Do we pay tax on a "gifted" deposit for our first property?

sb31

I am looking to buy a flat with my partner to live in and we are hoping to put a deposit down of £45,000 (25% of the purchase price). £10,000 of the deposit is coming from my side - the sale of my car, and a gift from my parents/grandparents. £10,000 is coming from my partner, with whom I will be living with in the new flat; and £25,000 will be coming from my partner's mum, of which she is donating £18,000 as a gift and the remaining £7000 we will pay back (when we are in a better financial position when my partner qualifies) with capital gains. We are first-time buyers. My partner is currently studying at uni for another four years and we were advised to apply for the mortgage in my name as he has no permanent income. We intend to be joint owners of the flat and will be signing a deed of trust to certify this.

Firstly if the "gift" (from parents) is going towards a deposit on a property do we have to pay tax, what percentage and what is the threshold? I aware that you can receive ~£3000/year before paying tax but does this apply if the money is going straight into the deposit on a house?
Secondly the money from my partner's savings will be for invested interest in the property on mine and his behalf so technically not a gift. What are the financial ramifications of this? Could this be resolved through the deed of trust?
Thirdly will we/my partner's mum be taxed for the £7000 she is giving us to "invest" in the property? We are more concerned with the immediate costs as am aware we will probably have to pay CGT in the future.
All the money we put aside for re-doing the house/our wedding is already being eaten up in solitor fees, mortgage fess and such like. Having to pay tax on top of the deposit which was intended by our parents to help us out, would be crippling.
Any advice would be gratefully received.

Thanks

x

TrickyDicky101

The gifts from parents/grand parents are potentially exempt transfers for tax purposes - there is no immediate tax to pay either in the form of income tax/CGT/Inheritance tax. Only were the parents/grandparents to die within 7 years of making the gift *might* a liability to inheritance tax arise. This would depend on the value of the deceased's estate being over the IHT threshold and the specific provisions within the will itself.

This would also rely on whoever does probate actually tracing such a gift.