Family income

SAMF

Hi all

I receive a tax-free student stipendof £1132.5 monthly. My family is in the process of setting up an allowance of1700 a months for me (which is already taxed). This is a gift which comesout of an investment portfolio.

How does it affect my taxsituation? Given that my additional £1700 a month income is already taxed, will I be entitled toretain all of it?

I appreciate any help.
Sam

ceeforcat

The short answer is a) it doesn't affect your tax situation. b) you can retain all of it.

The only issue lies with your family and inheritance tax on the gift although even this may not arise given the regularity of the gift - but you have not asked about this!

somethingcorporate

Yep, as long as it is a regular gift no income tax issues should arise (aside from potential IHT ones).

SAMF

Thank you both for your contributions. I have beenenvisaging George Osborne with a double barrel Belgian riffle standing over my shoulderever since this decision was made!
Many thanks once more ;o)

grey_gym_sock

george may well hunt plebs in his spare time, but that is just for sport, nothing to do with tax collection

SAMF

I can hardly make my mind up when it comes to the current administration. UK is a wonderful country and I hope to high heavens that we are moving in the right direction.

The 'born to rule' mentality that some of these public school boys display however is most unattractive...

Thanks ,