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Money as a gift to buy a car

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msemma | 21:34 Sat 09th Jun 2007 | Business & Finance
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My mum wants to give me some money to help me to buy a new car. Do I need to tell the tax office? Will it get taxed or is it classed as a gift? I have to self assess as I get some untaxed income each year from freelance work I do (not lots but enough to mean I have to declare it!).
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No you don't need to tell the tax office and no it won't be taxed.

The only possible tax is the potential for inheritance tax should the gift be large enough and should she die in the next 7 years.

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Money as a gift to buy a car

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