Tax on non-cash gift

Cloth_of_Gold

If someone gives something other than cash, i.e. a physical object which will depreciate in value, to someone who is not a spouse or other relative might there be any tax the recipient has to pay? I'm not talking about inheritance tax but whether the recipient has pay any sort of tax, e.g. income tax, themselves. If so, what are the rules please?

eskbanker

There is no gift tax in the UK, but difficult to be absolutely definitive about any liability without more to go on, in terms of potential for, say, capital gains tax if the mystery item falls within scope of that, or employer/employee, or something potentially affecting benefits claims, etc.

Cloth_of_Gold

eskbanker said:

There is no gift tax in the UK, but difficult to be absolutely definitive about any liability without more to go on, in terms of potential for, say, capital gains tax if the mystery item falls within scope of that, or employer/employee, or something potentially affecting benefits claims, etc.

Sorry, I wasn't meaning to be vague but it was very late!  I'm asking for someone else. They wish to give a vehicle they no longer use to a friend but are concerend that the recipient might have to pay tax in some form. I'm not sure how much it's worth but probably in the low thousands - 4 or 5 at most I should have thought. They are not related to the recipient nor do they emply them. 

Nomunnofun1

Cloth_of_Gold said:

eskbanker said:

There is no gift tax in the UK, but difficult to be absolutely definitive about any liability without more to go on, in terms of potential for, say, capital gains tax if the mystery item falls within scope of that, or employer/employee, or something potentially affecting benefits claims, etc.

Sorry, I wasn't meaning to be vague but it was very late!  I'm asking for someone else. They wish to give a vehicle they no longer use to a friend but are concerend that the recipient might have to pay tax in some form. I'm not sure how much it's worth but probably in the low thousands - 4 or 5 at most I should have thought. They are not related to the recipient nor do they emply them. 

The recipient will not pay any tax whatsoever. As before there is no tax on gifts in the U.K.

penners324

If it's person to person there is no tax.

If it's employer to employee then yes there is tax.