When you gift your allowance money to a child do they have to pay tax on it, in that tax year

by , 5 months ago•Open Question
Related:Personal Finance•Tax•Income Tax

Answers (1)

Hi,

Yes, but only if their total income is over the personal allowance for that tax year. (£7475 this tax year '11-'12)

by G-Man, 3 months ago

Hi,

I was just re-reading this and I was wondering if you're related to the child? You might be in line for inheritance tax rules where gifts are subject to a seven year rule, or small gift tax (up to £300 per person you gift per tax year).

by G-Man, 3 months ago
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