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Does anyone here know the answer to this. I have a friend

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Does anyone here know the answer to this.
I have a friend in the USA who wants to send me some money as a gift, is there an allowance on gifts to individuals from friends not family members, He thinks that in the states you can recieve up to $14000 dollars as a gift before tax occurs. and that you can give to individuals in a family, for example $14000 each to me my wife and our 3 children.
Does anyone know what the tax law is in the UK for this.
Many Thanks
John
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

The recipient of a gift in the UK is not liable for any UK tax on it. There may be Inheritance Tax implications for the donor's estate after they die but when a non-UK domiciled individual dies, only their UK based estate is liable to IHT in the UK and that excludes non-UK currency denominated UK bank or building society accounts. So, assuming your friend makes the gift from a non-UK source, it will be beyond the reach of the UK tax authorities.

I hope this helps but let me know if you have any further questions.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15754
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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