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.
Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >