Richard Posted January 26, 2006 Share Posted January 26, 2006 Hi, Having repeatedly (but politely) declined parental help over recent years, I'm going to have to concede. Does anyone have any understandable (and preferably) consise sources on this? I know it's a complex area in general. Also, does anyone know if my parents can each gift me £3k a year and did I imagine it or did someone tell me that an un-used allowance from the previous year can be brought forward? Thanks in advance for any replies. Richard Link to comment Share on other sites More sharing options...
BuyingBear Posted January 26, 2006 Share Posted January 26, 2006 Also, does anyone know if my parents can each gift me £3k a year and did I imagine it or did someone tell me that an un-used allowance from the previous year can be brought forward? I think you can only bring forward two (maybe three) years worth of allowance, anyway they can gift as much money as they like to you without any tax implications, just ensure neither is hit by a bus within the next 7 years. Link to comment Share on other sites More sharing options...
Richard Posted January 26, 2006 Author Share Posted January 26, 2006 Indeed Sorry I should have been clearer. I want to stick within parameters that will remove the 7yr period from the equation, however limiting that may be. Link to comment Share on other sites More sharing options...
iamconfusedagain Posted January 26, 2006 Share Posted January 26, 2006 I think you can only bring forward two (maybe three) years worth of allowance, anyway they can gift as much money as they like to you without any tax implications, just ensure neither is hit by a bus within the next 7 years. I think they can give you more from their income too, but i may have dreamed it. Edit: just checked gifts based on income are exempt, (does that mean after their living expenses have been removed first?) Also get hitched they can give you 5k Link to comment Share on other sites More sharing options...
oracle Posted January 26, 2006 Share Posted January 26, 2006 probably better going down the route of "interest free loan" rather than gift. Link to comment Share on other sites More sharing options...
Richard Posted January 26, 2006 Author Share Posted January 26, 2006 probably better going down the route of "interest free loan" rather than gift. With a view to never repaying? Care is needed. My parents run a small business in the construction industry and their private and business accounts are scrutinised closely. Thanks for all the replies so far! Link to comment Share on other sites More sharing options...
BuyingBear Posted January 26, 2006 Share Posted January 26, 2006 With a view to never repaying? Care is needed. My parents run a small business in the construction industry and their private and business accounts are scrutinised closely. They would use their 2 x 3K allowance each year to forgive part of the loan. Link to comment Share on other sites More sharing options...
underpressuretobuy Posted January 26, 2006 Share Posted January 26, 2006 Having repeatedly (but politely) declined parental help over recent years, I'm going to have to concede. Why? Link to comment Share on other sites More sharing options...
BuyingBear Posted January 26, 2006 Share Posted January 26, 2006 Why? Everyone is different, part of being grown up is being independent, people rather do things for themselves rather than deprive their parents of their hard work. Is that just pride? Link to comment Share on other sites More sharing options...
Richard Posted January 26, 2006 Author Share Posted January 26, 2006 yeah wanted to do it alone - esp as my parents paid for me to go to uni. Link to comment Share on other sites More sharing options...
SarahBell Posted January 26, 2006 Share Posted January 26, 2006 Is it just parents or can other relatives? Link to comment Share on other sites More sharing options...
Richard Posted January 27, 2006 Author Share Posted January 27, 2006 Is it just parents or can other relatives? just parents Link to comment Share on other sites More sharing options...
Given Up Posted January 27, 2006 Share Posted January 27, 2006 just parents I thought anyone could, like grandparents or people un-urelated. Also, I think they can make regular payments to you as long as it is out of their income. Link to comment Share on other sites More sharing options...
Richard Posted January 27, 2006 Author Share Posted January 27, 2006 I thought anyone could, like grandparents or people un-urelated. Also, I think they can make regular payments to you as long as it is out of their income. sorry i misunderstood - I thought I was being asked whether I could obtain contributions from relatives other than my parents Not sure I would call this off-topic - this must be an issue for loads of people here but never mind. Link to comment Share on other sites More sharing options...
BuyingBear Posted January 28, 2006 Share Posted January 28, 2006 sorry i misunderstood - I thought I was being asked whether I could obtain contributions from relatives other than my parents You can obtain contributions from all the desperate housewives in the street if possible, just ensure all of them avoid bus routes for the next 7 years and that no services are rendered in exchange. Link to comment Share on other sites More sharing options...
laurejon Posted January 28, 2006 Share Posted January 28, 2006 Get them to take it out in Cash. And if anything is said, simply say you lost it on the Gee Gee's. Link to comment Share on other sites More sharing options...
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