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Expert Lu
Expert Lu, Business Consultant
Category: Tax
Satisfied Customers: 231
Experience:  ACCA Diploma
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If my parents give me 50,000 to say Thankyou for helping

Customer Question

If my parents give me 50,000 to say Thankyou for helping them to make their business a success, would I have to declare it? And if so, how much tax would i have to pay on it?
JA: Which tax year is this for?
Customer: this year
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: I am planning to use the 50 k to start my own food business
Submitted: 15 days ago.
Category: Tax
Expert:  Expert Lu replied 15 days ago.

Hello

I am an expert with Just Answer and I am happy to assist you with your question. I  am currently reviewing your question and I will get back to you .

Thank you in advance

Customer: replied 15 days ago.
Ok thanks
Expert:  Expert Lu replied 15 days ago.

Hello

Thank you for your patience , after reviewing  your question  you do not need to declare it , your parents can gift you money as long as they survive 7 years after this there is no tax implications.

Please kindly feel free to ask if you need me to clarify  my answer.

Thank you in advance

Expert Lu

Customer: replied 15 days ago.
Ok Thankyou
Customer: replied 15 days ago.
is that if they both survive for 7 years or only one?
Expert:  Expert Lu replied 15 days ago.

You can have one of your parents gifting you as each has a maximum  amount they can gift  to a child.

I hope that answers your question.

Customer: replied 15 days ago.
what is the maximum amount?
Expert:  Expert Lu replied 15 days ago.

There is £3000 yearly but they can gift you any amount they wish  if it is above that and as long  as they survive  for 7 years after there is no tax.