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Unread 26th October 2008, 08:10 PM   #1
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Default 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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Unread 26th October 2008, 08:26 PM   #2
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Default 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?

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Unread 26th October 2008, 08:32 PM   #3
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Default 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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Unread 26th October 2008, 09:11 PM   #4
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Default 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
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Unread 27th October 2008, 04:14 AM   #5
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Default 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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Unread 27th October 2008, 09:36 AM   #6
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Default 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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