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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 12859
Experience:  30 years as a practising solicitor.
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We live in the UK. If we were to be gifted a large amount of

Customer Question

Hi, we live in the UK. If we were to be gifted a large amount of money from family on the isle of man, would we have to pay tax on it or is this taxable where the giver lives (none for isle of man)? Thank you.
Assistant: Where are you located? It matters because laws vary by location.
Customer: UK.
Assistant: Has anything been filed or reported?
Customer: No and nothing has been gifted yet.
Assistant: Anything else you want the solicitor to know before I connect you?
Customer: Would it matter if the donor then later on moves to the UK?
Submitted: 4 months ago.
Category: Law
Expert:  JGM replied 4 months ago.

Thank you for your question. The UK recipient of a gift does not pay tax on the gift. It is not treated as income for tax purposes. I hope that helps. Please leave a

positive rating so that I am credited for my time.

Customer: replied 4 months ago.
Thank you.
Expert:  JGM replied 4 months ago.

You’re welcome. Don’t forget to rate positive on the system so that I am credited for my time.