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Recieved some money

1 reply

wonderingifi · 07/06/2014 12:42

I have received some money from a parent, quite a large cheque.

I am on a low income and self employed.

Do I need to declare this money to benefits and pay tax on this money.It is supposed to be a gift.

OP posts:
MrsPnut · 07/06/2014 12:45

No tax to pay if it's a gift, (there may possibly be inheritance tax issues for your parent if they die within the next 7 years and it was over the nominal gift threshold).

Declaring it to benefits depends on how much it is and what benefits you receive, it's usually savings of more than £8k that have to be declared.

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