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Gift Money
northwest1965
Posts: 2,098 Forumite
in Cutting tax
My mother in law wants to gift my husband £10K. I am right in saying that this figure is then taxable at his current tax rate?
Loved our trip to the West Coast USA. Death Valley is the place to go!
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Comments
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northwest1965 wrote: »My mother in law wants to gift my husband £10K. I am right in saying that this figure is then taxable at his current tax rate?
In a word NoThe only thing that is constant is change.0 -
There's no gift tax in the UK.0
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That is good news. Thanks!Loved our trip to the West Coast USA. Death Valley is the place to go!0
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Having £10k in capital may affect any benefits he claims so it's worth checking that out.0
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There could potentially be an IHT consideration.
http://www.hmrc.gov.uk/inheritancetax/pass-money-property/exempt-gifts.htm
Is your MIL receiving any means tested benefits? If so, there could be a deprivation of capital consideration.0 -
There could potentially be an IHT consideration.
http://www.hmrc.gov.uk/inheritancetax/pass-money-property/exempt-gifts.htm
Is your MIL receiving any means tested benefits? If so, there could be a deprivation of capital consideration.
MIL doesn't receive benefitsLoved our trip to the West Coast USA. Death Valley is the place to go!0
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