Sending Gifts of Money Via PayPal

Bev Clement · 10-26-2008, 09:10 PM

Do you send a gift of money via PayPal? Sometimes it could be a gift to a friend, or wanting to say thank you to someone who has written a great post or helped you.

I am doing this using my accountancy/tax mind in the UK. There are certain things you can give your money away to, and the person doesn't pay tax on it. Now before any bright spark thinks, this is a great way around the system, forget it. There are no loopholes and even if there were I'm not telling you about them.

Fact. In the UK you can make gifts to different people each year, think Christmas, birthday, but there are limits to the amount you can give. Most people don't know this, and so break the tax law on giving their kids Christmas presents.

But you can also give more using Inheritance Tax. I know boring, you should have been at the intensive 3 day course I attended just before Christmas one year.

I digress, so there are legal ways of giving your money away without the person paying tax.

But, that doesn't stop you paying fees with PayPal. Wrong, if you are in the UK, you can send and receive a gift with no fees being charged.

I am on the hunt because it looks like it is a feature for the UK only, but let me know if you would be interested in knowing more. As I say it isn't just about not paying PayPal fees, but also about knowing that the money was a gift not an income, big difference when it comes to tax. And no, it isn't breaking the law, it isn't even getting around it slightly. Tax in the UK is my speciality and one I have studied and applied for thousands of clients saving them thousands of dollars.

Bev

John Rogers · 10-26-2008, 09:26 PM

I wonder if the ability to send money without fees in the UK and not in the US has something to do with the laws of each country?

John

Bev Clement · 10-26-2008, 09:32 PM

John it looks like it, but I also wonder how many Brits are taking full advantage of it.

Here are a couple of screenshots of my PayPal account in the UK.

TheRichJerksNet · 10-26-2008, 10:11 PM

Hi Bev,
Yeah I think it has something to do with the UK as US does not have a personal tabs..

James

JayXtreme · 10-27-2008, 05:14 AM

This is ACE.. thanks for pointing me in this direction Bev... I'm gonna look more into this... any additional info is greatly appreciated..

YOU ROCK!!.. now where's that donate button

Peace

Jay

Kate Carpenter · 10-27-2008, 10:36 AM

Hum, interesting. Here's my experience-I'm in the USA.
A month ago, my brother (also in US), sent me money via Paypal. I believe he used the send money tab. I noticed there was no fee taken out.
But, when someone sends a donation to us, using the donate button, a fee is taken out.
It appears if you just plain send money, even in the US, there's no fee.
I don't know this for sure, but am relaying my recent experience.
Kate

10-26-2008, 09:10 PM	#1
Bev Clement Writer War Room Member Join Date: Jul 2006 Posts: 8,419 Blog Entries: 1 Thanks: 339 Thanked 832 Times in 285 Posts	Sending Gifts of Money Via PayPal - How Brits Can Save Money Do you send a gift of money via PayPal? Sometimes it could be a gift to a friend, or wanting to say thank you to someone who has written a great post or helped you. I am doing this using my accountancy/tax mind in the UK. There are certain things you can give your money away to, and the person doesn't pay tax on it. Now before any bright spark thinks, this is a great way around the system, forget it. There are no loopholes and even if there were I'm not telling you about them. Fact. In the UK you can make gifts to different people each year, think Christmas, birthday, but there are limits to the amount you can give. Most people don't know this, and so break the tax law on giving their kids Christmas presents. But you can also give more using Inheritance Tax. I know boring, you should have been at the intensive 3 day course I attended just before Christmas one year. I digress, so there are legal ways of giving your money away without the person paying tax. But, that doesn't stop you paying fees with PayPal. Wrong, if you are in the UK, you can send and receive a gift with no fees being charged. I am on the hunt because it looks like it is a feature for the UK only, but let me know if you would be interested in knowing more. As I say it isn't just about not paying PayPal fees, but also about knowing that the money was a gift not an income, big difference when it comes to tax. And no, it isn't breaking the law, it isn't even getting around it slightly. Tax in the UK is my speciality and one I have studied and applied for thousands of clients saving them thousands of dollars. Bev
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10-26-2008, 09:26 PM	#2
John Rogers The Instigator War Room Member Join Date: Jun 2004 Location: Shelton, WA, USA. Posts: 4,936 Blog Entries: 11 Thanks: 146 Thanked 289 Times in 122 Posts Social Networking Contact Info	Re: Sending Gifts of Money Via PayPal I wonder if the ability to send money without fees in the UK and not in the US has something to do with the laws of each country? John
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10-26-2008, 09:32 PM	#3
Bev Clement Writer War Room Member Join Date: Jul 2006 Posts: 8,419 Blog Entries: 1 Thanks: 339 Thanked 832 Times in 285 Posts	Re: Sending Gifts of Money Via PayPal John it looks like it, but I also wonder how many Brits are taking full advantage of it. Here are a couple of screenshots of my PayPal account in the UK.
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10-26-2008, 10:11 PM	#4
TheRichJerksNet PhpMembersScript.com War Room Member Join Date: Aug 2008 Location: South Carolina, USA Posts: 4,916 Blog Entries: 2 Thanks: 506 Thanked 833 Times in 540 Posts Social Networking Contact Info	Re: Sending Gifts of Money Via PayPal - How Brits Can Save Money Hi Bev, Yeah I think it has something to do with the UK as US does not have a personal tabs.. James Attached Thumbnails
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10-27-2008, 05:14 AM	#5
JayXtreme Babyfaced Assassin War Room Member Join Date: May 2008 Location: Out Of My Mind - Brandy Too Posts: 3,275 Blog Entries: 5 Thanks: 1,658 Thanked 817 Times in 436 Posts Social Networking	Re: Sending Gifts of Money Via PayPal - How Brits Can Save Money This is ACE.. thanks for pointing me in this direction Bev... I'm gonna look more into this... any additional info is greatly appreciated.. YOU ROCK!!.. now where's that donate button Peace Jay
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10-27-2008, 10:36 AM	#6
Kate Carpenter HyperActive Warrior Join Date: Feb 2008 Location: Northern California, USA. Posts: 270 Thanks: 39 Thanked 5 Times in 5 Posts	Re: Sending Gifts of Money Via PayPal - How Brits Can Save Money Hum, interesting. Here's my experience-I'm in the USA. A month ago, my brother (also in US), sent me money via Paypal. I believe he used the send money tab. I noticed there was no fee taken out. But, when someone sends a donation to us, using the donate button, a fee is taken out. It appears if you just plain send money, even in the US, there's no fee. I don't know this for sure, but am relaying my recent experience. Kate
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