tax on monetary gifts

[ianbeck]

I may be about to receive some money from my father which he has inherited. He will obviously pay the tax on the estate. Do I have to pay tax on the money he will give to me

[dzug]

No - there is no gift tax in the UK.

[Loosehead]

Not unless he dies within 7 years then it will itself be treated as inheritance. The relief up to 7 years is tapered.

[themas]

The inheritance tax bit only applies if his estate when he dies is above the tax free limit - currently �285,000.

[WendyS]

Your father can give away �3000 every year free of any tax. Larger sums will be tax free but only if he lives for a further 7 yars.