I wish to cash gift my daughter through cheque/Bank transfer. Is it taxable in her/my hands? Please advice.
Replies (6)
Quick Summary
This discussion addresses whether cash gifts made via cheque or bank transfer to a daughter are subject to tax in the UK. The consensus is that gifts to relatives, especially if the daughter is an adult, are generally not taxable. However, it's advisable to document the gift with a deed, particularly from the 2023/24 tax year onwards, as advances may need to be reported. An alternative suggestion is to consider paying for household help instead of a direct gift.
However, in case of any scrutiny from I T dept, one should make & reg. gift deed as as proof that it is not advance given.... as from 23/24 onwards if advances given will have to be reported in itr