12th Nov 2003, 17:13
To digress a bit.
If your parents give you the money to pay for the flying can you be hit by inheritance tax? I know there is only a certain amount of wedge that the olds can give you per annum without being hit by inheritance.
If it's a gift it may not be liable for tax. You really need to consult a professional on this one, though. There are many pitfalls, the legal situation changes over the years and you don't want to get it wrong! I'm sure others on the forum will come up with better information. I'd see a solicitor to make sure.
13th Nov 2003, 22:51
Just get your parents to pay any money directly to the flying school
13th Nov 2003, 23:34
They can gift you up to £3000 in any one tax year without any liability arising, and any unused amount in one year can be carried to the next (but no further). In any case, IHT is only chargeable if they die within seven years of making the gift. The full details are available from: http://www.inlandrevenue.gov.uk/pdfs/iht2.pdf