We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Cash gift received
Boris2019
Posts: 3 Newbie
in Cutting tax
My sister in law is selling her home and partners home and buying a bigger house, she is going to gift us a cash gift of 15k would this be classed as inhertinace tax or capital gains? would we need to pay tax?
0
Comments
-
Neither - there is no gift tax in the U.K. You have nothing to pay and no need to declare it.
If she dies within 7 years of the gift it MAY affect inheritance tax payable on HER ESTATE but even then it would have to have a value exceeding £325000 and, as she is married and a home owner, potentially much more than this amount.
I think that you can safely relax.0 -
Plus she has an annual exemption of £3,000 (£6,000 if she didn't use it last tax year).0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.6K Work, Benefits & Business
- 603K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards