Do I pay tax on cash gifts I receive?
No. However, you may have to pay tax on any income that the cash gift generates – for example bank or building society interest.
You do not need to declare cash gifts you receive on a Self Assessment tax return.
However, the donor (giver) of the cash may be potentially subject to inheritance tax if they die within seven years of making the gift.
If the cash gift is being made from overseas, you should check whether there are any tax or other implications in the overseas country.
Contact us to know more!
Priti
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