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Posted Sat, 06 Jan 2024 20:46:02 GMT by
I am aware that children pay no tax on ISAs or trust funds but do on other accounts. My question is if I as the parent send money to my child's accounts, do I get tax relief on the money gifted? Thanks.
Posted Wed, 10 Jan 2024 14:54:29 GMT by HMRC Admin 10 Response
Hi
The giving of gifts does not attract any tax relief, whether the gifts are money or assets.  
Depending on the value of the gift, there may be inheritance tax implications.  
Please have a look at the guidance at HS295 Relief for gifts and similar transactions (2023) Updated 6 April 2023 and How Inheritance Tax works: thresholds, rules and allowances.
Posted Sun, 04 Feb 2024 15:40:00 GMT by
1) If a parental gift to children generates income and/or dividend tax it is at the marginal rate of the parent, but who actually pays the tax? 2) If the same gift, on disposal, generates a liability to CGT, at what rate is that, the child's or the parent's? 3) When the child reaches 18 are those taxes, income/dividend/CGT at the child's marginal rate ?
Posted Wed, 07 Feb 2024 10:42:49 GMT by HMRC Admin 21 Response
Hi tyrlk Tyrrell,
1. if over £100, it is the parent  
2.  it depends on the amount/type of gain and as in the childs name, it would be the child who was liable  
3. at 18 they are then an adult and any income/gains is taxed accoring to the personal allowances/rate applicable at that time.
Thank you.
 

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