maximum gift from parents for a deposit?

nurse_nina

i think that 6k figure is a joint one from both parents, or are you thinking of the wedding gift of 5k? they haven't given any gift last/this tax year but according to my solicitor there is only a 3k limit without IHT consequences...
in answer to the fraudsters spoiling it for the rest of us, of cause they are! no one is god, i can't predict my parents won't die within 7 years can i? no one can, so i'm being penalised for having generous parents!
i think there may be a way around this though, without having to worry about IHT... have 3 k off each of my parents, 3k off my partners parents (9k) and put the 1k in myself then its non IHT gifts! yes?

scottishblondie

nurse_nina wrote: »

i think that 6k figure is a joint one from both parents, or are you thinking of the wedding gift of 5k? they haven't given any gift last/this tax year but according to my solicitor there is only a 3k limit without IHT consequences...
in answer to the fraudsters spoiling it for the rest of us, of cause they are! no one is god, i can't predict my parents won't die within 7 years can i? no one can, so i'm being penalised for having generous parents!
i think there may be a way around this though, without having to worry about IHT... have 3 k off each of my parents, 3k off my partners parents (9k) and put the 1k in myself then its non IHT gifts! yes?

The 3k allowance can roll over for a year, so if they made no gifts in the last tax year they can each gift 3k+3k=6k without IHT implications. If your parents are healthy then I wouldn't bother worrying about IHT anyway tbh!

CLAPTON

nurse_nina wrote: »

i think that 6k figure is a joint one from both parents, or are you thinking of the wedding gift of 5k? they haven't given any gift last/this tax year but according to my solicitor there is only a 3k limit without IHT consequences...
in answer to the fraudsters spoiling it for the rest of us, of cause they are! no one is god, i can't predict my parents won't die within 7 years can i? no one can, so i'm being penalised for having generous parents!
i think there may be a way around this though, without having to worry about IHT... have 3 k off each of my parents, 3k off my partners parents (9k) and put the 1k in myself then its non IHT gifts! yes?

if both your parent die tomorrow and their estate is above the IHT limits then IHT will be payable on the value of their estate above the IHT limit.

so if they give you a lot of money but sadly die with 7 years the total IHT payable will be just the same as it would have been if they had given you nothing.
if they survive longer than 7 years then the IHT will be less
so there is no draw backs to them giving you your inheritence early

in any event its already been explained that each can give you 2 lots of 3k and indeed if OH has two generous parents they can too (making 24k in total) and it will all be outside IHT

nurse_nina

thanks all! i'm a nurse (incase you hadn't guessed from the name!) so very pessimistic about life and death! seen solicitor today and all is sorted. thanks again for the advice, glad i signed up to MSE!!