Can I give a family member an interest free loan

DCFC79

Are you willing to not see the money again ?

It's a lot of money, your hard earned money your willing to gift to someone, are you entirely sure your ok with this ?

ViolaLass

Just to give the other side, OP, I've lent money to family 4 times and got the full amount back 4 times.

burlington6

ViolaLass wrote: »

Just to give the other side, OP, I've lent money to family 4 times and got the full amount back 4 times.

What amount?

Were they employed? Was it £20,000?

ViolaLass

Much less than £20k (I don't have that kind of money) but twice it's been in the thousands. The person was a student and had racked up CC debts (and is not my child).

[Deleted User]

andrewjack21 wrote: »

A transfer of capital property to other family members is taxed just as if you sold the property at its FMV. If the property has been transferred to a child, grandchild, niece or nephew, you must continue to report any income earned on such property after it has been transferred—such as interest or dividend income—until the child reaches 18 years of age. After 18, attribution no longer applies and that individual must report the income.

Reporting Mr Jack yet again for post building and spam.

vlad

If i were to lend anyone 20k i would demand a kidney as deposit and possibly an eyeball as well.
OP before you do it read some of the horror stories on here they are legion, then if you must; give them £1000 as a gift.