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Suppose, I am living in UK and doing a normal job (how good or bad is irrelevant). I pay regular tax of that job. But each month I get some money for expenses sent by my parents who live in another country. Will there be tax on this amount too? The amount may be from 1000 to 2000 pounds for indefinite period.

2007-02-22 12:45:45 · 2 answers · asked by Ashar 1 in Business & Finance Taxes United Kingdom

2 answers

As long as the money is not used for investments, or acquiring property (ex. land, house) no tax is placed upon them whatever the country of origin or the amount

2007-02-22 12:56:46 · answer #1 · answered by Human over IP 2 · 0 1

I'm in the U.S., but I'm assuming it's pretty much the same everywhere in the world and GB is similar to US. You don't get taxed on money you get from mom and dad!!!
Generally if your parents are supporting you, you don't have to pay tax on any of that support. In the U.S. gift tax usually starts at around $15,000 per year, but again, it's not gifts to children. You can give your child a $5 allowance or $500,000 allowance, it's just how much they need in support.

2007-02-24 03:10:04 · answer #2 · answered by KillerKat 3 · 0 0

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