Gift from Friend is it Taxable?

Charlie_34_2

Hi,
Could anyone tell me if I receive a gift from a friend is it taxable ?
Is there a limit to the amount that I can receive in one taxable year?

le_loup

Please do a search on here.
This question has been answered a thousand times before.
No.
No.

Charlie_34_2

Thank you I am trying to find put am quiet knew to this thread so if you have a link on it that would real help, appreciate your time and efforts !

TheCyclingProgrammer

Charlie_34 wrote: »

Thank you I am trying to find put am quiet knew to this thread so if you have a link on it that would real help, appreciate your time and efforts !

First result on Google for "HMRC tax gifts":

http://www.hmrc.gov.uk/inheritancetax/pass-money-property/exempt-gifts.htm

Note that any potential IHT on a gift would be on the giver's estate, not the recipient. In almost all cases, there is no tax on gifts in the UK for the recipient.

Charlie_34_2

Thank you once again for your help! I presume in this situation when one friend gives a gift to another friend the following HMRC exemption rule applies , am I thinking correctly here?


The 7-year rule - 'potentially exempt transfers'


Thanks a lot!

TheCyclingProgrammer

Yes although certain gifts are automatically exempt regardless. Again, see HMRC website for details.

Charlie_34_2

That's great! Thank you very much for your help and time!