Loans & Gifts

If you have given any financial loans to anyone including family members, regardless of amount, it is recommended to have a contract signed and witnessed.

In any tax year, if you give a gift of more than £5,000 to a child, £2,500 to a grandchild / great grandchild or £1,000 to any other person then these gifts are tax liable unless the amount(s) of the gift were more than seven years ago (The 7-year rule). There is taper relief after three years. (Should taper relief be further explained here?)

In any tax year, if you give a gift of more than £5,000 to a child, £2,500 to a grandchild / great grandchild or £1,000 to any other person then these gifts are tax liable unless the amount(s) of the gift were more than seven years ago (The 7-year rule). There is taper relief after three years. (Should taper relief be further explained here?)

Safeena - Muslim Cancer Support Network

Safeena - Muslim Cancer Support Network

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Safeena - Muslim Cancer Support Network
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