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Cash gift from house sale...
meclive
Posts: 482 Forumite
in Cutting tax
Hi, I hope you can shed some light on this for me!
One of my parents has recently sold their house and wants to give me 100k in order for me to buy a house. If I receive this money as a gift, will I have any tax to pay (as long as they do not die within the 7 years after this gift was given to me)?
I've seen some mentions that tax might be payable on the interest/income the gift generates? so if the house I was to buy goes up in value - would that then be taxable??
Thanks.
One of my parents has recently sold their house and wants to give me 100k in order for me to buy a house. If I receive this money as a gift, will I have any tax to pay (as long as they do not die within the 7 years after this gift was given to me)?
I've seen some mentions that tax might be payable on the interest/income the gift generates? so if the house I was to buy goes up in value - would that then be taxable??
Thanks.
0
Comments
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your parents can give you 100,000 in cash without either they or you being liable to tax except potentially IHT if they die within 7 years.
if you invest/save this money then tax may be payable exactly like any other investment/savings from any other source.0
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