2007-01-02 05:38:19 · 5 answers · asked by kaironnathan 1 in Business & Finance ➔ Taxes ➔ United Kingdom
no, any individual can give up to £3,000 per year without declaring it, and each recipient can get up to £250 of that money without declaring it for tax. There are exceptions, such as gifts for weddings, but the above figures are correct. however, you can get away without declaring it .... I mean, who needs to know. If your aunt gives you £1000 then it is between you and her and as long as neither of you tells the tax office then good for you. Frankly, I wouldn't bother to tell the tax office anything, they're unlikely ever to find out.
2007-01-02 05:49:10 · answer #1 · answered by gorgeousfluffpot 5 · 1⤊ 0⤋
Depends on the amount.
Gifts up to £250 each are exempt(and unlimited) Up to £3000 per person also exempt.(£5000 on marriage)
Other gifts up to lifetime exemption (£285000) are potentially exempt (only chargeable if death within seven years and total estate exceeds lifetime limit)
Note details on HMRC site (www. hmrc.gov.uk)
2007-01-02 13:45:15 · answer #2 · answered by Do not trust low score answerers 7 · 0⤊ 0⤋
yes if it is a large quantity of money it wil be subject to inheritance tax,
2007-01-02 13:41:05 · answer #3 · answered by charlie 2 · 0⤊ 0⤋
there is a maximum you can give tax free. go to tax office website to find out
2007-01-02 13:40:45 · answer #4 · answered by cereal killer 5 · 0⤊ 0⤋
yes, all of it
2007-01-02 13:39:52 · answer #5 · answered by ROMFT 3 · 0⤊ 0⤋