Cash gifts

neil324

Hi


I received a cash gift of £7,200 from a family member during the last tax year. I'm not PAYE and I do not file a self assessment. Do I need to tell HMRC about this gift.


Thanks.

Linton

No, there is no tax on gifts in the UK.


If the donor dies in the next 7 years it is theoretically possible but very unlikely that HMRC could want an inheritance tax payment from you. But this is nothing to do with income tax, PAYE and self assessment.

neil324

Thanks. I'm aware that gifts are tax free apart from IHT and the 7 year thing. But I'm not sure if there is a rule/law that cash gifts need to be declared.

Linton

neil324 wrote: »

Thanks. I'm aware that gifts are tax free apart from IHT and the 7 year thing. But I'm not sure if there is a rule/law that cash gifts need to be declared.

Gifts should not be declared, it would probably confuse things no end if you did.