Mortgage pay off
splod55
Posts: 2 Newbie
I have friend who wants to pay off my remaining mortgage balance for me. Does anyone know if this has tax implications as it will be a gift?
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I have friend who wants to pay off my remaining mortgage balance for me. Does anyone know if this has tax implications as it will be a gift?
Almost certainly so - this is a good place to start http://www.hmrc.gov.uk/cgt/intro/gifts-inherit-divorce.htm#10 -
I believe that you can be given £5,000 as a gift per (tax) year without having to pay anything on it. I think that this would effectively be seen as a cash gift.Proud to be a MFW :j MF aim date Nov 2018 :eek:
Mortgage: £143,500 :eek::eek::eek:
[STRIKE]Joint Account: £800/£800 DH's Account: £500/£500 My Account: £756/£756[/STRIKE]
BA : £2920/£3,600 America: £0/£1,500 Babies: £0/£8,300 Car: £0/£6,000
Extention: £0/£12,5000 -
again, check out the link, but istr that there are two areas where you could end up having to pay. The first is inheritence tax, although this isnt an issue if the benefactor lives for 7 years. The other one is less cut and dried, and its viewed as where someone is trying to dispose of their assets so they dont have to pay things like nursig home care etc....I think anything more than 5k a year is relating to thi, but I am nto an expert
as I said though, check out the linkNo longer an accidental landlord, still a wannabe millionaire:beer:
initiative q sign up link
https://initiativeq.com/invite/HQHpIjaoQ0 -
Many thanks for taking the time to reply. I shall look into it further.:)0
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