Declaring gift tax

[Ihaveaquestion]

Hello all,

I have been living overseas for many years now.

My parents who are in the UK would like to send me some money as a gift. They will probably send under 3,000 pounds.

Do I have to either report or pay anything to the IR? Or do my parents have to report or pay anything?

Thank you.

[tax_schmax]

No reporting necessary. If the gift is the only one in excess of £250 in this tax year, It could be considered as using part of or all of the annual £3000 gift allowance, depending on how much they actually send you. They should keep a record in case they make further gifts in future.

[A Humbridge]

Anybody/everybody - please feel free to shoot me down in flames and maybe I'm being kinda pedantic . . . BUT . . . there is no such thing as a 'gift tax' in the UK. True, one may get caught by Inheritance Tax at some point down life's winding and bumpy road, but a 'gift tax', as such, doesn't exist in the UK.

I am now ducking for cover . . . .

[tax_schmax]

Obviously you are right, but I'd only add to your comment "YET". Never say never.

Also, paying lifetime rates on CLT in excess of the threshold, and periodic and exit charges are a sort of gift tax. I know they are Inheritance Taxes, but nobody has necessarily died in these cases, and therefore not strictly inherited anything. .