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Where Taxpayers and Advisers Meet

Cash Gifts - Liability ?

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mudflaps
Posts:3
Joined:Wed Aug 06, 2008 3:09 pm

Postby mudflaps » Sun Apr 04, 2004 11:02 pm

Hi,

If X gives Y (assume they are not related) $50K is Y liable for any kind of tax ?

I appreciate there will be IHT implications for X.

Thanks...
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Donkey1
Posts:30
Joined:Wed Aug 06, 2008 3:10 pm

Postby Donkey1 » Fri Apr 09, 2004 1:40 pm

As long as it is a true gift and not earned or exchanged for anything of value I can't see how a UK tax charge could arise
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