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Tax Or No Tax
fitterastra
Posts: 55 Forumite
in Cutting tax
Hi,
My mom helped me pay the mortgage on my first house for two years, now i have just remortgaged and have borrowed more money to pay her back all that i owe roughly £8000.
She will not gain anything just have all her money back.
Will she have to pay tax????????????????????????????????
My mom helped me pay the mortgage on my first house for two years, now i have just remortgaged and have borrowed more money to pay her back all that i owe roughly £8000.
She will not gain anything just have all her money back.
Will she have to pay tax????????????????????????????????
0
Comments
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you would onll pay tax on th money if she declared it to the IR as income, otherwise its just a personal deal. She may tax on any money in the bank though.I no longer work in Council Tax Recovery but instead work as a specialist Council Tax paralegal assisting landlords and Council Tax payers with council tax disputes and valuation tribunals. My views are my own reading of the law and you should always check with the local authority in question.0
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But she wouldn't declare it as income as it sounds like you have just repaid the capital that you borrowed from her, on an interest-free basis? So no tax implications.
Obviously tax on the interest once she re-invests it, but usually paid net any way.0
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