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Gift of Money to Family - Is There a Gift Tax UK?

Tony D | The Chief Finance Officer 111 views

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If you gift money or items with a monetary value to family members, what are the potential tax implications? Something you should be aware of brbrTime Stamps: br0:40 - What counts as a gift? br2:05 - How much can you gift? br3:47 - The taxes to consider, including inheritance tax br5:20 - Special rules to take into account
Comment from : @tonydCFO

it should be illegal to tax people on money they've already been taxed on
Comment from : @m4d-fx

Inheritance Tax is THEFT
Comment from : @peterwilliams6188

Did alli pay any tax for the money he gave to the labor mps
Comment from : @steveneady-ff4ze

Please explain inmore detail the £250 limit Can I give £250 to my children as often as I like and this be exempt from inheritance tax?
Comment from : @philippayne8901

Go buy as many soveriegns as you can n gift them out
Comment from : @johnfitton3716

Its disgusting tbh youve already paid tax on it n should be able to do what you want with it
Comment from : @johnfitton3716

Given my children about 200 thousand and never paid a penny tax on it Its nothing to do with tax man how I spend my money or give it away Feck um
Comment from : @wontbelongnow5567

This was interesting, but as you say, HMRC has great difficulty tracking individual "spending," so a cash gift is difficult if not impossible to track, Being honest who keeps receipts of day to day cash spends? However, the cashless world we are running towards would be very helpful to our greedy little tax man, who ignores billionaires and international corporate business avoidance schemes (yes, Amazon, I'm looking at you, and Apple of course)
Comment from : @robba1234

Did the PM pay tax on the money he received as a gift?
Comment from : @pat23668952

Inheritance tax is immoral…………
Comment from : @alanpowell24

Does this include politicians gifts, like the ones Starmer received?? 😂
Comment from : @jonwelderbeast438

¡”
Comment from : @BethTomlinson-u4e

So here's a question, how much did the Queen leave to her family and how much tax was paid?
Comment from : @witsend236

HMRC's generosity knows no bounds!
Comment from : @stephenmatura1086

Maybe you could gift physical gold, rather than digital currency through the bank ?
Comment from : @Will46666

What happens if a sibling has NOT returned an outstanding £200,000 property IOU from our late mother more than 7 years ago and the sibling has probably NOT notified UK HMRC, and what happens if the sibling has stolen from our late mother's Spanish bank account?
Comment from : @kimballentyne3482

How about you set up a Foundation and pay 3 tax a year and move all your wealth into your Foundation All other tax is avoided when within a Foundation which must pay a min of 3 a year Ever wondered why so many rich people have Foundations
Comment from : @TheSmallRabbit

Move out of the UK before your end date and take your wealth with you
Comment from : @TheSmallRabbit

With this governmentyou gotta be kidding me
Comment from : @PennySelkirk-z8b

Am I not correct in thinking that gifts from income do not attract tax I have a substantial shareholding in an ISA and gift the dividend cash to family as it surplus to my requirements in my old age
Comment from : @geoanderton82

What if u win the lottery and want to give 1 million to your daughter?
Comment from : @rogerdraycott3486

Another reason Revolution is needed to stem the greed of the let them eat cake class!
Comment from : @punkeasy

Thank you for your valuable content How much would let's say a gift of 5k above the 3k threshold be taxed? Thank you
Comment from : @marianocamerlingo3509

Can you gift to the same person the maximum for that year every year with out filing a Form 709 Gift Tax Return?
Comment from : @mrbigcat9

Inheritance Tax is a tax on wealth that has already been tax Basically it’s total theft from the state
Comment from : @johnastreet

Hello Tony, Thanks for the videos Very useful I have a question Can I gift money to my son who lives in UK I am a tax resident in India Purpose is to help him buy an apartment in UK
Comment from : @kalu13111968

Surely in many cases the gift money has already been taxed via salaries earned over the years, so this inheritance tax or gifts are double taxation? Exception would be property appreciation Income from investments similarly would be taxed via annual tax declaration and also be double taxed ? Doesn't seem right?
Comment from : @encouragesolutions2595

