Tax on a gift for mortgage deposit

jperkins4

Hi,

I am looking at purchasing a house with the help of a 'gift' from my parents. The amount is £12,000 but wanted to know if there is any tax implications of receiving a gift of this amount from my parents.

Thanks

sinizterguy

There is not.

pyueck

sinizterguy wrote: »

There is not.

Not strictly true. If they both die within 7 years, then this amount (less 3,000 for this year, and 3,000 for the prior year for gift allowance assuming they have made no other gifts) would count towards their assets for inheritance tax purposes.

It is therefore better if you do two gifts, one from each parent for £6,000 to fully maximise their gift allowances.

G_M

sinizterguy wrote: »

There is not.

Inheritance Tax if the giftor dies within 7 years.

CLAPTON

well

if both parents gave 3,000 for this year and carried over 3,000 from last year then 12,000 could be given completely free of IHT concerns about dying within 7 years

pyueck

CLAPTON wrote: »

well

if both parents gave 3,000 for this year and carried over 3,000 from last year then 12,000 could be given completely free of IHT concerns about dying within 7 years

Yes if the payment was split £6,000 from each and they have not made any other gifts in that period.