We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
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
-
What is the source of the gifts?0
-
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
-
"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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.2K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.8K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards