Gift Tax

craig1000

My dad would like to sell the shares he has in a share account and give the proceeds to me as a gift to use towards a deposit for a house and to invest for mine and my familys future. If he does this would he or myself be liable to pay any tax? The ammount would be approx 30,000 pounds. I am a self employed electrician and dont want it classed as income on my tax return or would i have to put it down? Any comments on these subjects would be great!

RayWolfe

There is no gift tax in the UK.
The only tax implication could be Inheritance Tax if your father dies within seven years of making the gift.

craig1000

Cheers, with it in mind that the ammount is only 30,000 and he will be leaving himself with less than 20,000 would i be right to assume that inheritance tax wouldnt apply anyway. Also would i need to declare it as income or can i just pay it into my account and thats it?

localhero

Yes, you are right IHT would not apply in this case.

You do not need to declare it on your tax return. Obviously you may pay some income tax on the interest.