CAT on gift from a non relative

C

corktim

Registered User
Messages
172
Hi all,

All I'm seeing when looking this up is the annual small gift allowance of 3k but if a friend wants to gift me 8k does is not fall under Cat C for revenue of 16,250?

Thanks!
 
corktim said:
Hi all,

All I'm seeing when looking this up is the annual small gift allowance of 3k but if a friend wants to gift me 8k does is not fall under Cat C for revenue of 16,250?

Thanks!
Click to expand...
5000 of it does. 3000 is covered by the annual allowance but the other 5000 comes off the lifetime CAT C threshold.
 
If you have a wife/partner and the person giving it also does, then each could give you both 2k under annual gift allowance and no tax liability, as its3k per person from as many people per year
 
Last edited:
You must log in or register to reply here.
Back
Top