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Aspiring Lawyers - Applications & General Advice
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LPC Grants - Taxable income?
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<blockquote data-quote="Cer96" data-source="post: 63529" data-attributes="member: 7147"><p>Hi everyone,</p><p></p><p>Sorry if this has already been answered, but I couldn't find anything clear either from a quick search on here or a look around the internet/HMRC site in particular! I'm doing my budgeting for transitioning out of life in full time employment and into full time LPC student from September, and came across this issue.</p><p></p><p>Does anyone know if living cost grants paid during LPC years sponsored by firms are taxable? In the April-September 2021 before beginning the LPC I'll be working full time in a job that'll mean I reach my tax free earnings threshold, then on top of that the grant will be paid to me before April 2022, so will all fall in the same tax year, and I'm trying to figure out if I'll have to pay tax on it. </p><p></p><p>I appreciate this is quite a specific question, but I can't figure out if the grant falls into 'Educational Grants' or 'Payment for employment' given I suppose I won't have started working for the firm?</p><p></p><p>Apologies if this is a little too abstract to answer, but if anyone had any insight or resources you could point me to I'd really appreciate it!</p></blockquote><p></p>
[QUOTE="Cer96, post: 63529, member: 7147"] Hi everyone, Sorry if this has already been answered, but I couldn't find anything clear either from a quick search on here or a look around the internet/HMRC site in particular! I'm doing my budgeting for transitioning out of life in full time employment and into full time LPC student from September, and came across this issue. Does anyone know if living cost grants paid during LPC years sponsored by firms are taxable? In the April-September 2021 before beginning the LPC I'll be working full time in a job that'll mean I reach my tax free earnings threshold, then on top of that the grant will be paid to me before April 2022, so will all fall in the same tax year, and I'm trying to figure out if I'll have to pay tax on it. I appreciate this is quite a specific question, but I can't figure out if the grant falls into 'Educational Grants' or 'Payment for employment' given I suppose I won't have started working for the firm? Apologies if this is a little too abstract to answer, but if anyone had any insight or resources you could point me to I'd really appreciate it! [/QUOTE]
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