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Harris
Harris, Law Specialist
Category: Law
Satisfied Customers: 2718
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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My mum wants to give me £40,000 to help me buy a house. Can

Resolved Question:

My mum wants to give me £40,000 to help me buy a house. Can I receive this without any implications or am I liable for tax?
Submitted: 1 year ago.
Category: Law
Expert:  Harris replied 1 year ago.
Hi, thank you for your question. Are you in England or Wales?
Customer: replied 1 year ago.

England

Expert:  Harris replied 1 year ago.
Thank you. If your mother gifts you the £40,000 then this will not be considered income and will not be liable to income tax. However, if your mother were to pass away within 7 years, then the £40,000 will form part of her estate for inheritance tax purposes and, depending on the value of her whole estate, may be liable for inheritance tax. If you found this information helpful please provide a positive rating. I will not be credited for answering your question without a positive rating. Thank you
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