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    pmartin86
    10,000 "gift" from parents to child - Taxes?
    • #1
    • 14th Nov 12, 8:58 AM
    10,000 "gift" from parents to child - Taxes? 14th Nov 12 at 8:58 AM
    Hi, Im posting on behalf of a friend.

    He is looking to buy his first house soon and has saved up aproximatly 8,000 deposit, the house he wants is around the 100,000 mark and his parents ahve decided they want to help him out by giving him an early "inheritance" cheque for 10,000 to go towards his deposit. Basicly, they want to know exactly how this would work in terms of tax etc? does any apply? if so, is there a way to avoid it? Also, how would the banks look upon the "gift" in terms of offering a mortgague?

    Regards
    Paul
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