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by microtherion
2789 days ago
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To the extent that we have received large gifts from relatives, yes, we've reported those accurately to the tax authorities in two different countries. There was no tax due, but I would not have objected philosophically to the gifts being taxed. |
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In the UK there's inheritance tax to pay over a threshold if you die within 7 years of making the gift, but otherwise there's not a 'gift tax'.
The situation you describe still isn't the same as declaring it as income though - assuming you are working, if it were taxed at your marginal rate of income tax you'd already be over any threshold no matter how small the gift.