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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Due to previous financial problems daughter I am considering

Resolved Question:

Due to previous financial problems for my daughter I am considering paying her rent (£600 pm) on a new rental property she has looked at.
Can you tell me if I pay this rent and then she pays me (or my wife due to tax threshold not fully used) would I (we) be liable for any kind of tax?
Alan
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.

Hi.

Can you confirm that the money you may pay your daughter is for her to use to pay the rent on a property she will live in and that she will repay you when she can. If you can, then there will be no tax consequences for you, your wife or your daughter. You will simply loaning her some money which she won't have to pay tax on. When she repays you, you won't have to pay tax on the repayments. If you charged interest, that would be taxable income.

TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15763
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
TonyTax and other Tax Specialists are ready to help you
Customer: replied 2 years ago.

Very disappointed in that you took our money after the page continued to an ongoing payment for some kind of membership! which we believed as we did not continue was cancelled.

We only wanted one question and one answer.

I hope that you will not take anymore money.

Alan XXXXX BSc

Expert:  TonyTax replied 2 years ago.

I haven't taken your money. I have nothing whatsoever to do with the payments on this site and since I have never asked a question on this site, I don't know what customers see when they sign up to ask a question. Billing is the responsibility of justanswer.com and you might make your feelings know to them. I'm just a self-employed contractor who answers questions on UK tax on this site. Nothing more, nothing less.

Customer: replied 2 years ago.

Sorry if I have cause upset.

Maybe now is time to look into how this works so that you also know the system.

Regards

A XXXXX BSc

Expert:  TonyTax replied 2 years ago.
I'll do that if I ever ask a question here. I'm too busy to get involved in matters that I have no influence over. We have to refer all payment queries to justanswer.com.

Let me know if you have any follow up questions following my answer to your question. If you don't, there is no need to respond to this post other than to rate my answer. Any written response you make requires me to reply because if I don't, the system stops me from answering other questions.

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