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Posted Sat, 15 Jul 2023 09:01:34 GMT by
Is it required (or preferable) to declare substantial amounts of gifting to relatives in Self Assessment returns?
Posted Thu, 20 Jul 2023 17:26:12 GMT by HMRC Admin 25
Hi sunita seal,
Gifts of money to relatives have no income tax implications and so do not have to be declared in a Self Assessment tax return.
There may however be Inheritance Tax implications:                                                       
Work out Inheritance Tax due on gifts
Thank you. 

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