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taxadvisor.uk, Chartered Certified Accountant
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I have loaned my family in South Africa some money a couple

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Hi there, i have loaned my family in South Africa some money a couple of years ago, interest free which they now want to repay. Do i have to declare this on self assessment and will that be taxed?
Also my father wants to send me some money as a gift to cover some of my debt here in order to get in the property ladder. Do i have to declare this in self assessment and will this be taxed? I don't have to repay this. Is there a maximum limit?
Submitted: 10 months ago.
Category: Tax
Expert:  taxadvisor.uk replied 10 months ago.

Thank you for your question.

You don't have to declare this money on your self assessment tax return as this is not income and it is not taxable.

Any amount you receive as a gift is non taxable and you don't have to declare it on your tax return. There is no maximum limit on gifts.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 9 months ago.
Many thanks for your quick reply and explaining about the gifts. Can you please let me know in the case of the repayment of a family loan to me, which is interest free, does this have to be shown in self assessment for tax purposes?
Expert:  taxadvisor.uk replied 9 months ago.

Thank you for your reply.

NO loan repayments are to be shown in self assessment tax returns whether you are repaying the loan or the loan is being repaid to you.

Loans are not income and therefore are out of scope of income tax.

I hope this is helpful and answers your question.

If there are no more issues, I will appreciate if you would kindly rate my service/accept the service I have provided before you leave the site, to ensure I get credited for it by Just Answer.

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Category: Tax
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Expert:  taxadvisor.uk replied 9 months ago.

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