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Gifted Deposit Help
Tm18
Posts: 1 Newbie
My mum is gifting me a £10k towards my deposit to buy a house. Me and my partner have our own deposit saved so the gifted deposit is a bit of a boost. Do I have to pay tax on the £10k or is that only if inheritance tax kicks in if my mum passes away in the next 7 year? I know the £10k includes £6k that is tax free because of the £3k a year rule. Not sure if I need to speak to an accountant but I do know I will have to declare it with my mortgage lender and get a solicitors letter etc.
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Comments
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You don’t have to pay tax on 10k straight away. The 7 year rule would kick in and the amount of inheritance tax you pay tappers off to zero over the 7 years. The 3k you get without paying tax regardless. You will have to declare it due to money laundering rules.0
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My understanding is there is no tax to pay as its a gift, 7 year rule doesn't apply.0
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