2007-03-04 01:13:47 · 6 answers · asked by john l 2 in Business & Finance ➔ Taxes ➔ United Kingdom
There is no tax on gifts. However if the person that gave you the gift dies within 7 years you could be liable for Inheritance tax.
2007-03-04 11:56:29 · answer #1 · answered by MrFinance 3 · 0⤊ 0⤋
The same rate that you pay on your salary. If they are family gifts and nothing to do with business then there is no tax to pay. If it is a reasonable cash gift from a relative and the relative dies within 7 years then there will be a tax liability on the gift. All very complicated and I suggest you write to your tax office and ask them the question.
2007-03-04 09:20:50 · answer #2 · answered by ANF 7 · 0⤊ 0⤋
The recipient pays none at all, provided it is a gift and not disguised remuneration. Here in the USA there have been scams to classify income as gifts using a twisted understanding of the tax law.
2007-03-04 09:22:36 · answer #3 · answered by skip 6 · 0⤊ 0⤋
Under English law, genuine gifts are tax-free to the recipient, and may avoid some tax for the giver.
2007-03-04 11:18:46 · answer #4 · answered by Duffer 6 · 0⤊ 0⤋
You are allowed to give up to $12,000 per year to individuals. You can give this amount to as many people as you would like tax free.
2007-03-04 17:45:17 · answer #5 · answered by k_hart100 3 · 0⤊ 0⤋
none if you live for 7+ more years
2007-03-04 09:18:15 · answer #6 · answered by Clint 6 · 0⤊ 0⤋