Income from other sources

Mike564

I intend to lend my daughter a lump sum once I get my TFLS. She will pay me back £500 a month until it's paid back ( interest free). Are there any tax implications on her payments to me or should I get it in cash and stick it under the mattress?

MovingForwards

No implications as she is paying you money back without interest.

Thrugelmir

Is your daughter planning on buying a property?

Mike564

Thrugelmir wrote: »

Is your daughter planning on buying a property?

No not at present it's to pay off credit cards

kidmugsy

Mike564 wrote: »

Are there any tax implications on her payments to me or should I get it in cash and stick it under the mattress?

When we've done this we've exchanged signed letters that we then keep in case there is ever an enquiry about the money or a failure to remember exactly what's been agreed. It's worked a treat so far.

But other than that there's not much to say. There's no tax because it's not taxable income you're receiving, just a return of money lent.