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Where Taxpayers and Advisers Meet

Received Significant Gifted Totals from Parent - Income Tax Liability ?

trnd777
Posts:10
Joined:Thu Oct 12, 2017 10:09 am
Received Significant Gifted Totals from Parent - Income Tax Liability ?

Postby trnd777 » Sat Nov 18, 2023 2:22 pm

I've hopefully been up all night worrying about nothing - but if you receive gifted amounts of cash from a parent...below combined IHT threshold £650,000......(and I know this is the Income Tax thread)....

These received amounts do not rope me into personal income tax for the amounts themself..."only any subsequent profits arising from the money received - whether CGT from stocks etc or activities under income tax- as I have scanned on google snippets top of search....?

I hope that is correct...!

pawncob
Posts:5084
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Received Significant Gifted Totals from Parent - Income Tax Liability ?

Postby pawncob » Sat Nov 18, 2023 8:59 pm

Yes
With a pinch of salt take what I say, but don't exceed your RDA

trnd777
Posts:10
Joined:Thu Oct 12, 2017 10:09 am

Re: Received Significant Gifted Totals from Parent - Income Tax Liability ?

Postby trnd777 » Mon Nov 20, 2023 10:11 am

Great, thanks good to know.

That was on some tax advice website where I think they should have put "IHT tax over 650k gifts on non-propery assets", not "income tax" in the sentence...not the best wrong info to read last thing at night !


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