Also its ?3k (total) per tax year from the donor to one or more people
i.e if the donor gives 2 x ?3k in a tax year, only ?3k will be tax exempt the other ?3k comes into the Inheritance tax calculation (so long as the whole estate is over the IHT allowance roughly ?280k ish).
Other gifts may be exempt such as re Weddings. I think the figure may be ?5k re a wedding but I am not certain.
Posted By: Commisar_Canary on October 10th 2006 at 01:52:30
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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