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Gift

A voluntary transfer of property, real or personal, by one person to another without that other being required to give any consideration whatever. Because of the absence of consideration, such transfers are not covered by the normal laws of contract and a promise, or offer, to give something in this manner is not binding unless it is made by deed.

Gifts, in cash or kind, may be subject to inheritance tax, where substantial, or treated as gifts inter vivos.

Reference: The Penguin Business Dictionary, 3rd edt.