What about gifts from say ecoflow to a you tuber is there tax to be paid ?
Comment from : @ajw1467

My sharesave is coming to an end this year I'm struggling to find information on how I can avoid capital gains by passing shares to my wife I'm set to make 40k cgt
Comment from : @Ruffest

I want to gift a house to my sister, There is no mortgage on the property I bought it 15 years ago She has lived there all this time Will continue to live there What are the tax implications?
Comment from : @yogeshkotecha6867

If I gifted my son property, but he now wants to give me beneficial interest in the same Can he do that
Comment from : @I-islam575

Hi you saybrbr“There is a differentiation between gifts from savings/wealth and gifts from surplus taxed income, which may be exempt”brbrSo if I give a gift from wealth what exactly is wealth? Is this not the same as giving a gift from surpluses tax income?brbrThanks
Comment from : @allenwoodward6825

Hi, just I want to know If I want transfer my savings in India transfering to UK bank for home buying purpose is required to pay tax?
Comment from : @sunilmalur

Gov mandated theft; simple
Comment from : @johnnynrg

Great video, thanks One quick question If a married couple give regular gifts from their joint bank account, is it assumed that the gifts are 50 from each? brbrFinally, any information on the use of trusts to protect family wealth, including Flexible Reversionary Trusts ,would be of interest brbrThank you
Comment from : @gordont9042

Im curious about tik tok content makers who receive gifts do they have to pay tax on them?
Comment from : @khanshaab9

I dont understand what you mean about the threshold increasing to £500000 if value of estate is less than £2M Please explain
Comment from : @faa8882

If I send money to some one out side family (living in UK) as a gift, lets say 5000 to 10,000 £ Will the receiving person face tax?
Comment from : @muhammadsaeed6057

Is there anyway remittance can be banned 😢sending money back home has driven us into debt, depression and hopelessness
Comment from : @angelstarz92

So can I give my partner regular gifts to help her out when looking after the children and can these go against tax please?
Comment from : @gusolive

I need to know more about this 💪
Comment from : @gusolive

Hiya, this video has been super usefulbrJust wanted to know what happens if you have some sort of gift money ie part of bday or wedding but as cash Does this get taxed if you try and deposit in bank?
Comment from : @loveheartbeauty1

My parents is Hong Kong resident They want to send me a large amount of money to buy ahouse from Hong Kong as a gift Do I need to pay tax for receiving a large amount of money as gift from my overseas parents? Also do I need to declare those gift as self assessment? Thank you very much
Comment from : @Pigchee

Good video It would have been nice with a couple of example scenarios Ie I gift 30000 one year to my brother
Comment from : @silentwhispersjv

How's we count if it is the money in the joint bank account?
Comment from : @swchoi6376

Hi there, quick question, my dad passed away in 2016 leaving a property worth 800k (Didn't use his tax allowance of 325k, now if my mum sells the property and gifts the money away to us siblings as cash, will there be tax to pay still as its cash from the property sale? As in can we add dad's "unused" tax allowance to mums £500k threshold? Thanks
Comment from : @tarakkhandakar

Hi Aidhan, Do you have any published video for Indian settled in UK but earn interest in Indian in NRE account? Thanks
Comment from : @mojgarg

Hello thereMother passed away a year agoMy sister and her family live thereIts now up for sale and I believe we have a buyerMy sister owns 55 per cent and I own 45 per centThe property will sell for £530,000After expenses, will there be any taxes that I have to pay,as this money will go towards me buying a house to live in?Kind Regards, EEdison
Comment from : @eredison8584

Hi,brbrI am paying a family member a sum of money every month 1-2k Would they have to pay tax on this ?
Comment from : @ar8829

Hi Aidhan, thank you for all your very informative videos I have a question:- Is it possible to gift a fully paid off house to my sister? What will be the tax implications on doing so? Thank you
Comment from : @bgurung9046