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Taxes owed on gifts from friends

PPA
Posted Fri, 27 Jan 2023 00:32:16 GMT by PPA
If I receive a cash gift from a friend (not a relative) do I owe taxes on the gift?
HMRC Admin 10
Posted Tue, 31 Jan 2023 12:06:51 GMT by HMRC Admin 10
Hi
Income tax is not chargeable on  money received as a gift from a friend.
However any bank interest that accrues may be taxable.                                                                                                                                                      You may also wish to check the Inheritance Tax rules.
Inheritance Tax: general enquiries
Thankyou.
Regards.

 
PPA
Posted Thu, 02 Feb 2023 02:22:56 GMT by PPA
Thank you for this information. Is there an upper limit to this tax free gift allowance, i.e. is it limited to £3000 a year?
HMRC Admin 19
Posted Wed, 08 Feb 2023 11:18:40 GMT by HMRC Admin 19
Hi,

Income Tax is not chargeable on gifts of money from friends, regardless of the sum involved.

Thank you.

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