UK Tax

UK tax questions? Ask a UK tax advisor for answers ASAP

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

I wish to give my daughter a gift of £16000. Would she or I…

I wish to give my...
I wish to give my daughter a gift of £16000. Would she or I be liable for taxation
and if so are there any ways around the situation please? Many Thanks
Show More
Show Less
Ask Your Own UK Tax Question
Answered in 3 minutes by:
7/9/2012
Sam
Sam, Accountant
Category: UK Tax
Satisfied Customers: 14,278
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax
Verified

Hi

 

Thanks for your question

 

The actual gift itself will cause no taxation issues for you or your daughter, the only aspect that you need to be aware of, is that of Inheritance tax, should you not survive more than 7 years from the date of making this gift.

 

If that becomes the case, then if your estate is worth more than £325,000 then this gift will have to be added into the estate and Inheritance tax will be due on it.

 

However, if your estate is less than £325,000 and you survive more than 7 years, then this also is not an issue

 

Thanks

 

Sam

Sam
Sam, Accountant
Category: UK Tax
Satisfied Customers: 14,278
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax
Verified
Sam and 87 other UK Tax Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with an uk tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Sam Your Own Question
Sam
Sam
Sam, Accountant
Category: UK Tax
Satisfied Customers: 14,278
14,278 Satisfied Customers
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax

Sam is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Sam

Sam

Accountant

14,278 satisfied customers

26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax

bigduckontax

bigduckontax

Accountant

931 satisfied customers

FCCA FCMA CGMA ACIS

TEAP007

TEAP007

Tax Preparer

759 satisfied customers

Fully Trained Inspector of Taxes / District Inspector/ Team Leader/ Offshore Consultant/ 41 years

Andrew Baker(baktax)

Andrew Baker(baktax)

Personal Tax Adviser

756 satisfied customers

35+ years experience in income tax, CGT, non-residence

berduchwal

berduchwal

Accountant

669 satisfied customers

Qualified accountant and bookkeeper running my own practice since 2008.

Clare

Clare

Solicitor

148 satisfied customers

25 years exeperience as a high street solcitor

Mrs-Tax

Mrs-Tax

Tax Adviser

59 satisfied customers

Law Degree, 19 years in UK Tax.

