How much tax on a £30,000 gift?

confused29

My boyfriend has recently sold one of hes properties,and wanted to give me a gift of £30,000 to put towards a property where he will also be living,(although the property will be in my name) will I/he need to pay tax on this gift?

Thanks in advance for any help.

fengirl_2

You won't pay tax on it, but his estate may have to if he dies within 3 years.

confused29

Thankyou Fengirl, is there a certain threshold on a cash gift which cannot be gone above if wanted to remain tax free?

RayWolfe

There is no gift tax in the UK ... therefore, no limit.

CLAPTON

just to say... if he sold a property that wasn't his residence then he may have a CGT liability on the profit.

But he can give you whatever he likes without tax liability for either of you as fengirl and raywolfe have already said.

terryw

fengirl wrote: »

You won't pay tax on it, but his estate may have to if he dies within 3 years.

Estate has to be more than £300,000 and it is not 3 years but 7 years.

confused29

Thankyou for your help guys, much appreciated.