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Gifted £16k for deposit
Daftmfw34
Posts: 6 Forumite
Hi, I've had a look but can't find a similar question, can anyone help please?
Mate is about to be gifted £16k from his parents for a flat deposit. Is this allowed? I mean, does he need to pay tax on it or declare it or anything?
Any advice would be much appreciated.
Mate is about to be gifted £16k from his parents for a flat deposit. Is this allowed? I mean, does he need to pay tax on it or declare it or anything?
Any advice would be much appreciated.
0
Comments
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No tax on gifts in the UK.
There are hundreds of thread on here explaining this.0 -
There is no gift tax in the UK.
His mortgage company, however, will want to know that this is a gift and not a loan. So his parents should write him a letter stating that it is an unfettered gift, that they do not want the money to be paid back, and that they claim no rights over the property. He passes it to his mortgage company, or his solicitor does, and everything is hunky-dory.Free the dunston one next time too.0
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