How will my student loan effect my incoming money?

Posted on 10 Oct 2019

I have finished my Msc 3 years ago. I had taken student loans for my undergraduate and my masters degree. Which in total is around £24,000. As I am not working since I have finished my masters and have not earned money and not paying any tax, however I will have about £50,000 coming into my account from my dad who is in construction business and he is transferring the above amount for me to start a business later on. My question is that:

If this amount comes to my account from my dad, do I have to pay tax on it ? And also will they deduct my student loan from this amount ? This is not a wage or salary money. Just a gift money from dad to me to start business soon.

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