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Paying tax on gifts
patchwork_cat
Posts: 5,874 Forumite
in Cutting tax
Do you have to pay tax on receipt of monetary gifts if you are already working and therefore over your tax free threshold?
0
Comments
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What is the source of the gifts?0
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There is no income tax to be paid on gifts unless the "gift" is from your employer. There may be Inheritance Tax implications on gifts from private individuals0
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"monetary gifts "? Sounds like tips to me: http://www.hmrc.gov.uk/working/tips-bonuses.htmTips
A 'tip' is a payment that is freely given by the customer, normally in return for services.
You'll have to pay Income Tax on any tips you get when you're working.0
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