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An American friend gives my about three times a year a monetary

Resolved Question:

An American friend gives my about three times a year a monetary gift to help us and others. is this money taxable or are they any conditions I need to know?
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.
Hi

Thanks for your question

At face value gifts are not liable to UK tax, but could you advise a little more about this money.
What is it used for, and who else does it help, and how does it help

Thanks

Sam
Customer: replied 2 years ago.

The monetary are given to us, my wife and me, as we only have a basic pension. First of all we use it for us, helping with the house, repairs. Then we like to share some of it with people in need, especially in the third world but also friends here. My basic question is, as the money is a personel gift to us, is it taxable?


 


thank you Sam for your answer.

Expert:  Sam replied 2 years ago.
Hi Wolfgang

Then no its not taxable - as its as you point out, a personal gift, I just needed to establish that position.

You have nothing to declare and no tax liability arising due to receiving this money

Thanks
Sam
Sam, Accountant
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