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tax free gifts
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What is the limit tax free you can gift to family members per annum?
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For more on marking an answer as the "Best Answer", please visit our FAQ.At the time of the gift, there is no tax liability of any sort whatever the size of the gift.
If the person making the gift dies within 7 years and his total estate (including any gifts, but with exceptions for small gifts) falls above the Inheritance tax threshold, then there can be a tax liability then. IHT is a complex subject - this is only a very much oversimplified account of it. The threshold is �285,000 as of next April.