IS THIS VERY BAD ?

Kelvin1979

I got a loan off dad to buy a btl a year ago -£70k 
I had to tell bank deposit was a gift not a loan 
So it looks like I am £70k richer than I am
I have now paid this loan back from sale of another property 
I have split from ex wife and I know she will come after this £70k gift !! 
Could I change accountants and tell new one it was a loan ? So on tax return it will show the truth...
It infuriates me I may have to give £35k to ex plus I've paid back the £70k already
I know this is bad but it's true it was a loan but sometimes you have to say otherwise to satisfy bank.....

Thanks a lot 

FlorayG

You won't be able to change it from gift to loan because presumably the bank has a copy of the Deed of Gift from your father. Maybe you can 'return the gift' somehow? DI don't know how you would to that legally though

Devongardener

If you’ve repaid your father you no longer have the gift so how can your ex wife claim a share?    

Does your ex know what you did to secure the loan? Could she report the fraudulent declaration, which must have also been given by your father?

Keep_pedalling

Committing mortgage fraud and lying to your accountant is always very bad. 

soolin

I think a time frame might help here. If you borrowed 70K and paid it back then there's nothing to claim (although the fraud issue mentioned by others above still stands).

However if you mean you received 70K from your father which at the time was 'officially' given as a gift, then divorce proceedings were started or even if there was an inkling that there were marital issues, so you gave back the 70K and now want to officially state this was a loan, then I think your wife's solicitors may well question that in some detail as it could be construed as a deliberate attempt to reduce your savings to avoid giving any to your wife.