Do I have to pay tax on a financial gift? Is there any tax relief for someone...

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slevy64

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...who gives a gift of money? My family, who are not well off, have raised £14500 to give me to pay for private medical treatment for cancer as the NHS waiting time was appalling. I just wondered if there is any onus on me to declare this sum of money for tax purposes or, indeed, whether there is any tax relief on this type of gift for my extraordinarily generous and loving family? Thanks
 
No, you do not have to declare any money received as a gift - it is completely tax free. Similarly, the people who gave it cannot claim tax relief. Although supporting you is clearly a charitable action, the only gifts which do attract tax relief (and then only for people who have sufficient income to have to pay at 40%) are to registered charities. You cannot make yorself into a registered charity because, to be registered (with the Charity Commission), the charity has to work for the public good rather than for one or a few individuals.
 
For US tax purposes there is no tax due. Since you mentioned pounds I am thinking this may not be a us question. If you are in the US but the gift is coming from overseas then you need to report this to customs for the gift over 10,000. You still will not owe any tax.
 
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