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House deposit gift from parent, tax implications and questions..

wesmantooth
wesmantooth Posts: 1 Newbie
in House buying, renting & selling

Hi all,

After a bit of research, it is my understanding that a parent can gift money towards a child's house deposit and there are no tax implications assuming the parent lives 7 years beyond the gift.  Is this correct?

A slight curveball for this one is that the parent lives in Australia and is selling their UK home, from which the gift funds will come from.  Will they be liable for capital gains or similar on the increased sale value from what they paid and are there any implications from the above for the recipient?

TL:DR - Aussie based parent wants to gift child £XXk towards a house deposit in the UK, funds of which are from UK house sale. - looking for the most tax efficient way

Please let me know if you need any more information to advise..

Thanks in advance.

Wes

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