Gift when self employed

sunnygirls

Hi just hoping someone can answer my question , my other haf is self employed as a subcontractor on the cis scheme , so shortly we will be doing his self assessment . His mum gave us a gift of £5000 last year ( she gave all her chidren this amount ) will this need to be put down in his accounts anywhere ?
Thanks Sunny

CLAPTON

no

there is no tax on gifts

although there may be inheritance tax implications if she dies within 7 years of the gift

dan.date66

Clapton is correct. No tax implications for you regarding self-assessment, but your mother-in-law should keep a record of all the gifts she has made and dates - keep them in a safe place so that when she dies you can work out the PETS and possibly save on her IHT.