Hi there,
New to all of this but looking for a bit of advice. We were under some real financial pressure two years ago and my mum and dad gave us an interest free loan of 130k after they sold their house. Everything was above board and we had our solicitor draw up the loan agreement. We thankfully got back on our feet and only had to use 30k. We want to give them back the 100k that's left as we are in a better position now and want them to enjoy their later years.(I know they would prob want us to keep it but would prefer if they enjoyed themselves).
Just wondering what our tax obligations are if we just handed the 100k to them. We certainly don't want a big tax bill or one for my parents but want to make sure we keep revenue happy.
Any help would be appreciated
New to all of this but looking for a bit of advice. We were under some real financial pressure two years ago and my mum and dad gave us an interest free loan of 130k after they sold their house. Everything was above board and we had our solicitor draw up the loan agreement. We thankfully got back on our feet and only had to use 30k. We want to give them back the 100k that's left as we are in a better position now and want them to enjoy their later years.(I know they would prob want us to keep it but would prefer if they enjoyed themselves).
Just wondering what our tax obligations are if we just handed the 100k to them. We certainly don't want a big tax bill or one for my parents but want to make sure we keep revenue happy.
Any help would be appreciated
