Tax on monetary gift

Tubbbsy | 19:25 Wed 28th Mar 2007 | Personal Finance

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I am about to be given around �30K as a gift from my father. Is this taxable at all?

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Not at the time of the gift.

If he doesn't live for 7 years there is the potential for Inheritance Tax (paid by his estate, not you personally) if taken with his other assets it amounts to more than the threshold.

If you invest it you will be liable to tax on the income of course.

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