How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 9888
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

I have taken a loan from my dad for the deposit of a new

This answer was rated:

Hello, I have taken a loan from my dad for the deposit of a new home that i am buying. what would be the tax implications of that. how do i inform HMRC that it was a loan, as the money was transferred from his account to mine?
JA: Have you talked to a tax professional about this?
Customer: no
JA: Anything else you want the Accountant to know before I connect you?
Customer: The transfer was from my dad's savings account in india to my account here in uk

None whatsoever unless interest is involved; Loans are outside the scope of UK taxation.

Customer: replied 7 days ago.
tahnk you. how do i inform HMRC that i was a loan? as my total annual income will be more with the amount included, would that affect my tax code?
Customer: replied 7 days ago.
thank you. how do I inform HMRC that I was a loan? as my total annual income will be more with the amount included, would that affect my tax code?
Customer: replied 7 days ago.
thank you. how do I inform HMRC that it was a loan? as my total annual income will be more with the amount included, would that affect my tax code?

There is no requirement toadvise HMRC of loans unless interest is involved.

Customer: replied 7 days ago.
Thanks. no interest involved. i do not file the tax returns as i am employed and pay as i earn. do i need to do the tax self-assessment?

Not unless HMRC require you so to do.

Customer: replied 7 days ago.
Can you please call. I agree to pay the additional amount and credit the expert

Sorry, I do not do telephone calls any more, they are no longer cost effective.

bigduckontax and other Tax Specialists are ready to help you
Customer: replied 7 days ago.
no problem. Just to sum up as I understand, I don't have to do anything with regards ***** ***** HMRC of the additional loan amount in my account? thanks again for your advice.

Correct, pleased to have been of assistance.