Tax on Gifts from Son

WoodyMax

Hello

My son may gift me a sum of 3K once or even twice a year.
By August I will have income that is over the 12,800 income tax threshold.

Do I need to declare these gifts to HMRC and if so, can anyone kindly tell me how much tax I will have to pay on these amounts being that I will be already paying a small element of 20% income tax (made up of small part time job and pension)

Many thanks indeed

Woody

Dazed_and_confused

Are these really gifts or payments for some work you have done?

p00hsticks

There is no tax payable on gifts in the UK. They do not count as income.

WoodyMax

Thank you P00hsticks

Dazed & confused - These are gifts. I have a part time job already and that's enough for me to cope with.

Dazed_and_confused

In that case it's as p00hsticks states.

doshhead

Can a parent give a child a large sum towards a house purchase, say £100,000 - without any tax implications ?

I always assumed you could but I'd like confirmation please

Keep_pedalling

doshhead wrote: »

Can a parent give a child a large sum towards a house purchase, say £100,000 - without any tax implications ?

I always assumed you could but I'd like confirmation please

Yes, although it will still count as part of your estate for 7 years for IHT purposes.