We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Sibling gifting
mrswoo55
Posts: 4 Newbie
in Cutting tax
My brother wants to gift me a substantial sum of money. Is there a limit to how much he can give to me in 1 year? And am I liable for any tax on this gift? Really need some good advice - I am totally confused!!
0
Comments
-
your brother can give you any amount of money he likes
neither of you will be liable for any taxation except that, if he dies within 7 years then the value of the gift will be added back to his estate and may be liable for inheritance tax (depending upon the value of his total estate)0 -
Do I need to declare the money to anyone?
The reason he is helping me is that I am struggling to sell my house and have found one that I would like to purchase, but I cannot afford mortgages across 2 properties. He is going to give me enough money to "cover" my current mortgage leaving me free to port it to the new house. A bit complicated but means then it takes the pressure of selling my existing house.0 -
no
you won't need to declare it to anyone0 -
Thanks - how do you know all this should I take your business card? ;-)0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards