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Gifted deposit in LISA query
Sophiegass
Posts: 9 Forumite
My partner and I are purchasing our first house, and my parents are kindly gifting us some money towards our deposit.
Firstly, can my parents gift my boyfriend money without any tax implications? His parents aren’t able to help us out so he can’t get anything gifted from his parents without any issues. Or could my parents gift me the full amount and then I gift half of it to my partner?
Secondly, is it allowed that if my parents gift us the money can we put that straight into our LISA so that we can get a 25% bonus on it?
Any help is appreciated!!
Firstly, can my parents gift my boyfriend money without any tax implications? His parents aren’t able to help us out so he can’t get anything gifted from his parents without any issues. Or could my parents gift me the full amount and then I gift half of it to my partner?
Secondly, is it allowed that if my parents gift us the money can we put that straight into our LISA so that we can get a 25% bonus on it?
Any help is appreciated!!
0
Comments
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Your parents can gift cash to you or to your partner.
What you then do with it is up to you (LISA, 3.30 at Epsom etc)...:)
With regard to tax, whether the gift is made to you or your boyfriend, there is a potential IHT liability (depending on amount, seven year rule etc).
Similarly, if you make a gift to your partner (assuming unmarried), there is a potential IHT liability against your estate.
https://www.gov.uk/inheritance-tax/gifts0 -
My parents gifted part of our (intended) deposit, and the first thing I did was put £4k into each ISA! So long as they don't die within the next seven years, all is good on the tax front.0
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