How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Harris Your Own Question
Harris
Harris, Law Specialist
Category: Law
Satisfied Customers: 2739
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
90234221
Type Your Law Question Here...
Harris is online now

If my sister gives me a gift of £70k to buy a house, would

Resolved Question:

If my sister gives me a gift of £70k to buy a house, would I need to pay any kind of tax on it?
Submitted: 1 year ago.
Category: Law
Expert:  Harris replied 1 year ago.
Hi, thank you for your question. There is no tax payable on gifts, but if there is any income derived from the gift by your sister it would be her liability to meet her tax obligations.Furthermore, if you were to die within seven years of the gift then the £70k will form part of your estate and may be liable for inheritance tax, depending on the size of your estate and how long into the 7 year limit you pass away.If you found my information provided helpful please could you rate my response positively as I will not be credited for my response without a positive rating.
Harris and 3 other Law Specialists are ready to help you