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Sam
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Category: UK Tax
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What are my tax liabilities if my parent gifts me an amount

Customer Question

What are my tax liabilities if my parent gifts me an amount of money, in-lieu of an inheritance
Submitted: 1 year ago.
Category: UK Tax
Expert:  Sam replied 1 year ago.
Hi Thanks for your question - if this is just money then you have no tax liability at all on the actual capital gifted, but if you earn money from this lump sum (such as interest from a bank or building society) then this is liable to tax. And for your parents any amount in excess of £3000 could attract Inheritance tax should they (both or either) not survive more than 7 years from the date of making the gift. Let me know if you require any further assistance on this matter Thanks Sam

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