I'm a student and I've been charged interest on my savings

Picnic_2

Does anyone know if parents giving you money to help you pay your (extortionate) tuition fees or accommodation rent counts as taxable income?

MarkyMarkD

No, it doesn't. Gifts aren't taxable.

longforgotten

Does anyone know if parents giving you money to help you pay your (extortionate) tuition fees or accommodation rent counts as taxable income?

Don't give the tax man ideas lol...

oojeyboojey

missile wrote: »

......... or get a job. When I was at uni I had no savings, worked hard to make ends meet and guess what - I was taxed on my income too.

I did have jobs in the holidays when I was an undergraduate, and I also had a student loan, but I'm not an undergraduate now, I'm a post-graduate studying for a PhD. PhDs can be full-time or part-time; mine is full-time. I work 8am to 5pm Mon-Fri for 12.5k with 4 weeks holiday per annum (which is quite good holiday allowance although most people don't take that much since it's hard enough to get the qualification as it is without taking extra time off!). I'm one of the lucky ones since there are plenty of disciplines that don't offer funding for PhDs.

Anyhoo, I have the forms now so it's all sorted.

oojeyboojey

Unhban wrote: »

Get the violins out. Have you heard of 'cutting your cloth to suit your needs'? Mortgage? Marriage! Perhaps 'holding' and 'hand' do go together....

What exactly is your point?

keefj

Thanks for the very useful info. Does Clapton or Voyager2002 have a source for the studentship exemption? The tax leaflet just refers to student loans. I tried ringing the IR savings helpline but they had never hear of studentships! This could potential save me a few bob on my diminishing savings as a PHD student...

CLAPTON

its a well known fact (well know that is to all Ph.D students), that their studentships are tax free.... I haven't a reference to hand but if you are a Ph.D student surely one of your friends / lecturers etc can find a reference.