Thanks for the thorough explanation. I was just intrigued at how it would work as my friend opened an FT account using my referral and as he wasn’t sure about it (he thought it was a scam as the internet is so full of them) so i gave him the money (10£) to open his account mainly so i could get a free share and also because it was during the time when the FT competition where you could win 5k of shares was live.
Long story short, the shares he got with the 10£ i gave him, is up by 50£ and he wanted to give me the shares as my birthday present as he doesn’t really use FT (he isn’t really interested in learning the ins and outs)
Anyway, i thought I’d ask if “gifting” was possible instead of him just cashing it and giving me the cash.
I forget that most people have accounts worth enough to need the tax man to know, so wasn’t thinking about the side of things that would warrant a possibility of money laundering lol (not sure the tax man would worry about my pittance of an account​:sleepy:
)
Thanks again