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My parents are selling their house, they plan to give £100,000 to my sister as a ‘gift’. The plan was for the funds from the sale of their house to go into their account, then for them to transfer £100,000 to my sisters bank account. Their estate agent seemed to believe that this latter transer would attract a tax charge of 22%. My question: Is there a process they can use to avoid having to pay tax on the transfer between the two accounts?

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    UKtaxadvisor/Expert

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    A gift between individuals of cash does not attract tax charges unless the person making the gift dies within 7 years.

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