Gift Tax

Some Gifts are taxable under the UK Taxation Laws. According to the laws, a gift is a voluntarytransfer of property from one person to another without any monetary consideration.

Gifts could be of two major kinds:either deathbed gifts or lifetime gifts. The gifts can be remunerative, outright or onerous in nature. Different kinds of gifts mean different kinds of taxation.

If the total amount of gifts that you have received in less than £3,000 , you will not have to pay any tax.

The taxation laws also allow you to carry forward certain part of your annual allowance in the next year.

You can make multiple gifts of a smaller value to multiple people all year round.

There are various occasions like civil partnerships or marriages, where all gifts are exempt from taxation.

IMPORTANT DISCLAIMER:
This article does not constitute advice. This article is to be used as a general guide for our clients for their own private information Read More.

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