my Q's
My husband gave me a $100 gift card from target as my birthday gift this month. Any suggestions on what I can buy..? I usually dont spend that much.. but he wants to make sure, I buy something for myself and not for the family.. as always!!!
I would like to add that; the purpose of my husband choosing a gift card was we have had acouple of instances before where he bought a few things( very exp gifts) and I did'nt really like it as much...!! So the gift card was a safe way to handle the ocassion and leave the final gift to my choice..!!
Answer
I used to think that gift cards were impersonal and would be offended by receiving them. But then I got one as a gift and realized that the persons intentions was so that I would be able to get the things that I wanted, on top of being able to go shopping and have a day for myself. The possibilites are endless and shopping for yourself when it is something that you rarely do for one reason or another is wonderful. Have fun, look around, and once you see it you will know.
I used to think that gift cards were impersonal and would be offended by receiving them. But then I got one as a gift and realized that the persons intentions was so that I would be able to get the things that I wanted, on top of being able to go shopping and have a day for myself. The possibilites are endless and shopping for yourself when it is something that you rarely do for one reason or another is wonderful. Have fun, look around, and once you see it you will know.
If I was gifted £100,000, would I need to pay both capital gains tax as well as income tax?
I am having a hard time understanding capital gains tax. If was given £100,000 would I have to pay both income tax as well as capital gains tax?
Like it is above £10,000 so I have to pay capital gains tax but it is also above £5000 so I would have to pay income tax? It is above £40,000 so I would have to pay higher range? I mean how much would I get?
Answer
A gift of £100,000 in cash is not subject to any tax - you will get £100,000. Capital gains tax is only charged on the growth in value of an asset (not cash) from the time you get it until the time you sell it or give it away. It is an alternative to income tax - nothing is subject to both taxes.
The only time you might not get the full £100,000 is if the gift comes under a deceased person's Will, when there might be inheritance tax to be paid out of it. That depends on the terms of the Will and the total value of the deceased person's assets.
A gift of £100,000 in cash is not subject to any tax - you will get £100,000. Capital gains tax is only charged on the growth in value of an asset (not cash) from the time you get it until the time you sell it or give it away. It is an alternative to income tax - nothing is subject to both taxes.
The only time you might not get the full £100,000 is if the gift comes under a deceased person's Will, when there might be inheritance tax to be paid out of it. That depends on the terms of the Will and the total value of the deceased person's assets.
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