£70K, short term savings

RedSquirrel

Can you help.

My mum has recently sold her property and will have around £70K once she has cleared everything. This money is towards buyin a house we are buying together.. when if ever, we sell ours, she is renting short term until then. So she will need to be able to access it fairly easily, however, our concern is whether or not or how much money she is going to lose in tax etc.. and where exactly she should put it. She would like to put it in my name, it could be split in hers, mine, my partner, there are also four children, so we could have lots of fingers in lots of pies.. it is really trying to ensure we don't lose to much of it, or we will have problems when we come to buy.

Thanks

Mikeyorks

RedSquirrel wrote: »

She would like to put it in my name, it could be split in hers, mine, my partner, there are also four children, so we could have lots of fingers in lots of pies.. it is really trying to ensure we don't lose to much of it, or we will have problems when we come to buy.

Thanks

If she does that - she potentially loses the lot, as it becomes the property of the person / people whose name she puts it in. You haven't posted enough info to determine any tax position - but superficially it sounds as though she would only be liable for tax on the interest she gets on the £70k once in an account.