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tax on a cash gift?
Bloo
Posts: 36 Forumite
in Cutting tax
If you were to receive a gift of cash frm a living older relative, what tax would be payable and by whom?
eg. if you rec'd £25,000 would CGT apply and if so how much and to whom
many thanks
Bloo
eg. if you rec'd £25,000 would CGT apply and if so how much and to whom
many thanks
Bloo
0
Comments
-
no tax to pay on a cash gift
although if the relative dies with 7 years the gift will be 'added' back to his estate for IHT purposes.0 -
ok, thanks.
your advice is greatly appreciated0 -
Though if the relative sold assets to make the gift and made a capital gain on the assets - THEY may have tax to pay.
But that's not your problem.0
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