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Tony Tax
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 15660
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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If I have a living parent who wishes to give me money, is there

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If I have a living parent who wishes to give me money, is there a limit on the amount that I can I can receive without having to pay any tax on that money? Would my parent have any tax liability?

There is no limit to the amount of money your parent can give you which will not be tax free in your hands. Your parent would have no immediate tax liability. However, should your parent die within seven years of making the gift, its value will remain in their estate for Inheritance Tax purposes unless it is an exempt gift. You can read about exempt gifts here.

You might also look at the notes here which tell you who is responsible for paying Inheritance Tax in different circumstances.

I hope this helps but let me know if you have any further questions.
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