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Posted Fri, 02 Jun 2023 11:09:32 GMT by P F
Hi there I am attempting to purchase a Shared Ownership property. My sister who is based in Ireland has offered to gift me the deposit of £22,500. My accountant has said I would need to pay tax on any gifted amount above £3,000 per year from any one person but my mortgage broker seems to think this would fall under 'potentially exempt transfer'. Could you please clarify, if I were to receive the above sum of £22,500 as a cash gift would it be counted as income (I'm self employed) and therefore taxed as part of my income for the year. Or is it exempt? Thank you P
Posted Tue, 06 Jun 2023 11:04:11 GMT by HMRC Admin 8
There are no income tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends.
These would then potentially be subject to tax.  
Further guidance can be found here:
Tax on savings interest
Tax on dividends
Thank you.


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