Originally published: Express, 18 February 2021
Tax is paid in a variety of ways, but parents and grandparents are being reminded that gifting money to their children and grandchildren could potentially leave them facing a tax bill.
Parents and grandparents are potentially risking tax bills as they help out their loved ones with money, according to new research from Openwork. Around one in five (20 per cent) – the equivalent of 6.3 million people – said they have given gifts of £3,000 or more to the family without declaring it to HM Revenue and Customs (HMRC).
The survey was conducted by independent researchers Pureprofile and involved 1,280 adults, including 760 parents and grandparents.
