Money to help daughter buy first home

Mammar

I want to help my daughter with a deposit for her first home. However, I understand I can only gift her a maximum of £6,000 without tax implications.
Is there any other way I can help her with up to, say, £15,000?
(Bear in mind that even if I pop my clogs within 7 years, my estate is not likely to top £200,000.)

Laurajo_2

If your estate is going to be under 325k, you don't have anything to worry about.

If it was going to be more, and you died within seven years, the gift would fall back into your estate, but as you are under the IHT threshold, it won't be an issue.

Mojisola

Mammar wrote: »

I want to help my daughter with a deposit for her first home. However, I understand I can only gift her a maximum of £6,000 without tax implications.
Is there any other way I can help her with up to, say, £15,000?
(Bear in mind that even if I pop my clogs within 7 years, my estate is not likely to top £200,000.)

Without inheritance tax issues (and that would be £3000, not £6000).

As your estate is below the IHT threshold, it doesn't affect you. Give her as much as you want.

Mammar

Oh excellent! Looks like we better get on Rightmove then.

Mojisola

The only other thing to consider is 'deprivation of capital' should you need any means tested benefits in the future.

Kynthia

Post deleted as misread.

thorsoak

This might be of interest to you:- http://www.hmrc.gov.uk/inheritancetax/pass-money-property/exempt-gifts.htm

Carl31

There could be implications with capital gains if the property ever came a secondary property for any reason, and was sold, due to the gift relief.