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Where Taxpayers and Advisers Meet

Loan repaid from abroad

Troggy
Posts: 2
Joined: Sat Apr 27, 2019 3:03 pm

Loan repaid from abroad

Postby Troggy » Sat Apr 27, 2019 3:13 pm

Hello all, I have a quick question on tax.

My nephew is getting into a college abroad and I’ll be paying his fees using a U.K. bank account.

He is getting into this college based on a quota which requires the funds to come from outside the country.

The plan is for me to pay his fees and then his dad paying back this fees after a month.

I’ll be receiving back that money into the same bank account after a few months. Will this have a tax implication?


Regards

pawncob
Posts: 4269
Joined: Wed Aug 06, 2008 4:06 pm
Location: West Sussex

Re: Loan repaid from abroad

Postby pawncob » Mon Apr 29, 2019 11:47 am

No.
With a pinch of salt take what I say, but don't exceed your RDA

Troggy
Posts: 2
Joined: Sat Apr 27, 2019 3:03 pm

Re: Loan repaid from abroad

Postby Troggy » Mon Apr 29, 2019 2:00 pm

Thanks Pawncob for coming back. Much appreciated.

Just to clarify.. I’ll pay money from UK account in GBP to a college outside of UK. I’ll receive the same money from abroad back into my account. As my nephews dad will pay me back the money.



Regards


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