Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Wed, 10 Jan 2024 20:00:08 GMT by
Let’s say I have given gift money to my sons and they are over 18 years old. Would their interest income fall under their own personal allowance? Does it matter if they have no other income? Thank you very much
Posted Tue, 16 Jan 2024 14:25:49 GMT by HMRC Admin 10 Response
Hi
As over 18, any income they receive is taxed as their own. Any tax due depends on the amount received as they will be due personal allowances of £12570 is they are UK resident.

You must be signed in to post in this forum.