reddev3
Joined: 8/6/2024
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RE: Tax on Money being gifted
got it, thank you. Have a nice day -
RE: Tax on Money being gifted
Ah, see my mistake now. the admin said there was no income tax and that's what i thought the tax was on gifts. Ok thank you.
Feedback . -
RE: Tax on Money being gifted
Why would I need to do that if the question is about gifts and nothing to do with inheritance? -
Tax on Money being gifted
Hi, I have seen a few times HRMC admin reply on these boards with " There are no income tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends." in regards to receiving large amounts of cash as a gift (£10k+) Does this mean if a family member gifts me £100,000 and I spend it all on things along the lines of Crypto, Premium Bonds, Non Dividend Stocks, gold etc that I wouldn't have to pay inheritance tax on this gift as long as the money was spent straight away (money spends less than 1 month in my bank) and none of these examples return interest or dividends? Thanks