Gifts of Money

A question about : Gifts of Money

Hello,

Can anyone clear up a simple (I hope) question?

What if any money am I allowed to receive without it being subject to a self-assessment tax liability?

There have been many articles and forum discussions on gifting money in relation to family inheritance tax - but this isn't anything to do with that. Thanks.

Best answers:

• Doesn't make any difference whether it's to do with IHT or not- the principle is still the same. Gifts are not subject to income tax. They are not income. So you can receive any amount without having to declare it as income
  Once you have the gift, then any interest you receive from investing is subject to income tax in the normal way.
• While dzug1 is right about gifts, it's not clear whether the money the OP has received is a gift or not, the mention of gifts in the final sentence could be un herring rouge.
  If the money is something that HMRC could regard as income then whether SA is required or not depends on a number of factors which we simply don't have enough information to decide.
  OP, you need to tell us more about what the money is - if it's a gift then say so, if it's not then what is it, how much is it, where has it come from?
• The post title also includes the word 'gift' so maybe two red herrings.?
• The 'gift' is a helping out from a friend (current, but soon to be ex partner (in the living/personal sense) in fact) - to help me buy a new computer. Does this affect the non-interest by HMRC in this sense?
  PS - thank you all for taking time to reply. Much appreciated.
• It's of no interest to anybody, it's no different to the friend buying the computer themselves and gifting it to you.
• Ok - well thank you very much again for your advice/help