how much can a parent give to a child without incurring any tax penalties scenario A mother wants to give her child (over 18) a one off lump sum of 30000. Will there be any tax to pay on this sum? The child earns about 25000 a year working for a bank and pays tax etc from his wage every month. the way i understand reading through the inland revenue site is that it wouldnt be taxed unless the parent dies within 7 years of giving the gift. if this is the case, there still wouldnt be any tax to pay as the parent can give up to 250000 tax free. Any help or advice on this would be greatly appreciated, any many thanks in advance
"Arthur L. Rubin"
3/1/2004 9:01:55 AM
Smurf wrote:
how much can a parent give to a child without incurring any tax penalties scenario
You need to specify your country. You used "", which suggests the UK, but....
