How does gifting cash work?

[Diagro]

Yo

If a parent was to gift a child 40k, would the child need to pay any type of tax?
I'm aware of the basic tax free limit. However, not finding what the numbers are over 3k.

Thanks for any insight.

 

[Diagro]

Ah so, only the IHT applies.
That simplifies it a little.

If it wasn't a "gift" but in exchange for something such as land, I expect capital gains tax is what's applied and not income tax?

 

[Diagro]

Thanks all.
The advice here may have saved me a chunk of change.
Much appreciated!

 

[Diagro]

Do your parent know they're "gifting" you this wedge?

Yes. .... Or are they? Dun dun duuuuuun

 

[Diagro]

If I were planning to evade tax, I would probably not outline my plans on a public internet forum.

I'm not evading Tax.
I'm being "tax efficient".

Also... Remove the quote please