
Dale M's user avatar
  • 209k
4 votes
Accepted

UK: Can I give money to my brother instead of him paying income tax on a share of my rental income?

It is certainly possible to give gifts to your relatives (or to anyone really). But, the harder question is whether or not it is really a gift. A characterization of a transaction as a gift is less ...
ohwilleke's user avatar
  • 213k
4 votes

Can someone Legally Require me to give an Item back to them (A Computer)

Based on your answers, it sounds like this transaction was most likely structured in one of two ways: (a) your colleague bought the computer with the intention that you would use it and then return it ...
bdb484's user avatar
  • 58.9k
4 votes
Accepted

Can parents be taxed for giving gifts to children?

(This is not meant as personalized tax advice - consult a tax lawyer or accountant for advice on your own tax situation.) As background, it's helpful to remember why the gift tax exists - it's to ...
Nate Eldredge's user avatar
3 votes

When is a "gift" considered conditional?

Transfer of Personal Property The question is: are you still the owner of the guitar or is your friend now the owner. If you gifted them the guitar, they are the owner. A gift requires: intention ...
Dale M's user avatar
  • 209k
3 votes

For a politician, is a lunch outing with Warren Buffet considered a $650,000 gift?

I think you're working off some false premises here. Whatever FMV is in the context of a meeting with Warren Buffet purchased by investors, it's probably different in the context of the U.S. ...
bdb484's user avatar
  • 58.9k
3 votes

I have multiple Gift Cards for a retailer but they refuse to let me apply more than one per order. Is this legal?

It would depend on the terms and conditions of the gift card. If the gift card is a present of the shop owner, then they can set (within reason) the terms and conditions they like. If I buy a gift ...
gnasher729's user avatar
3 votes

Can you take back a gift?

No. By handing the necklace the way you described, you commit personal property transfer as all the three requirements are met for the gift to be legally effective: donative intent, delivery and ...
Greendrake's user avatar
  • 27.5k
3 votes
Accepted

A gift loophole to avoid taxes in US

Is this a valid loophole or are there laws preventing from this happening? This is not a valid loophole. This counts as tax fraud. If a gift is made with an expectation that the person making the ...
ohwilleke's user avatar
  • 213k
2 votes
Accepted

Employer Requires Employees to pay Cash Gift to Owners

If the money is deducted from a paycheck, then for hourly/non-exempt employees it is a violation of the federal Fair Labor Standards Act to reduce the pay below the minimum wage for deductions "for ...
user662852's user avatar
  • 1,758
2 votes

UK: Can I give money to my brother instead of him paying income tax on a share of my rental income?

This seems to be more a question about whether you can deduct the payment to your brother from your income than whether he will have to pay tax on the money he receives. Money received can be tax ...
Nancy G's user avatar
  • 21
2 votes

Is the restriction on receiving a "present" in the Emoluments Clause applicable?

§III of the complaint Blumenthal et al. v. Trump especially para 23- provide useful historical background on the Emoluments Clauses, in connection with preventing corruption, especially the practice ...
user6726's user avatar
  • 215k
2 votes
Accepted

Recovery of gift through civil lawsuit

You can't give away a car you don't own. The auto loan lender will have a lien on the car. The "someone" you give the car to will not have the title. That will be readily obvious when they ...
Harper - Reinstate Monica's user avatar
2 votes

Can I rescind my conditional gift, which was a vehicle, if the employee is no longer with the company?

I don't see a gift; I see a contract I agreed to gift her my vehicle, which needed repairs to run safely, with the condition that she use it to get to work. Your consideration is that you will ...
Dale M's user avatar
  • 209k
2 votes
Accepted

I told my friend I'd give him £10 in Bitcoin for their birthday 5 years ago but never did. Am I liable for £0, £10 or £1000?

Not enforceable. Firstly, because there is no consideration moving from the friend (becoming of a certain age probably wouldn't count as a good consideration). Secondly, because it was a friend, and, ...
Greendrake's user avatar
  • 27.5k

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