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Tax on gift
Help1234
Posts: 464 Forumite
Hello,
I have had an offer accepted on a house and my parents have said they would like to gift me £10,000 towards my deposit/or pay my stamp duty. They have read they have to pay tax on gifts above £3000 is this correct?
thanks
I have had an offer accepted on a house and my parents have said they would like to gift me £10,000 towards my deposit/or pay my stamp duty. They have read they have to pay tax on gifts above £3000 is this correct?
thanks
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Comments
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I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.1
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No, they have read incorrectly.Help1234 said:
I have had an offer accepted on a house and my parents have said they would like to gift me £10,000 towards my deposit/or pay my stamp duty. They have read they have to pay tax on gifts above £3000 is this correct?
thanks
If they die within seven years it may (at least to some extent) be deemed to form part of their estate for Inheritance Tax purposes. And there are some allowances from that (including the annual one of £3000 which they've picked up on). But there's no extra tax to be paid either now, or even if they died (compared with them not making the gift and it still forming part of their estate when they die).1 -
They are hinking of Inheritance tax. This applies totheir estate if they die within 7 yers.
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