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Monetary gift
kenya98
Posts: 1 Newbie
in Cutting tax
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
0
Comments
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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.1 -
You do not need to declare the gift.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 will not be taxed on it.1
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