Its the estate of the person giving the gift that may be subject to IHT
not the person receiving the gift (unless of course they keel over! In which case its their estate but special rules may apply in that case).
In addition there are rules re IHT that relate to estates passing from one spouse to another
Posted By: Commisar_Canary on October 10th 2006 at 01:47:20
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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