Son wants to borrow 6k from parents. Implications?

[redstar]

Are there any implications to be aware of if a son borrows from parents ? Amount = 6k Euro

The son, over 18 years old, lives in England. Parents live in Ireland.
The loan is to be fully repaid to parents within 12 months

If 0% interest is charged, is there a gift tax implication?

 

[Laughahalla]

3k from each parent - No issues/ no gift tax implication

 

[Sue Ellen]

Hi redstar,

If you have a read you will see the rules of the Small Gift Exemption or here also.

 

[Purple]

3k from each parent - No issues/ no gift tax implication

Even if it's a larger loan the interest that would have been due can be treated as the small gift.