no, it's not
UK doesn't have a gift tax. If the donor croaks within 7 years then you'll have to pay IHT on it, probably.
Worth considering if its a large sum and/or the donor is getting on a bit/likely to die any time soon.
This assumes you/donor isnt a citizen of some daft country that has a worldwide gift tax. Like, say, America.
I'd also advise against taking gifts from shady Nigerians.
Posted By: CWC on October 9th 2006 at 19:31:14
Message Thread
- anyone know if someone gives me a large sum of money is it taxable? (n/m) (General Chat) - forzancfc, Oct 9, 18:33:07
- no, it's not (General Chat) - CWC, Oct 9, 19:31:14
- Its the estate of the person giving the gift that may be subject to IHT (General Chat) - Commisar_Canary, Oct 10, 01:47:20
- It is... (General Chat) - Brom, Oct 9, 19:27:43
- no, it isnt (General Chat) - CWC, Oct 9, 19:59:59
- Also its ?3k (total) per tax year from the donor to one or more people (General Chat) - Commisar_Canary, Oct 10, 01:52:30
- no, it isnt (General Chat) - CWC, Oct 9, 19:59:59
- I believe you can receive up to ?3000 from someone as a gift (General Chat) - Ben, Oct 9, 18:55:04
- Ben that relates to somebody giving ?3k a year (General Chat) - Commisar_Canary, Oct 10, 01:44:20
- their estate is subject to Inheritance tax - 40% above a certain size of estate roughly (General Chat) - Commisar_Canary, Oct 9, 18:54:10
- no, it's not (General Chat) - CWC, Oct 9, 19:31:14
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