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Gifting money

Alfredos

Alfredos Posts: 1 Newbie

21 July 2011 at 3:39AM in Boost your income

If I am gifted money form my children are there any tax liablities?

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Comments

sharpy2010 Posts: 2,471 Forumite

21 July 2011 at 6:12AM

Yes, there are.

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billsavings Posts: 2,015 Forumite

21 July 2011 at 9:18AM

Tax Forum is here : http://forums.moneysavingexpert.com/forumdisplay.php?f=22

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scotsbob Posts: 4,632 Forumite

21 July 2011 at 2:43PM edited 21 July 2011 at 3:40PM

Get them to give you cash, then no one knows about it.

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nancy_31 Posts: 21 Forumite

22 July 2011 at 7:35PM

Yes, gifts even for children have tax liabilities and computation are based on tax rules in every states.

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DPJames Posts: 999 Forumite

22 July 2011 at 7:40PM

withdraw in cash and hand it to them. Tax man know nowt.

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This discussion has been closed.

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