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Gifted Deposits- What are the effects?
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Thanks all. That is helpful to know. I'm looking around 75%-80% depending on numbers.0
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I gifted my son £15k to his £35k for a £50k deposit. His mortgage went through ok. My question to the forum now is regarding tax. My son has been told that he may have to pay an additional £3k on the gifted amount (20% )?? Does anyone know if gifted deposits are taxable?0
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Duplicate post.I gifted my son £15k to his £35k for a £50k deposit. His mortgage went through ok. My question to the forum now is regarding tax. My son has been told that he may have to pay an additional £3k on the gifted amount (20% )?? Does anyone know if gifted deposits are taxable?
New thread started. Ignore.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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