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Where Taxpayers and Advisers Meet

Gifts and self assessment

P_123456
Posts:2
Joined:Sun Jan 03, 2021 12:18 pm
Gifts and self assessment

Postby P_123456 » Sun Jan 03, 2021 12:41 pm

Hi,

I am trying to work out where I add a gift to the self assessment tax return. Can you help? This is a gift I gave to my son. Can I claim the tax back on this gift?

Thanks,
G

Lambs
Posts:1611
Joined:Wed Aug 06, 2008 3:15 pm

Re: Gifts and self assessment

Postby Lambs » Sun Jan 03, 2021 11:52 pm

G,

Basically, only gifts to registered charities are deductible for Income Tax purposes. Gifts to individuals will not garner a reduction in your Income Tax liability.

With regards,

Lambs

P_123456
Posts:2
Joined:Sun Jan 03, 2021 12:18 pm

Re: Gifts and self assessment

Postby P_123456 » Mon Jan 04, 2021 10:41 am

Lambs,

Thanks for the clarification on gifts 😊!

G


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