Brian Keegan: It's inevitable Revenue pursues gifts from the bank of mum and dad

Increasingly, parents are giving interest-free or low-interest loans to their children to help them to buy a house

Money given to a child for a deposit on a house counts as a taxable gift, as does providing a house rent free.

Last Friday was the final day for submitting tax returns by individuals who are self-employed or otherwise caught by the self-assessment regime. Having to file a tax return is a requirement that doesn't apply to most of us as most tax affairs are handled through the PAYE system. There are other situations too where a tax return might have to be made. These include receiving a substantial gift or an inheritance.

Matters get more complicated with gifts and inheritances, and particularly with gifts among families. Gifts and inheritances are taxed at 33%, but there are substantial exemptions which are based on the relationship between the giver and receiver.