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taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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please can i ask if what taxes am i liable if my boss gives

Resolved Question:

please can i ask if what taxes am i liable if my boss gives me money as a gift to help me buy a housr?
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

If your boss gives you a cash gift out of this personal funds and it is unconditional i.e. you are not expected to do any favours in return, then the gift is free of tax in the hands of the recipient. There is no tax to pay as far as you are concerned.

This gift would be regarded as a potentially exempt transfer for inheritance tax purposes as far as your boss is concerned. If he survives for seven years after making the gift then this money would not form part of his wealth for IHT purposes.

I hope this is helpful and answers your question.
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Expert:  taxadvisor.uk replied 2 years ago.
I thank you for accepting my answer.

Best wishes.