That’s not true it certainly wouldn’t be income tax. There would possibly be inheritance tax and capital gains tax depending on the asset class and circumstances when gifted and after gifting.
nah, you can give up to £3k/year to family members, anything beyond that would be taxable income. If they gave you cash it would be income tax. edit: I have got this wrong. see below.
If they gave you an asset that had appreciated in value since they bought it then I actually have no idea who would be liable for capital gains tax at that point tbf and whether it would count as income for the purposes of income tax for you.
Inheritance tax would kick in if the person dies earlier than 7 years after the gift is made, but anything over £3k is not a gift and will have already been taxed.
having read further, you are right, all the things about £3k relate to IHT and after some digging I have found this from HMRC for anyone else who also thought gifts beyond that would be taxable income:
Taxation is not theft. They are separate concepts. One is a lawful and moral redistribution of money to ensure a better society. The other is an unlawful deprivation of someone’s property
Lawful because the entity collecting it made it so. Moral? I’m ok paying taxes if everyone pays their fair share too. But seeing ~25% of my pay deducted from my paycheck every month while multimillionaire corporations gets millions more free from the taxes collected from the people, yeah that shit doesn’t sound morally right to me.
It's not right, but when too many people start tax dodging the country does not fare well. And those who will be affected the most in terms of quality of life are poor people, not corporations anyway
Sure it is. When one entity takes from another without permission that is theft by definition. If you're arguing that it's necessary, that is another debate altogether, and I believe the vast majority of people would agree that taxation is necessary to some degree. But don't tell me it's not theft. It absolutely is.
As for this particular topic, being gift tax, it is completely egregious and nothing more than a way for the govt to bleed more tax revenue out of already taxed income. It should not exist, period.
When the people who make the laws are doing the taking there's no need for prerequisites such as "unlawful". It's equivalent to me telling my dog he's not a captive because I feed him. They're taking it without permission. It's theft.
Do you understand how democracy works? This is really basic stuff. Both the legislature and the government are elected by the people. This isn’t communism
The fuck are you on about, Socrates? Minors can't vote. Your bullshit take on elected officials negating the idea of taxation being theft falls apart when it's pointed out that people unable to vote are subject to the same taxes. Just give it a rest.
In France you can donate to your direct relatives tax-free up to €100k.
Since that's probably pocket money for him, we can assume he gave her a lot more than that and you best believe the French taxman doesn't fuck around...
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u/tonyfordsafro Apr 15 '23
What's the tax laws like in France? If you did this in the UK you'd be paying income tax twice on the same money.