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Do I need to pay tax
WestDorset
Posts: 1 Newbie
in Cutting tax
Hi there
My 84 year old mum has moved in with me as she can no longer live on her own. She is not paying rent but she is going to pay towards our household bills. Would this be classed as income? (for tax purposes) as she is going to pay a set about to my back account each month. Also would this be counted towards the yearly ‘gift’ tax allowance she could possibly give me? Many thanks.
My 84 year old mum has moved in with me as she can no longer live on her own. She is not paying rent but she is going to pay towards our household bills. Would this be classed as income? (for tax purposes) as she is going to pay a set about to my back account each month. Also would this be counted towards the yearly ‘gift’ tax allowance she could possibly give me? Many thanks.
0
Comments
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Even if it is you would no doubt be covered by the Rent a Room allowance. Assuming you have no other lodgers.
https://www.gov.uk/government/publications/rent-a-room-for-traders-hs223-self-assessment-helpsheet/hs223-rent-a-room-scheme-2021
It doesn't appear to be a gift so not sure what relevance it has for IHT purposes.
I presume you realise there is no financial limit to genuine gifts?1
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