Income tax allowance

loulou41

How much is a person allowed to give as a gift to another person for tax purposes if they are not related? I have helped my daughter buying a house although the house is in her name, her brother has 25% share in it. This was not done officially, it was an agreement between us. Daughter will be living there with her boyfriend. I have asked £300 from each of them as rental money and this money will go to her brother. Will her brother needs to declare this money for tax purposes? I want this arrangement to be just between ourselves and nobody else. We call this rent money, this is so that her brother could save for a deposit for a flat and I will be helping him as well, that's why the house is in her name. Does this make sense to anybody what I am trying to say? Thanks

jem16

koasdj wrote: »

A person can give up to $1,000,000 in gifts that exceed the annual limit, total, in their lifetime, before they start owing the gift tax.

That's in the US which from the timings of your posts I would guess is where you are.

There are countries that do not have a gift tax,

Which is the UK.

As this is a UK forum why mention rules that don't apply here?

There are various tax implications that jimmo has covered fully.