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Accounting Journal
Accounting Journal
When is a child’s income taxable on their parent?

When is a child’s income taxable on their parent?

Asif Patel's avatar
Asif Patel
Dec 07, 2024
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Accounting Journal
Accounting Journal
When is a child’s income taxable on their parent?
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Children may have their own income. This may be in the form of savings income on accounts that they hold or, for older children, income from a paper round or a Saturday job. Like adults, children have their own set of allowances, including a personal allowance and savings and dividend allowances. However, anti-avoidance provisions apply to prevent paren…

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