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Family money gift to start business. tax issues?
vanandy
Posts: 6 Forumite
Hi
My girlfriend wants to buy a premises to start a business, her father is willing to give the money (<40k), are there any tax issues if the father dies? there are no immediate family members still surviving. Is there a way before purchasing to avoid tax issues?
regards
Andy
My girlfriend wants to buy a premises to start a business, her father is willing to give the money (<40k), are there any tax issues if the father dies? there are no immediate family members still surviving. Is there a way before purchasing to avoid tax issues?
regards
Andy
0
Comments
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Think its 7 years before a gift can be wrote off for inheritance tax purposes but those don't come into play unless the total estate is over a set limit. But if I were you I would ring your local tax office or better still speak to an accountant. She will possibly need one anyway in due course for the accounts for her new business.0
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