This is a question we get asked a lot – do I need to pay taxes when I receive a gift?

Well, the simple answer is no. BUT in the event whereby the tax authorities ask for capital statements, it could become an issue because let’s be honest, most of us do not record or keep any documentation as evidence for our gifts. So now the question becomes – what should I do when it comes to gifts?

Read this article to find out more.

In a nutshell, it’s best practice to keep a proper documentation of the intention behind the gifts and to always ensure that at any given time, the donor is willing to disclose the source of funds. As tedious as it sounds, it’s important to keep track of everything when it comes to finances.

📲 Get in touch with us via




Leave a Reply

Your email address will not be published. Required fields are marked *