Cash "loan" from family member overseas

Fordfocus22

Hi All,
Done a little research and can see there are no tax implications of a cash gift from an overseas family member however I would like to repay the cash back to the family member over time. They have stated there is no rush on paying this all back and we can take our time however is this treated differently than if it was purely just a gift and didn't have to be paid back? 

This money would be to pay for stamp duty and not the downpayment. 

Thanks for any advice.

Thrugelmir

Source of the funds would need to be declared to the solicitor. 

Fordfocus22

Ok thanks so much, but other than that no implications or declarations to hmrc need to be made, e.g Self assessment?

John_

None, but please ensure that your mortgage lender and solicitor both understand the situation to avoid any potential problems.

Fordfocus22

Definitely will, thank you for your help John and Thrugelmir. 

Thrugelmir

If you do receive money from overseas. Ensure that there's a full documentary audit trail to explain the source of the money

davidmcn

Obviously we can't speak for what "overseas" rules might be (since we don't even know which country it is!) but certainly wouldn't be any difficulty if it was all within the UK. Would only become relevant for tax if the lender was making a profit out of the deal.