Tax payable on receipt of gift from parents

exexpat_2

Hi all,

I think I know the answer to this question but in preparation for the year ahead I hope someone can just sanity check this for me.

In the current financial year my parents made several gifts of cash to me. These were from their savings as I understand it and I used them immediately to pay off debts - they did not go into a savings account or get used to buy any assets directly.

My understanding is that no capital gains tax or other tax is payable by me on receipt of gifts such as this. The only gain I have made out of the whole process is the interest I am now not paying on the debt.

Am I anywhere near the mark?

Thanks in advance all!

J

ceeforcat

There is no tax on gifts for the recipient in the UK

ceeforcat

While Malcnascar has been very comprehensive in his reply, it should be noted that if your parent's estate is under the inheritance tax threshold, there is no tax to pay regardless of the size of the gifts.

Regardless, as I have previously answered, the op, as the recipient, will not be liable to any taxes of any kind upon receipt of the gifts.