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bigduckontax
bigduckontax, Accountant
Category: UK Tax
Satisfied Customers: 3258
Experience:  FCCA FCMA CGMA ACIS
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Second opinion] - Our children earn money from TV work. Can

Customer Question

Second opinion] - Our children earn money from TV work. Can they gift some of their income to us? We get child tax credits and as far as I can find out, you don't have to declare cash gifts, only the interest you get on the gift. Is this correct? The gifts from them are irregular and different amounts, does this make a difference?
Submitted: 3 months ago.
Category: UK Tax
Expert:  bigduckontax replied 3 months ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

Yes, they can, but whether that is ethical is a moot point and outside the scope of this answer.

You are correct in your surmise regarding tax credits, it is only your income which is taken into account in assessing these benefits, not gifts which need not be declared for either Tax Credits or Income Tax purposes.

I do hope that I have set your mind at rest on this matter..