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Paying tax to hmrc for family member
V2001
Posts: 250 Forumite
in Cutting tax
If i was to pay the tax bill for a family member such as my son would this be seen as a 7 year gift or not. I will be paying the bill for him directly to hmrc from my bank account...
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Comments
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It will be a potentially exempt transfer, unless covered by any exemptions, for example the annual exemption.0
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Its a pet even though i havnt given the money directly to my son. Its gone direct to hmrc from me...0
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Yes. You cannot get round the PET rules by settling the donee's liability. The rules look at the loss in value of your estate.0
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OK thanks1
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The tax bill might be under the annual exemption for gifts.0
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