< Previous | Next >

Related UK Tax Questions
If a friend gives me £100.000 is this gift liable to UK income
If a friend gives me £100.000 is this gift liable to UK income tax? The friend is the ex-partner of my daughter & the money will be used to buy a property to let. I realise I will have to pay tax on a… read more
Sam
Sam
Accountant
Higher Officer HMRC
14,278 satisfied customers
Are you sure that the money my daughter received in China as
Are you sure that the money my daughter received in China as a gift, that she wish to transfer to uk, she won't be liable for any tax?… read more
Sam
Sam
Accountant
Higher Officer HMRC
14,278 satisfied customers
My name is XXXXX XXXXX years old & still working. As at today
My name is XXXXX XXXXX years old & still working. As at today my net asset value is £150000.00. I believe my Estate will not be liable for Inheritance Tax. If so, how can I legally give cash to my Dau… read more
taxadvisor.uk
taxadvisor.uk
Accountant and Tax Practitioner
Chartered Certified Accountant - FCCA
3,192 satisfied customers
I wish to give each of my 3 daughters a gift of £17000. I understand
I wish to give each of my 3 daughters a gift of £17000. I understand the implications of Inheritance Tax and understand that they won't have to pay Income Tax but not sure about Capital Gains Tax. Als… read more
TonyTax
TonyTax
Tax Consultant
High School or GED
8,914 satisfied customers
We are purchasing an 8 acre field 2 miles from our home in
We are purchasing an 8 acre field 2 miles from our home in Wool, Dorset. We would ideally like this to be owned by our daughter who is 19 as it is for her horses to live in. We are re-mortgaging our h… read more
Sam Pathak
Sam Pathak
Chartered Tax Adviser
Master\u0027s Degree
461 satisfied customers
I was the legal guardian of 2 of my cousins children when he
I was the legal guardian of 2 of my cousins children when he died. The other guardian was his eldest daughter. When the house was being passed to the Children I was named as joint owner (with the elde… read more
Sam
Sam
Accountant
Higher Officer HMRC
14,278 satisfied customers
My daughter is resident in the UK and pays UK tax. I am a
My daughter is resident in the UK and pays UK tax. I am a resident of the USA and pay US tax. Mt daughter wants to give me a gift of cash. The amount is such that US tax would not be incurred. Would I… read more
Sam Pathak
Sam Pathak
Chartered Tax Adviser
Master\u0027s Degree
461 satisfied customers
i am giving my half of my property worth 110000 pounds to my
i am giving my half of my property worth 110000 pounds to my daughter as i have terminal cancer and wish to have everything sorted out before i die will she be liable for tax after i die… read more
Sam
Sam
Accountant
Higher Officer HMRC
14,278 satisfied customers
I have a flat in Gl asgow in my name. I want to add my Daughters
I have a flat in Gl asgow in my name. I want to add my Daughters name to the title. Are there any Tax/financial implications to this, and if so what is the best way to proceed?… read more
TonyTax
TonyTax
Tax Consultant
High School or GED
8,914 satisfied customers
I am 88% share holder in a UK based manufacturing business
I am 88% share holder in a UK based manufacturing business , and recently retired to Vietnam , leaving my daughter to manage the business. To keep this brief i wont go into reasons , but I would like … read more
TonyTax
TonyTax
Tax Consultant
High School or GED
8,914 satisfied customers
As a british citizen who has been residing outside the UK for
As a british citizen who has been residing outside the UK for five years, I would like to give my daughter, who is resident in the UK, a gift in cash. Would she be liable to pay any tax on the sum of … read more
Andrew Baker(baktax)
Andrew Baker(baktax)
Personal Tax Adviser
High School or GED
756 satisfied customers
My wife and i both in our 60.s we would like to transfer our
My wife and i both in our 60.s we would like to transfer our deeds to our only child (daughter ) on our detached property valued £250K .Our daughter currant lives in her own home with a morgage of £10… read more
Sam
Sam
Accountant
Higher Officer HMRC
14,278 satisfied customers
my widowed mother is going to change the deeds on the house
my widowed mother is going to change the deeds on the house so that it will be in my name and my sisters name she will continue to live there i have heard we will be liable for capital gains tax can y… read more
TonyTax
TonyTax
Tax Consultant
High School or GED
8,914 satisfied customers
Sam tax You helped a colleague of mine with an answer regarding
Sam tax You helped a colleague of mine with an answer regarding tax and she was impressed with your response so I would be interested if you could help myself now and possible in the future. I am an a… read more
Sam
Sam
Accountant
Higher Officer HMRC
14,278 satisfied customers
I am about to purchase a 2nd home. My intention is to re-furbish
I am about to purchase a 2nd home. My intention is to re-furbish this and re-sell it at a profit. The house is being repossessed and a purchase is agreed at £250,000 the resale value will be about £42… read more
Sam
Sam
Accountant
Higher Officer HMRC
14,278 satisfied customers
My wife and I own a property in France. We have two daughters
My wife and I own a property in France. We have two daughters and one daughter is prepared to give up her inheritance of the property share to the other daughter . the first daugter has a dept on the … read more
Sam
Sam
Accountant
Higher Officer HMRC
14,278 satisfied customers
I am a grandparent and wish to proide a substantial two year
I am a grandparent and wish to proide a substantial two year interest free loan to my grandchildren. Their ages are 6months and 28months. They in turn will make a loan to my two daughters age 29 and 2… read more
Sam
Sam
Accountant
Higher Officer HMRC
14,278 satisfied customers
My mother-in-law is considering selling her property (now she
My mother-in-law is considering selling her property (now she is on her own) and moving to a smaller house. This will allow her to divide up any excess between her sons/daughters. Would tax be liable … read more
Clare
Clare
Solicitor
Bachelor's Degree
148 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x