Self Assessment Q&A on 26th January
How do you disclose a gift of money from parents on your tax return?
HMRC ADMIN 79
Joined: 22/12/2017 12:28:27
The gift itself when you receive it is not taxable therefore you will not be required to include it on your tax return.
There are specific rules for your parents gifting you the money and Inheritance Tax. More information can be found here:
If you or your parents would like to find out more, you can contact our Inheritance Tax help line on 0300 123 1072.