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Ash
Ash, Solicitor
Category: Law
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Experience:  Solicitor with 5+ years experience
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My very elderly father has offered to pay decoration

Resolved Question:

my very elderly father has offered to pay for exterior decoration of my house- cost around £5000. Would it be better for him to give me the money upfront so I can pay the decorator as and when (the job has not begun yet), and would there be tax implications if he dies? Can you recommend the best way forward please. Thank you Susie
Submitted: 10 months ago.
Category: Law
Expert:  Ash replied 10 months ago.
Hello my name is ***** ***** I will help you.Is he just giving you the money please?Alex
Customer: replied 10 months ago.
That's what I'm asking. What is the best way to receive this money? It would be easier to have a conversation, but I am unclear as to whether that means my paying another £38 which I don't want to do
Expert:  Ash replied 10 months ago.
Its a one off fee, but if you want a telephone call that is an additional service.However if its a gift then you are ok and there is no issue. If it is lent then it would become an asset of the estate. So he can gift it to you without any tax implications.He could also pay for it direct, which wont be an issue. Either way, depending on his heath he would be better of paying for it up front.cCan I clarify anything for you about this today please Susie?Alex
Customer: replied 10 months ago.
It is a gift, but if he dies within 7 years are there tax implications?
Expert:  Ash replied 10 months ago.
You can give away £3,000 in any one year completely free of inheritance tax. In the first year, or if you miss a year, you can give away £6,000 because you can use the previous year’s allowance if you didn’t use it at the time – but only for one year.
Expert:  Ash replied 10 months ago.
Does that clarify?Alex
Customer: replied 10 months ago.
Thank you, ***** ***** does. Thanks for your help
Expert:  Ash replied 10 months ago.
No problem. ALex
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience: Solicitor with 5+ years experience
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Expert:  Ash replied 10 months ago.
If this answers your question could I invite you rate my answer before you leave today.I am only paid for my work on this question if you rate my answer, using the star system at the top of the screen. Please do not forget! Thank you.Please bookmark my profile if you wish for future help: http://www.justanswer.co.uk/law/expert-alexwatts/

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