Chit Chat
There is currently 1 person viewing this thread.
02 Sep 19
11:00
Joined:
Date Joined:
25 Dec 05
often wondered about parents,etc giving tax free gifts to their kids,how does tax office ever find out whats stopping parents drip feeding money to their kids in cash,etc
reason been to stop the son getting a bank loan and paying interest I,m lending him 20 grand and he,s paying me back a grand a month
if I use bank transfer and he uses a direct debit to transfer the grand across each month, is their the chance of a tap on the shoulder from the taxman saying I should be paying tax on repayments or is it best to pass the money on and get the repayments without a paper trail
thanks for any help
reason been to stop the son getting a bank loan and paying interest I,m lending him 20 grand and he,s paying me back a grand a month
if I use bank transfer and he uses a direct debit to transfer the grand across each month, is their the chance of a tap on the shoulder from the taxman saying I should be paying tax on repayments or is it best to pass the money on and get the repayments without a paper trail
thanks for any help
sort by:
Show
per page
Replies: 6
|
By:
This is a purely private arrangement between you and your son
and has absolutely nothing to do with the tax man. |
|
By:
Not a chance in hell will anyone from any government body ask any questions about that transaction 1st time poster so put your mind at ease about that.
|
|
By:
cheers for replies
|
|
By:
tax man might ask questions as might bnefits agencies, but very very unlikely
and you are allowed to do what you are proposing. easy enough to download some forms to sign between you and your son incase of future problems, or to answer questions posed there was talk of removing tax burdens on parents making gifts to kids, but i doubt thats been passed yet. |
|
By:
1TP
Thousands of parents are lending money to their offspring every week of the year and this is completely outside the scope of the tax man. Your only worry is if your son hits a problem and cannot afford to make the repayments. |
|
By:
I get it,just can marry it up with the tamen giving parents,grandparents a small tax free gift allowance, who abides ,discloses these gifts
or like most tax breaks are they just a way for the well off to use tax system to avoid their own tax liabilities |