Is tax payable on a gift?

kingarhu

If I give my daughter a large cash sum as the deposit for her house would she be liable for any form of income tax? I have a fair idea of my IHT implications, but it just occurred to me that she might end up paying tax on it, which would not be good at all.

Mikeyorks

No. There's no UK gift tax.

The usual caveats centre around potential IHT implications ...... but not if you're aware.

McKneff

No there are no tax on gifts in the UK.

She would only pay interest on the interest that it earns in her bank.

I think and I only think if its for a deposit for a house she has to declare it to the mortgage people as a gifted deposit.

kingarhu

I've found another thread which answers my question very clearly - no tax payable by her, so unless anyone has any other information, thank you for reading and good night.

McKneff

Thanks a lot, this thread also answers your question very clearly, why do you need nother thread?

kingarhu

I'm sorry - I didn't mean to offend you. If you look at the timings of the post you will see that they were within a couple of minutes - when I wrote my sign off there were not any replies showing for my post. Thanks again for your advice (I did thank you yesterday).