My son is supplementing my income. His S O (£1500 per month)is paid monthlyinto my bank account after he has paid tax on it. Will I have to pay tax as though this were unearned income? How do I inform authority of this increase in my income?
Province/Country relating to question : UK Inland Revenue
As your son has already declared and paid tax on this monthly sum, there is no further tax for you to declare/pay.
This is because the money you are receiving will be classed as a gift from your Son.
I hope this answers your question, but please let me if you require any further help.
LLB(Hons) Property and Estates Solicitor with a breadth of experience in relevant tax issues