Monetary gift

kenya98

I have very generously been gifted £7000 by a friend who is still living. I am self employed, how do I declare this on my tax form and will I be taxed on it? Thanks for any constructive advice

[Deleted User]

You don’t. There is no tax on gifts in the U.K. 

Given that you are self-employed it might be useful if your friend documented the gift in the remote chance that HMRC select your return for further checking. 

Grumpy_chap

kenya98 said:

I have very generously been gifted £7000 by a friend who is still living. I am self employed, how do I declare this on my tax form and will I be taxed on it? Thanks for any constructive advice

You do not need to declare the gift.
You will not be taxed on it.