Money from grandparents

Dranga

Grandparents living abroad wants to help their grandchild ( in university) to top up maintenance every term. Is it best to send it directly to the grandchild account or to the parents, in terms of declaration to tax man. I understand gift doesn't have to be declared, by thinking if the money is coming in regularly from overseas will it be an issues. 

Brie

to the best of my knowledge gifts in general aren't subject to tax.  they are not income.  if the GPs are elsewhere (Aussie, US, Japan etc) they would be subject to those tax regimes but not those of the UK.

Nomunnofun1

Dranga said:

Grandparents living abroad wants to help their grandchild ( in university) to top up maintenance every term. Is it best to send it directly to the grandchild account or to the parents, in terms of declaration to tax man. I understand gift doesn't have to be declared, by thinking if the money is coming in regularly from overseas will it be an issues. 

Gifts, regular or not,  don’t have to be declared by the recipient. 

mybestattempt

Brie said:

to the best of my knowledge gifts in general aren't subject to tax.  they are not income.  if the GPs are elsewhere (Aussie, US, Japan etc) they would be subject to those tax regimes but not those of the UK.

@Brie, I believe you mean the gifts to the grandchild aren't taxable income?

To be clear, a gift received from anyone (wherever they are in the world) is the income of the recipient.

In this case the monetary gifts from the grandparents abroad are not taxable income for the grandchild in the UK.

Brie

mybestattempt said:

Brie said:

to the best of my knowledge gifts in general aren't subject to tax.  they are not income.  if the GPs are elsewhere (Aussie, US, Japan etc) they would be subject to those tax regimes but not those of the UK.

@Brie, I believe you mean the gifts to the grandchild aren't taxable income?

To be clear, a gift received from anyone (wherever they are in the world) is the income of the recipient.

In this case the monetary gifts from the grandparents abroad are not taxable income for the grandchild in the UK.

Hmmm.  Never had to pay income tax on any payments my parents made to me while I was at uni.  Both here or abroad.  

Nomunnofun1

Brie said:

mybestattempt said:

Brie said:

to the best of my knowledge gifts in general aren't subject to tax.  they are not income.  if the GPs are elsewhere (Aussie, US, Japan etc) they would be subject to those tax regimes but not those of the UK.

@Brie, I believe you mean the gifts to the grandchild aren't taxable income?

To be clear, a gift received from anyone (wherever they are in the world) is the income of the recipient.

In this case the monetary gifts from the grandparents abroad are not taxable income for the grandchild in the UK.

Hmmm.  Never had to pay income tax on any payments my parents made to me while I was at uni.  Both here or abroad.  

You wouldn’t as they also would not be taxable. I think  that mybestattempt only specified grandchildren as that was specified by the op. 

mybestattempt

Nomunnofun1 said:

Brie said:

mybestattempt said:

Brie said:

to the best of my knowledge gifts in general aren't subject to tax.  they are not income.  if the GPs are elsewhere (Aussie, US, Japan etc) they would be subject to those tax regimes but not those of the UK.

@Brie, I believe you mean the gifts to the grandchild aren't taxable income?

To be clear, a gift received from anyone (wherever they are in the world) is the income of the recipient.

In this case the monetary gifts from the grandparents abroad are not taxable income for the grandchild in the UK.

Hmmm.  Never had to pay income tax on any payments my parents made to me while I was at uni.  Both here or abroad.  

You wouldn’t as they also would not be taxable. I think  that mybestattempt only specified grandchildren as that was specified by the op. 

Yes, I was hoping that @Brie would understand that although gifts are the income of the recipient they are not taxable income of the recipient.

I had noticed in other threads she had also said that because other types of income were not taxable they were not income.

I was trying, but clearly failed, to explain that money received is income and that some types of income are taxable and some are not.

Brie

@mybestattempt
understood!!!