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do gifts constitute taxable income?

Last post Fri, Jan 16 2009, 11:02 AM by chimorph. 2 replies.
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  •  Fri, Jan 16 2009, 11:02 AM

    Re: do gifts constitute taxable income?

    Sorry I should have made that clear. My wife works and pays tax on her income. That covers most of our living costs. The gifts I receive make some contribution, and the opportunities to speak are increasing gradually, making it more likely that at some point in the not too distant future the gifts will exceed the personal allowance.
    • Post Points: 5
  •  Fri, Jan 16 2009, 10:54 AM

    Re: do gifts constitute taxable income?

    So you don't receive cash/expenses in excess of your tax allowance of £6035.00 - this I find difficult to comprehend. How do you pay your rent, buy your food, pay your utilities, afford clothing/shoes etc on that amount of money? Incredible.
    • Post Points: 20
  •  Fri, Jan 16 2009, 10:14 AM

    do gifts constitute taxable income?

    I am a Christian Minister, but I am not paid a salary for the work I do. I am paid some expenses by my home church, and from time to time I also receive monetary gifts from individuals and from different churches at which I speak. Sometimes gifts are given for specific purposes (e.g. to enable me to attend a conference) and sometimes they are given without any purpose being specified.

    The gifts have never yet exceeded my personal tax allowance in any year, though it is conceivable that they could do so at some time in the future. I am wondering if they constitute taxable income?

    • Post Points: 20