Tax treatment for a.y 21-22

This discussion clarifies the tax treatment of cash gifts received upon the birth of a child in the UK for the assessment year 21-22. Gifts from relatives are generally not taxable, regardless of the amount. However, gifts from non-relatives are taxable if they exceed £50,000, with the entire amount becoming taxable above this threshold. If a gift is deemed taxable, it may be clubbed with the parents' income.