Cash Gift from parents - Do I need to pay income tax on this gift ?

John_Pierpoint

If you have a net worth of less than £325k, I cannot think of any restriction in your ability to dispose of it as you see fit.

Should you have reasonably been able to foresee a need for expensive personal care, then there is "deprivation of assets" legislation and a large single payment of "cash" could generate a money laundering questionnaire from the banking system.

le_loup

No. You can give money to ANYONE, family or otherwise.
The only other consideration is Deprivation of Assets.

dzug1

smartsaver wrote: »

Am I undersatnding this correctly - you can give family money without inheritance tax implications providing your total estate is under the inheritance tax threshold? TIA

Yes padding to 10 characters

cashsaver1112

Would the received money count towards the threshold for student loan repayment?

xylophone

http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,6678490&_dad=portal&_schema=PORTAL

You repay the loan according to income - a gift is not income.
But if you earn interest on the gift see above.

Mr_Incredible

LOL why would you even ask this question, do you think that the money your parents have skimped and saved after paying taxes all their life should not be allowed to be given to you without being taxed again or something? lol how ludicrous

Oh Wait! thats exactly what happens with inheritence tax!!!!!!

And the HMRC wonders why revenue is down and why people try and avoid tax, do they really think people percieve the current system as fair lol!

le_loup

Mr_Incredible wrote: »

the money your parents have skimped and saved after paying taxes all their life

LOL. Where does it say that? LOL
What a hoot of a post LOL.
LOL