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Posted Thu, 04 Jul 2024 10:06:56 GMT by dkn2k
I am retired, have the standard annual tax free allowance of £12570. My total pension income from all sources for year ending 5th April 2024 exceeded this sum - so I'm aware that I should be paying some income tax. My query is: are sums (within the allowable annual limits) gifted to my sons still liable for income tax to me personally, or should I not be paying tax on these gifts made to my sons? Thank you.
Posted Tue, 09 Jul 2024 09:51:14 GMT by HMRC Admin 10 Response
Hi
There is no tax due on the gifts you give to your sons and you should not declare them.

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