Crowdfunding: Taxation

Treasury written question – answered on 27th February 2020.

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Photo of Chris Bryant Chris Bryant Labour, Rhondda

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

Photo of Jesse Norman Jesse Norman The Financial Secretary to the Treasury

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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