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Gift
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A transfer of an asset such as property or money etc from one person to another where no payment of any kind is given by the receiving person to the donor.
Transfers of this kind may be subject to inheritance Tax if the value is above a certain amount and to capital gains Tax in certain circumstances.
A voluntary transfer of property when no compensation involves either the transferor or the transferee. The transferor can not retain any incidence of ownership (e.g., control, possession, enjoyment, right to income, or power to designate persons who Will receive benefits of ownership) after relinquishing control in the transferred gift.
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Privatebanking.com
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