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Deposit queries...?
Little_Miss_Penny_Less
Posts: 219 Forumite
Hi everyone, bit of an odd question and may need moving to a more appropriate board! Please feel free mods! 
We are FTB's and my partners mother is loaning us £10k for deposit and some buying costs (we have a declaration of trust in place to cover the arrangement).
She asked yesterday when we want her to transfer the money to us ( we have only just started the buying process, but vendor wants quick sale, so we want to have everything in place) - In true MSE style, I do have a spare A&L account (
)that she could transfer the money to without it affecting day to day finances... However, will this raise any questions with the tax man / bank manager / any other big brother type authority who might see my bank balance, about where the money came from? Or are there any issues over tax etc?
Forewarned is forearmed as they say! Don't want to get the money transferred and have a knock on the door from the fraud squad!
Any help greatly appreciated!
Penny
We are FTB's and my partners mother is loaning us £10k for deposit and some buying costs (we have a declaration of trust in place to cover the arrangement).
She asked yesterday when we want her to transfer the money to us ( we have only just started the buying process, but vendor wants quick sale, so we want to have everything in place) - In true MSE style, I do have a spare A&L account (
)that she could transfer the money to without it affecting day to day finances... However, will this raise any questions with the tax man / bank manager / any other big brother type authority who might see my bank balance, about where the money came from? Or are there any issues over tax etc?Forewarned is forearmed as they say! Don't want to get the money transferred and have a knock on the door from the fraud squad!
Any help greatly appreciated!
Penny
0
Comments
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since the money will only be in there for a short time, you will only earn a very small amount of interest, and it is that which is of interest to the tax man. go ahead,and good luck !0
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Thanks Clutton, just needed some reassurance!0
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We have transferred large amount of money into the adults children account, max I have transferred at one time is 25k. Nobody has ever asked where it comes from but I have kept records just in case somebody asks them where all this money comes from. The money mainly comes from investments and insurance maturity but they mainly comes from us. We will be buying a house for them as soon as we found one. I had a chat with the conveyancer since the cash will be coming from four different bank accounts whether we should withdraw and put it all in daughter's account. She said, it is not necessary, they will accept cheque as long as it is a bank or building society cheques. I will check again with her whether she will accept multiple cheques. We all bank with Nationwide Society and they know me well, daughter also used to work there in her first job. Hope this helps0
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