Receiving a gift is not always tax-free. Depending on its value and your relationship to the person gifting it, you might be looking at a tax bill.
The tax to pay on gifts is actually Inheritance Tax, and you’ll have to pay it when the person giving you that gift passes away.
If you’re receiving an asset that has increased in value since the person giving it to you bought it, then they’ll also need to pay Capital Gains Tax.
Anything that has value:
Also, some gifts are completely inheritance tax-free:
If you need to pay, the Inheritance Tax rate is a flat 40%.
When your benefactor passes away, their lawyer or some other person they entrusted will help you do it.
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