my parents want to buy me a house!!!

housebuyer5002

a family member has recently died and now my parents want to buy me a house? morgage free...thank you:j but what taxes will I have to pay. as I am currently in rented accommodation and get working tax credit and child tax credit. will I loose all of this or not. there may be a simple answer to this but im no good at this money stuff and buying a house is very scary.:mad: please someone help. thank you.

edinburgher

Sorry for your loss.

I believe that this question would be better asked on the tax credits and benefits board for a thorough answer, you may get lucky here, but there's a good chance that those well versed in the subject won't see your question!

All the best.

SillySod

Your first question should be: "Do I want to own a house right now?"

What you gain in security of tenure and being in charge, you lose in flexibility and freedom from maintenance costs/hassles. Are you settled where you live? Might you have to move for a new job?

The money could alternatively be invested to provide an income. What suits you best?