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Richard

Tax Question

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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

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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. :ph34r:

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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.

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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. :ph34r:

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 :D

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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!

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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.

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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?

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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.

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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.

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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.

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  • 337 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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