Crowdfunding: Taxation

(asked on 24th February 2020) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether HMRC will treat crowd funded payments to people affected by Storm Dennis as taxable income.


Answered by
Jesse Norman Portrait
Jesse Norman
This question was answered on 27th February 2020

Gratuitous payments to people, made from a pot of funds raised by crowdfunding, will not be taxable income. To be gratuitous, there must be no agreement or expectation that the recipient will provide something in return.

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