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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 16043
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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My mother in law wants to gift me £50,000, will I have to

Customer Question

My mother in law wants to gift me £50,000, will I have to pay tax or provide any proof of gifting?
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: No
Submitted: 13 days ago.
Category: Tax
Expert:  Sam replied 13 days ago.

Hi, Sam here , one of the UK tax Experts here on Just Answer, thank you for your question and I shall reply shortly

Expert:  Sam replied 13 days ago.

Hi

You will not have to pay tax as its a gift not income but so keep proof of the details - a letter drawn up from your mother in law detailing the date and the amount would be a good idea as evidence

But if you earn income from this capital sum (through investing it) then the income made there is liable to tax

And of course your mother in law has to consider Inheritance tax which I am sure she is aware of

Thanks

Sam