Help from parents

lowis

My retired parents have told me that they will help me out as much as they can towards my first home purchase. They aren't talking *huge* amounts of money, but certainly a significant amount, maybe something between £3 and £10k...what would be the tax implications of this? Can they gift this tax free?

Ian_W

The only tax implication AFAIK is IHT. A gift may still form part of the estate if both your parents were to die within 7yrs and the estate of the last one to pass away exceeded about £280K. The actual gift itself has no tax implication for you or them as far as I can see.