no, it isnt

Any gift below 3k is free of tax in its entirety. Anything over 3k is a potentially exempt gift, and if the donor lives for 7 years it is fully exempt from tax.

You don't need to disclose exempt or potentially exempt gifts unless the donor dies within the 7 years.

This does, of course, assume that the sum in question is a plain and simple gift, and that it is one without a reservation of any kind.

Posted By: CWC on October 9th 2006 at 19:59:59

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
- 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

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