Gifted cash from parent over 10 years ago - still need declare?

simOD

My parents gifted me around £60k almost 10 years ago for a flat deposit, and I’m now close to buying a place. 

Do I need to declare this gift when I undertake a mortgage application, or to my solicitor? It’s over 7 years re: inheritance tax, but unclear if I still need to declare this? Thanks!

Alter_ego

If it has been in your account for 10 yrs I wouldn't bother

AdrianC

Only your solicitor can tell you.

They have a legal duty to ensure that all funds are legitimate. How they do that is entirely their lookout.

davidmcn

Solicitors draw the line at different points, but given some will only be looking back 3 months, I think you'd need to be incredibly unlucky for anybody to be trawling back through a decade of bank statements. After all, you do need to draw the line somewhere when checking for source of funds, otherwise you'd be checking where your parents got their money, and so on.

AnotherJoe

No, and dont even hint at it to your solicitor.

 

getmore4less

Also not in an account named "gifted Deposit" 


Most gifts can be converted into savings over time by just saving from income  and spending the gift


Can also make your running finances look a lot healthier as long as you keep all the normal spends on them

Super_Whiskey

Inheritance tax only goes back 7 years so I wouldn't bother. You could argue you spent that money over the 10 years and replenished it with your own savings.

AnotherJoe

getmore4less said:

Also not in an account named "gifted Deposit" 


Most gifts can be converted into savings over time by just saving from income  and spending the gift


Can also make your running finances look a lot healthier as long as you keep all the normal spends on them

I recall the poster here whose relative sent them their 'gift' money but on the bank reference put "house loan" and the solicitor refused to allow it irrespective of a note from the relative.

Slinky

AnotherJoe said:

getmore4less said:

Also not in an account named "gifted Deposit" 


Most gifts can be converted into savings over time by just saving from income  and spending the gift


Can also make your running finances look a lot healthier as long as you keep all the normal spends on them

I recall the poster here whose relative sent them their 'gift' money but on the bank reference put "house loan" and the solicitor refused to allow it irrespective of a note from the relative.

I remember that too, although can't recall whether we ever knew what finally happened.

Mickygg

I wouldn’t declare, I would just say it’s savings accumulated. 

Madeinireland101

So why do you have to declare it?

 I and my wife gave our daughters some funds a couple of months ago. We sent it to their current accounts. They subsequently sent it to their savings accounts. It’s a potentially exempt transfer to them but well within inheritance limits and properly documented within letters that are stored with our wills. The intention was to help them buy houses at some point when they are ready. One of them is about to buy a house and use the money alongside their own savings. If they are asked for the source of the funds they they would say from their savings which is true. If pressed further they would of course explain that some of it is a gift but who will ask and why should it matter as it has been part of their savings for two months.

Thanks...