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    jessmjc
    Cash Gift from parents - Do I need to pay income tax on this gift ?
    • #1
    • 13th Aug 05, 7:46 PM
    Cash Gift from parents - Do I need to pay income tax on this gift ? 13th Aug 05 at 7:46 PM
    I am about to receive a cash gift from my parents of 100,000.

    From an IHT perspective I fully understand that as long as they live 7 years this cash will not form part of their estate and will therefore be free from IHT.

    However, as this is a gift to myself, Should I be paying income tax on this money ?

    I fully understand I will have to pay tax on the savings that this cash generates but the income tax situation is a little confusing, any help/advice appreciated.

    regards

    Jessmjc
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