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Repaying 'gift' from Mum and Dad
Comments
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If your parents combines estates fall into inheritance tax territory then it would be silly for them to take it back.
On the other hand if they need the money back then they are taking a risk that you may not be able to pay it.0 -
gimmetheloot wrote: »Thanks. I'm not trying to evade tax though I'm trying to understand if there would be a tax liability in this instance? Are you saying that the 'interest' would be taxable?
The money would ostensibly be a gift for mortgage reasons.
Mortgage lenders know this sort of deception goes on all the time people claiming their deposits are not loans from another source.
That is why they check where the money has come from and get any donors to declare that they are not a lender.
If you want to reward your parent for their generous "gift" don't make it obviously interest by giving them back a load more money than they gave you, take them out for a meal or buy some shopping or just chuck them some cash.......0
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