My 2 year old son has recently been diagnosed with a rare cancer.
Friends and family have been amazing and raised money for him/us whilst he has his treatment . This will be for a minimum of 18 months .
The funds have been raised via go fund and other events and have been deducted accordingly from that .
My question is , with this money being sat in my child's saver account will it be subject to any tax ??
It is around £40,000 (as I said,amazing support)
I have read a lot about as it is gifted it is not subject to tax and not from 1 person so not inheritance but need this clarifying .
Many thanks