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Taxes On Gifts
Josephine Said:Do I have to pay TAXES on monetary gifts?
We Answered:If someone gave you a legitimate gift, YOU would not owe any tax on it. No "loophole" is needed, that's the law. The donor would have a substantial Gift Tax liability since Gift Tax is paid by the donor, not the recipient.
Donna Said:Do I have to pay any UK taxes (such as capital gains) on gifts?
We Answered:No UK tax is payable on gifts. See the HMRC website for better information
Theodore Said:Taxes on gifts? What to do?
We Answered:You have to pay import taxes in the Uk on anything with a value of £18 or more. For gifts this is increased to £36.