giving ex partner a lump sum

johnnyjrag

Hi .
I have recently split up with my partner and although we are not married and the mortgage is in my name only I would like to give her a lump sum of around £40000{roughly half the equity of the house since she has been living there} as she has paid for most of the bills and also a fair amount of money on decorating/renovating etc . she wants to use the money as a deposit on a house but I need to know whether it is just a simple matter of giving her the money and all ok or whether there will be capital gains implications on the lump sum  ? 
it's probably worth mentioning that we both work full time and we have a 7 year old son together .
many thanks
jon

ballyblack

not techie

Olinda99

you can give anyone you want as much as you want for any reason without paying tax (*)

(*) except inheritance tax if you die within 7 yrs and also may affect means tested benefits if applicable.

getmore4less

Olinda99 said:

you can give anyone you want as much as you want for any reason without paying tax (*)

(*) except inheritance tax if you die within 7 yrs and also may affect means tested benefits if applicable.

Same IHT tax as you would pay if you did not give it away.

OP should consider if there needs to be a full and final against any claim of the property.

RumRat

Turn her off then on again....

outtatune

Not techy, but with that kind of money involved you should see a solicitor. If the split is amicable and you do a joint instruction then legal costs should not be too high.

Grey_Critic

Wrong forum but it really depends on what the judge considers a fair sum particularly with a 7 year old child involved. You need a solicitor ASAP.

Farway

outtatune said:

Not techy, but with that kind of money involved you should see a solicitor. If the split is amicable and you do a joint instruction then legal costs should not be too high.

I concur about a solicitor, full & final settlement, especially with a child involved, you don't want her coming back in x years time demanding more cash for Universtityy etc having spoken to her "friends"

My split was amicable, split 50/50 with kids making their own choice where to go. All drawn up peacefully without rows or hard feeleings

[Deleted User]

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