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Declare monetary gift?

Peter Kennedy
Posted Mon, 04 Dec 2023 13:37:25 GMT by Peter Kennedy
Hi. My elderly father has decided to give his children, me included, a gift of £10k each. Do I have to include this in my next tax return? If so, as my brother and sister are both on PAYE - will they also have to declare the gift? TIA
HMRC Admin 19 Response
Posted Wed, 06 Dec 2023 15:34:50 GMT by HMRC Admin 19 Response
Hi,

No, you do not declare this as there is no Income Tax on cash gifts.

Thank you.

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