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Child Tax Query
metalhead_2
Posts: 32 Forumite
in Cutting tax
My father who lives in South Africa wants to transfer some money over for my son who is 2. It will be transferred into an account in my sons name. What is the maximum he can send without my son being liable for tax?
Cheers
John
Cheers
John
0
Comments
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There is no tax on gifts. Your son has a tax free personal allowance this year of £6035, so provided the income from the capital does not exceed this, he will not be liable for tax and you can register to have the interest paid gross.£705,000 raised by client groups in the past 18 mths :beer:0
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Thanks Fengirl
So am I right to assume that if my Dad gave him £100000 and it was invested at an interest rate of 6% he would earn £6000 and therefore not have to pay any tax?
Cheers
John0 -
You are correct£705,000 raised by client groups in the past 18 mths :beer:0
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Thanks Fengirl :T0
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