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Tax Relief for Masters Degree

dixxiestickks · 2016-02-16 12:56:57

My parents have loaned me the money to pay for my masters degree which runs from September '15 - June '16. For this my parents transferred the funds from their bank account to mine which I then directly paid to the college. Are my parents eligible for tax relief since the money paid towards my course was paid from my bank…

16-02-2016 12:56pm

#1

dixxiestickks

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Join Date: August 2011

Posts: 9

My parents have loaned me the money to pay for my masters degree which runs from September '15 - June '16. For this my parents transferred the funds from their bank account to mine which I then directly paid to the college.

Are my parents eligible for tax relief since the money paid towards my course was paid from my bank account?

0

Comments

#2 16-02-2016 3:31pm

nompere

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The tax relief goes to the person who paid the fees. If you've had the money lent to you, then you've paid the fees and you're entitled to the relief.

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#3 17-02-2016 1:21am

jjjd

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Posts: 677

You are entitled to claim the relief, as you have paid the tuition fees yourself. If however you are not currently paying tax on your income it may have been more tax efficient for your parents to pay the tuition fees on your behalf, so that they could claim tax relief. Might be worth considering if there are any additional tuition fees due in the future.

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