Is this not a red herring?
Assume A they were gifts as this is what they are in essence after 7 years
Firstly he received 22,500 in 1993 from 8 different people ( 2,500 from 7 and 5000 from 1) assume small gift exemption at the time was £700 this leaves a liability of 16,900 at 20% for tax however I do not have the leg with me but i assume threshold C stranger threshold would have covered this at the time therefore leaving him no liability.
The amount for 1994 was 16,500 from 4 different individuals again assume small gift of 700 again leaving liability of 13,700 @20 for Cat cancelled by stranger limit threshold C again.
I know Cat Calculation has changed since the early 90's but it was still quite similar.
He has a liability for the £8000 grand after dinner speech gig but this is tiny stuff No?
I am indifferent to the rationale for the gifts and the sentimentality about his situation at the time. But just from a Tax perspective dose he have any questions to answer ?
Assume A they were gifts as this is what they are in essence after 7 years
Firstly he received 22,500 in 1993 from 8 different people ( 2,500 from 7 and 5000 from 1) assume small gift exemption at the time was £700 this leaves a liability of 16,900 at 20% for tax however I do not have the leg with me but i assume threshold C stranger threshold would have covered this at the time therefore leaving him no liability.
The amount for 1994 was 16,500 from 4 different individuals again assume small gift of 700 again leaving liability of 13,700 @20 for Cat cancelled by stranger limit threshold C again.
I know Cat Calculation has changed since the early 90's but it was still quite similar.
He has a liability for the £8000 grand after dinner speech gig but this is tiny stuff No?
I am indifferent to the rationale for the gifts and the sentimentality about his situation at the time. But just from a Tax perspective dose he have any questions to answer ?