![]() ![]() You do not pay tax on a cash gift, but you may pay tax on any income that arises from the gift – for example bank interest. My family have given me some cash: do I need to pay any tax? If eventually the loan is not repaid and the lender says that they never want you to pay it back, it becomes a gift and will then come under the rules for gifts (see section below).Ī loan does not become a gift until the lender agrees that they are not expecting you to pay it back. But if you agree to pay them interest, the lender may have to pay tax on the interest they receive, depending on their individual tax position. There are unlikely to be any immediate tax consequences if parents or other family members make you a loan. ![]() My family have lent me money during my course: what are the tax implications?
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