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"You can gift any amount of money to anyone without having to declare it. There's no tax to pay on gifts." You can't. If my father wants to give me money there's a £3,000 per year limit before tax becomes payable | |||
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"No there isn't a £3000 limit!!! You can gift whatever you want! If the gift is outright with no strings attached then the gift is potentially exempt. First £3000 is an Exempt Transfer and it becomes a Potentially Exempt Transfer on the excess over £3,000. If the donor dies within 7 years then the gift forms part of the estate. If the gift is more than £325,000 then the excess above £325,000 can benefit from taper relief. If you are gifting into a discretionary trust then the rules are different! " This is my understanding. One of the problems with PET gifts is the donor is potentially subject to capital gains tax if the source of funds was derived from the sale of shares or property (as opposed to cash savings) | |||
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"No there isn't a £3000 limit!!! You can gift whatever you want! If the gift is outright with no strings attached then the gift is potentially exempt. First £3000 is an Exempt Transfer and it becomes a Potentially Exempt Transfer on the excess over £3,000. If the donor dies within 7 years then the gift forms part of the estate. If the gift is more than £325,000 then the excess above £325,000 can benefit from taper relief. If you are gifting into a discretionary trust then the rules are different! Very boring post on a swingers website! Apologies! " I've been misinformed then. However my dad is 99 so... | |||
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"No there isn't a £3000 limit!!! You can gift whatever you want! If the gift is outright with no strings attached then the gift is potentially exempt. First £3000 is an Exempt Transfer and it becomes a Potentially Exempt Transfer on the excess over £3,000. If the donor dies within 7 years then the gift forms part of the estate. If the gift is more than £325,000 then the excess above £325,000 can benefit from taper relief. If you are gifting into a discretionary trust then the rules are different! Very boring post on a swingers website! Apologies! I've been misinformed then. However my dad is 99 so..." Many are unaware of PET hence the billions unnecessarily raked in through inheritance tax (Inheritance tax (IHT) receipts hit a record £8.5 billion for the 2025–26 tax year, marking a fifth consecutive annual high, driven by frozen thresholds and rising asset values. HMRC data) | |||
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"No there isn't a £3000 limit!!! You can gift whatever you want! If the gift is outright with no strings attached then the gift is potentially exempt. First £3000 is an Exempt Transfer and it becomes a Potentially Exempt Transfer on the excess over £3,000. If the donor dies within 7 years then the gift forms part of the estate. If the gift is more than £325,000 then the excess above £325,000 can benefit from taper relief. If you are gifting into a discretionary trust then the rules are different! Very boring post on a swingers website! Apologies! I've been misinformed then. However my dad is 99 so... Many are unaware of PET hence the billions unnecessarily raked in through inheritance tax (Inheritance tax (IHT) receipts hit a record £8.5 billion for the 2025–26 tax year, marking a fifth consecutive annual high, driven by frozen thresholds and rising asset values. HMRC data)" So can he give me more than £3k or not? | |||
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"No there isn't a £3000 limit!!! You can gift whatever you want! If the gift is outright with no strings attached then the gift is potentially exempt. First £3000 is an Exempt Transfer and it becomes a Potentially Exempt Transfer on the excess over £3,000. If the donor dies within 7 years then the gift forms part of the estate. If the gift is more than £325,000 then the excess above £325,000 can benefit from taper relief. If you are gifting into a discretionary trust then the rules are different! Very boring post on a swingers website! Apologies! I've been misinformed then. However my dad is 99 so... Many are unaware of PET hence the billions unnecessarily raked in through inheritance tax (Inheritance tax (IHT) receipts hit a record £8.5 billion for the 2025–26 tax year, marking a fifth consecutive annual high, driven by frozen thresholds and rising asset values. HMRC data) So can he give me more than £3k or not? " £3K annual gift. No tax ever And unlimited amount subject to LaurelnTarty’s explanation | |||
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"No there isn't a £3000 limit!!! You can gift whatever you want! If the gift is outright with no strings attached then the gift is potentially exempt. First £3000 is an Exempt Transfer and it becomes a Potentially Exempt Transfer on the excess over £3,000. If the donor dies within 7 years then the gift forms part of the estate. If the gift is more than £325,000 then the excess above £325,000 can benefit from taper relief. If you are gifting into a discretionary trust then the rules are different! Very boring post on a swingers website! Apologies! " Thank you for the very informative post. I also had the £3000 per year limit in my head so good to know it's not necessary the case  | |||
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"I've been misinformed then." You're not the only one. HMRC like to imply that there's a limit and you should declare all gifts so that they can check for compliance. Their guidance often says "A gift of less than £3,000 is tax free", which rather implies that any larger amount is taxable. What they actually mean is "Many precedents in court cases have established that we are unable to bring forward an investigation for an amount less than £3,000". | |||
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"So can he give me more than £3k or not?" It gets complicated quickly but ... Anyone can give you any amount of money as a gift and no tax is payable. If the gifter dies soon afterwards and HMRC think that the gift was an attempt to avoid inheritance tax, they can take you to court and try to make you pay. The courts won't let them do that if the gifter lives for 7 years after the date of the gift. There are extra rules around family homes and other wrinkles, but that's the basics. | |||
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"I've been misinformed then. You're not the only one. HMRC like to imply that there's a limit and you should declare all gifts so that they can check for compliance. " Yeah they're as bad as the bbc with their licence always trying to get your money. At the end of the day money you have paid the required tax on in the country you were resident in (for tax) when you earned it can be given away, repatriated to other countries, whatever you like it's no business of HMRC. But if they do investigate you, they have the best lawyers cost a fortune to defend. | |||
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"how do you get a 5 million gift into your bank account without telling anyone." That all depends who you don't want to know. Like, obviously the bank will know. The tax man – you don't need to tell them, but anti money laundering safeguards will kick in and you may be investigated. If it was me, I'd consider asking the donor to buy me some bitcoin through a peer to peer network until I work out what you want to do with it. It's volatile in the short term and down at the moment, but it will potentially be at an all time high by 2028. Seriously though, if you get that much money, consider signing off the dole.  | |||
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