We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Money from parents liable for tax?

hogweed
hogweed Posts: 144 Forumite
Part of the Furniture 100 Posts Name Dropper Combo Breaker
in Cutting tax
Hi - my parents are offering to supplement my income by a couple of grand a year as they're better off than me. Is this liable to income tax?

Thanks everybody...

Comments

  • Bermuda_John
    Bermuda_John Posts: 311 Forumite
    no, its your parents giving you money

    dont pay tax on your xmas presents do you? ;)
    i buy houses ........... any condition.
  • Cook_County
    Cook_County Posts: 3,096 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Make sure this is documented as regular gifts out of income to avoid inheritance tax on their death.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.2K Banking & Borrowing
  • 254.3K Reduce Debt & Boost Income
  • 455.3K Spending & Discounts
  • 247.2K Work, Benefits & Business
  • 603.8K Mortgages, Homes & Bills
  • 178.4K Life & Family
  • 261.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture