| Archive for Downsizer For an ethical approach to consumption |
| Northern_Lad |
Gift PaymentsAt least I think that's what they're known as; money someone gives you for no real reason.Anyway, whatever they're called, how much can you receive in a financial year before you have to pay tax on it? |
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| Chez |
I think it depends who they are, how much it is and whether they die within seven years of giving it to you:
http://www.hmrc.gov.uk/leaflets/cgtfs1.htm Edit: And here, towards the bottom: http://www.hmrc.gov.uk/CTO/customerguide/page6.htm#12 |
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| Northern_Lad |
Hmm, thanks for them. They're mainly dealing with being the giver rather than the receiver though.
Encouragingly, this bit was nice to know...
If it effects anything, it would be cash coming from France to someone based in the UK. |
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| Chez |
Hmm, not sure. I don't think the country-thing makes any difference, provided it's not coming in used notes from Bolivia ... . Have you got an accountant you could ring up and ask? Ours is quite good with questions like that. | ||
| judith |
It is still unearned income, whatever the source. There are some allowances for gifts from close family members, but mostly it is treated as income for tax purposes. | ||
| Northern_Lad |
I have, yes, but the answer's a bit unclear at the moment. |
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| Northern_Lad |
That's pretty much what I though, but I have it my head you can receive x before you get taxed. 
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| judith |
IIRC you can receive up to £6000 from parents (possibly only parents) per calendar year. |