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Gifting money to daughter for a deposit
Dollyadams
Posts: 8 Forumite
My daughter is thinking of buying through the shared ownership scheme and I’m willing to help her out with the deposit by gifting cash from my savings. Am I limited to giving her 6k using my two years tax free allowance or can I give her more?
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Comments
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You can give as much as you like, the only tax implication is that if you die within seven years of making the gift, the amount over the annual allowances will be taken into account when assessing the inheritance tax liability of your estate. But that's not any worse than dying with the money still in your bank account.0
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Dollyadams wrote: »My daughter is thinking of buying through the shared ownership scheme and I’m willing to help her out with the deposit by gifting cash from my savings. Am I limited to giving her 6k using my two years tax free allowance or can I give her more?
You have misunderstood the tax free allowance. It's only relevant for inheritance tax. You can gift her as much as you want without paying any tax . Enough to buy the house mortgage free if you want.0
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