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Posted Thu, 25 Jan 2024 14:25:36 GMT by
My former business partner wants to personally gift me £85,000. My understanding is I don't need to include this in any self assessment. Is this correct?
Posted Mon, 05 Feb 2024 12:30:10 GMT by HMRC Admin 19

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. You can see guidance here:

Tax on savings interest

Tax on dividends

Thank you.

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