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Posted Sat, 26 Mar 2022 08:15:36 GMT by marhem1
Hi My uncle wants to help me with a £50,000 PERSONA LOAN which may or not be returned in the future, is there any tax implications for me and if there is what is the criteria to avoid any tax implication, does a time frame need to be stated. thank you
Posted Mon, 28 Mar 2022 14:05:20 GMT by HMRC Admin 17

Hi,
 
There are no tax implications on receipt of a gift of money unless this generates interest in a bank account.

The interest itself would then be subject to income tax. 

Thank you.
Posted Mon, 28 Mar 2022 19:32:22 GMT by marhem1
Hi Thank you for your response. For clarification it is not a GIFT but a LOAN from my uncle to use for personal reasons. This money may or not be returned in the future. I know there is no tax implications for a Gift Cash but a LOAN Cash is there? thanks
Posted Tue, 29 Mar 2022 12:58:52 GMT by HMRC Admin 17

Hi,
 
Please note that if a loan is interest-free, there are no tax implications for either the borrower or the lender.

Thank you.

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