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Gift -Tax Implications
Sally57
Posts: 205 Forumite
in Cutting tax
I am lucky enough to have received a gift of £50K from my Aunt. I know my Aunt has to live 7 years before the gift is written off for her tax but as the beneficiary is there any tax implications for me?
I am self employed but earn under the personal allowance (about £10K) and my husband is retired and a non earner with no income except his UFPLS drawdown sum each year.
Any feedback/information on this would be appreciated.
I am self employed but earn under the personal allowance (about £10K) and my husband is retired and a non earner with no income except his UFPLS drawdown sum each year.
Any feedback/information on this would be appreciated.
0
Comments
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There is no gift tax in the UK, and there are no tax implications for you unless your aunt has given so much away that her estate has insufficient funds to pay any IHT that may be due, and that really happens.0
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