Can my friend gift me £20,000 and no tax implications?

Karendd

Hi first ever post but desperate for help as google has not given me the answer.
My friend wants to give me £20,000 so I can  clear my loan .Is this allowed without a tax implication?
Thanks 

eskbanker

Anyone resident in the UK can gift any amount to another UK resident without direct tax implications, although there could be ramifications if the donor died within seven years or needed to make any means-tested benefit claims.

Karendd

So even if the money goes towards my mortgage it's still OK?

Sea_Shell

Is this definitely a GIFT with no strings attached or is it a "nod and a wink loan" to satisfy a new mortgage application?

It would be a VERY good friend that would give that much and never expect a penny back...ever.

masonic

Karendd said:

So even if the money goes towards my mortgage it's still OK?

Supposing your friend isn't involved with anything illegal to have so much money to spare, for example she's won the lottery and wants to treat her friends and family, then yes it is fine.