Receiving money from family (from EU)

Hi everybody My mother in law is planning to grant us around Ł8500 after selling her inherited house in Hungary. Do we need to pay any tax if we receive it as a "help from a family member"? Many thanks

Hi,

There are no tax implications on the giving or receipt of cash gifts, but you may wish to speak to Inheritance Tax regarding any Inheritance Tax implications.

How Inheritance Tax works: thresholds, rules and allowances

Inheritance Tax: general enquiries

You may also want to review the guidance at:

How Inheritance Tax works: thresholds, rules and allowances

Thank you.