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Pay off parents mortgage
dollar101
Posts: 9 Forumite
Hi,
I am considering paying off my parents mortgage in a few years time, balance will be approx 75k. Are there any tax implications with this?
Regards
Dollar
I am considering paying off my parents mortgage in a few years time, balance will be approx 75k. Are there any tax implications with this?
Regards
Dollar
0
Comments
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Only if you die within 7 years of gifting them the £75k and your estate is sufficiently large enough to mean inheritance tax is payable.0
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You are free to do as you wish with your money.0
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NO taxes on gifts.
Live for 7 years and it no longer forms part of your estate so there is a potential IHT reduction.
It does however increase your parents estate so that may be something to look at.0
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