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

[@tonydCFO]

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. Time Stamps: 0:40​ - What counts as a gift? 2:05​ - How much can you gift? 3:47​ - The taxes to consider, including inheritance tax. 5:20​ - Special rules to take into account.

[@muhammadsaeed6057]

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?

[@encouragesolutions2595]

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?

[@marianocamerlingo3509]

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

[@kalu13111968]

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

[@gordont9042]

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? Finally, any information on the use of trusts to protect family wealth, including Flexible Reversionary Trusts ,would be of interest. Thank you.

[@natsudragneel95240]

But... he didn't explain how much tax you have to pay. He said there are no taxes for gifts below 3000 pounds a year. Ok, but if you have gifts above 3000 pounds a year, then, what's the tax?

[@rogerdraycott3486]

What if u win the lottery and want to give 1 million to your daughter?

[@silentwhispersjv]

Good video. It would have been nice with a couple of example scenarios I.e. I gift 30000 one year to my brother.

[@tonydCFO]

Hi jay rv, thank you for comment and support. We'll take your suggestion on board.

[@NR-eh7ny]

Hi Tony, what would be the outcome if I decided to gift my siblings say £50,000 for example? Would there be any tax liabilities

[@allenwoodward6825]

Hi you say “There is a differentiation between gifts from savings/wealth and gifts from surplus taxed income, which may be exempt” So if I give a gift from wealth what exactly is wealth? Is this not the same as giving a gift from surpluses tax income? Thanks

[@Ruffest]

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

[@mrbigcat9]

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

[@faa8882]

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

[@loveheartbeauty1]

Hiya, this video has been super useful. Just wanted to know what happens if you have some sort of gift money i.e. part of bday or wedding but as cash. Does this get taxed if you try and deposit in bank?

[@tonydCFO]

Hi Anna thank you for your question. You can go along to our Q&A section where you can post your question and get a response from a qualified accountant or chartered tax advisor >>> accountingtaxacademy.com/qa-section/

[@yogeshkotecha6867]

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?

[@eredison8584]

Hello there.Mother passed away a year ago.My sister and her family live there.Its now up for sale and I believe we have a buyer.My sister owns 55 per cent and I own 45 per cent.The property will sell for £530,000.After 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, E.Edison

[@swchoi6376]

How's we count if it is the money in the joint bank account?

[@tarakkhandakar]

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.

[@ajw1467]

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

[@gusolive]

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

[@bgurung9046]

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.

[@tonydCFO]

Hi B Gurung, it is possible yes. Unfortunately, it's not possible for us to answer the tax implications question in a you tube comment, however, you can get this answered using our bitesize advisory service here >>> aidhanfinancial.com/bitesize-advisory/

[@yogeshkotecha6867]

I am in a similar position. All paid off house to my sister. Did you find a solution and/or help?

[@angelstarz92]

Is there anyway remittance can be banned 😢...sending money back home has driven us into debt, depression and hopelessness...

[@I-islam575]

If I gifted my son property, but he now wants to give me beneficial interest in the same. Can he do that

[@khanshaab9]

Im curious about tik tok content makers who receive gifts. do they have to pay tax on them?.

[@RajNRI]

Thanks for informative videos Please advise can a UK limited company receive remittance say as a gift from parents in India in inr to gbp via online wired transfer and what are its tax implications compared to receiving money as a gift to a individual in UK ? Ideally this money will then be used for 1st property purchase in the UK If you can make a video will be brilliant and useful to hopefully few people 😊🙏 Many thanks

[@tonydCFO]

Hi Raj, unfortunately this is not something we can answer simply on a you tube comment. You can get a response by using our bitesize advisory service here >>> aidhanfinancial.com/bitesize-advisory/

[@desmondogara1287]

Stay well clear of these idiots they are pure parasites trust me they send you to the website for their information which they charge so basically they put this on KZbin for their business and not for helping people like us

[@sunilmalur]

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?

[@UltraJamZHD]

Buy bitcoin n send it lol

[@Pigchee]

My parents is Hong Kong resident. They want to send me a large amount of money to buy a.house 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.

[@tonydCFO]

Hi Cheena Cheena, thank you for your question. You can go along to our Q&A section where you can post your question and get a response from a qualified accountant or chartered tax advisor >>> accountingtaxacademy.com/qa-section/

[@gusolive]

I need to know more about this 💪

[@tonydCFO]

Hi Gus, you can book a 20min discovery call with one of our qualified accountants, who could help you >>> aidhanfinancial.com/book-a-discovery-call

[@gusolive]

@@tonydCFO sounds very good - let me work out a time 💪💪

[@mojgarg]

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

[@tonydCFO]

Hi Manoj, we don't unfortunately, but if you head over to our membership area, some content will be included aidhanfinancial.com/accounting-tax-academy-membership

[@a.r8829]

Hi, I am paying a family member a sum of money every month 1-2k . Would they have to pay tax on this ?

[@TheKingofdans]

Haha yeah!! That's more than the 3k limit. I can't belive they tax it

[@vvy04324]

HMRC wouldn't ever even find out

[@ebis2207]

if my mum gifts me 100k In Cash from her isa stocks and shares account which is tax free, is this subject to tax or not or even inetrience tax If she gives me the money now ? (a potentially exempt transfer).as there no tax could this be subject to inheritance tax

[@tonydCFO]

Hi EBI's thank you for your question. You can go along to our Q&A section where you can post your question and get a response (no charge) from a qualified accountant or chartered tax advisor >>> accountingtaxacademy.com/qa-section/