Gift tax - In the US, a tax imposed by the federal government or state on the donor of a gift when the transfer of money or property passes from one individual to another. A parent or parents making gifts to children are allowed to make transfers up to a specified amount without paying tax. In the UK there is currently no gift tax in operation although there is a potential liability for inheritance tax when gifts are made.
Gift tax : in the us, a tax imposed by the federal government or state on the donor of a gift when the transfer of money or property passes from one individual to another. a parent or parents making gifts to children are allowed to make transfers up to a specified amount without paying tax. in the uk there is currently no gift tax in operation although there is a potential liability for inheritance tax when gifts are made.
Gift tax