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Cash gift received
Boris2019
Posts: 2 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
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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
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