Property News · January 11, 2012

Is a financial gift liable for income tax?


Q My parents have recently downsized and have money in the bank which is far beyond what they need, so they have said they would like to give some of it to me and my sister – it would be in the region of £50,000 each.I understand that if neither of them survive beyond seven years then tapering inheritance tax (IHT) will apply, but what I am not sure of is whether I will be liable for income tax on what amounts to unearned income? My personal tax allowance is used up within my earnings. AS Continue reading…

Source : theguardian.com
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