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Quick question, tax credits and gifts?
Supermom
Posts: 237 Forumite
in Cutting tax
Just a really quick question, I'm not sure if I should post it here or on the Tax & Benefits board so sorry if this is in the wrong place!
My parents want to give me a regular cash gift but I don't know if I have to declare this on my tax credits renewal can anyone advise???
Thanks
My parents want to give me a regular cash gift but I don't know if I have to declare this on my tax credits renewal can anyone advise???
Thanks
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Comments
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This is just an opinion and I think you may want to call HMRC to get a definate answer.
1.) Tax credits now generally follow the treatment on a Tax Return (e.g. ISA interest is not declarable) so as gifts are not taxable it would follow they don't have to be declared for Tax Credits.
2.) A brief look at the HMRC website gives details of the income you should report and it doesn't seem to say anything about gifts received.I am an Accountant. You should note that this site doesn't check my status as an Accountant.All posts on here are for information and discussion purposes only and should not be seen as professional advice.0 -
i suppose it also depends on the amountTime is the best teacherShame it kills all the students
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be careful when claiming tax credits/benefits etc as dwp/hmrc CAN access bank accounts etc if need beTime is the best teacherShame it kills all the students
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