This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

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:1562
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


Return to “General”

cron