is a regular gift from parent tax deductible?

stingray

My dad wants to start paying me £200 a month to help out. I have done a few checks and its seems gifts are not tax deductible, but would this count as regular income? Better to receive as lump sum per year? thanks

HappyMJ

A gift is not taxable. A gift would only be a tax deduction if made to a registered charity. You are not a charity.

zygurat789

HappyMJ wrote: »

A gift is not taxable. A gift would only be a tax deduction if made to a registered charity. You are not a charity.

You don't have any teenage+ children then?

thenudeone

It's a gift and isn't tax-deductable for him or taxable for you.

The only small benefit of him giving to you regularly out of his income is that it may reduce any IHT payable should he die within 7 years.

Normally, gifts made within the past 7 years get added back in to the estate on a sliding scale, before calculating IHT (to avoid people giving everything away on their deathbed and avoiding IHT), but certain gifts are exempt, including regular gifts made out of income (not capital) which don't affect his standard of living.
http://www.hmrc.gov.uk/inheritancetax/pass-money-property/exempt-gifts.htm#3

Other than that, I can't see any benefit one way or another.