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Tax Again

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Bazile | 22:44 Fri 16th Aug 2024 | Business & Finance
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1. My daughter lives with me and my wife and gives me X amount for her 'keep' 

Does that count as income for taxation ?

2. Nationwide building society made a payment of £100 to their account holders .

How is that payment taxable ?

 

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1. no

2. or students? no for the student not taxable

 

Whether student  or not doesn't matter.

its like rewards or cashback.not taxable. The NW probably pays any tax due.

Banks and building societies don't deduct tax and the Fairer Share Payment is taxable. See Clause 9

https://www.nationwide.co.uk/about-us/fairer-share/terms-and-conditions/

Income for child maintenance is not taxable 

https://www.entitledto.co.uk/help/benefits-maintenance-children

nma - please don't give out false info🙄

You may not be interested, Bazile, but is your wife aware she is entitled to tax relief on the money she gives you?

https://www.gov.uk/income-tax-reliefs

Shows how much I know. I'd have figured it was just a contribution to the family's bills and no more taxable than that which you and your wife contribute.

It's not taxable, OG. 

Question Author

Barry

//You may not be interested, Bazile, but is your wife aware she is entitled to tax relief on the money she gives you?//

I don't follow that 

The money my daughter gives me is to help with the bills , because she is still living at home 

Where does the maintenance come into play ?

 

Sorry, I misread this in your OP

"My daughter lives with me and my wife and gives me X amount for her 'keep'"

I read it as

"My daughter lives with me.

My wife gives me money for her keep."

I thought your daughter was a child and you and your wife were living apart, with your wife paying you child maintenance.

Apologies 

should it read "my daughter lives with me and my wife"

and gives me x amount for her keep?

or "my daughter lives with me",  (and my wife gives me x amount for her keep).

Question Author

My fault - having read it again , I can see that  it could be interpreted differently to what I meant .

In any event , is it correct that the money she gives me is not taxable ?

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