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Tax on 30000?
Canned_Heat
Posts: 4 Newbie
A relative is prepared to gift me or lend me £30000 to help with a property purchase. Does this have to be declared by me or him for tax reasons? Also if he dies within the next few years will i be liable for any inheritance tax as his estate will realise a fair bit.
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Comments
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You may be liable for up to 40% tax if he dies within the next 7 years, so don't spend it all without some sort of back-up plan!I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0 -
A bigger concern for him is if you die as he would have lost the money without a formal agreement being in place.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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In that instance what would happen? Presumably the deceased's estate would get divided as per usual, but would the gift be considered paid off by the taxman, or could there feasibly still be tax implications if the donor died within 7 years as well?
I think I see why taxation is generally taken as a separate module by a lot of financial professionals
I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0
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