Here's a thing...a £300k thing

Here's a thing...a £300k thing

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about the source of a £300k gift that a new client received during the tax year? It strikes me as a lot of money and possibly HMRC may be interested. Identity checks are OK
Anon

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By User deleted
29th Jan 2009 12:13

Since you know about it
Why don't you ask about the source. There may be a simple answer that its a straight gift of cash from a relative. But until you ask, which you should, you will not know. Its all about knowing your client, you pick these things up at your first meeting by asking the correct/relavant questions. If you suspect there is something illegal going on you walk away even before issuing an engagement letter. Seeing a passport proves nothing.

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David Winch
By David Winch
30th Jan 2009 12:18

Cash?

If it is a cash receipt (folding money in a suitcase) then I would be concerned and would be suggesting a report under MLR to SOCA.

However if it is via a bank and there is a reasonable explanation then you might decide either to (i) note it in the 'white space' on the client's tax return or even (ii) not disclose it at all.

David

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