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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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Can I check are these tax need to be paid for receiving gift

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Hi there, can I check are these tax need to be paid for receiving gift money from parents? I am aware of the possibility of incurring on inheritance tax, but I wonder if there's any other tax I need to be aware of
JA: Have you talked to a tax professional about this?
Customer: no
JA: Anything else you want the Accountant to know before I connect you?
Customer: not really

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.
Many thanks

Thank you for your question.

As a recipient of cash gift, you receive it free of tax because there is no tax on gifts.

For inheritance tax purposes, the gift is deemed a potentially exempt transfer and seven years rule applies to the gift. If the person making a gift survives for 7 full years from date of gift then the gift is out of scope of inheritance tax.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

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Customer: replied 3 months ago.
Great, thanks a lot!

I thank you for accepting my answer.

Best wishes.