Is it true that you can't just gift someone money without tax implications?
E.g a mother gives her daughter £10,000 via bank transfer.
From what I have read you are only allowed to "gift" £3000 in one tax year.
Let's say the daughter has a £10,000 credit card debt, and her mother post it off, is that allowed?
E.g a mother gives her daughter £10,000 via bank transfer.
From what I have read you are only allowed to "gift" £3000 in one tax year.
Let's say the daughter has a £10,000 credit card debt, and her mother post it off, is that allowed?