Received Significant Gifted Totals from Parent - Income Tax Liability ?

[trnd777]

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]

Yes

[trnd777]

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 !