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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34471
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I have received a legacy from my Mother and would like to help

Customer Question

I have received a legacy from my Mother and would like to help my son on to the housing ladder. If I give him £120,000 what would my tax liability be (or his?). He is self-employed and unable to get a mortgage.
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year ago.
Thank you for your questionMy name is ***** ***** do my best to help you but I need some further informtaion firstFor clarity - this will be a pure "no strings attached" gift?How old are you and what is the extent of your other assets?
Customer: replied 1 year ago.
Yes, this will be a "no strings attached" gift. I am 67 years old. My husband (84) and we own our house. My mother died in South Africa a year ago and I am wondering if I can sign a Deed of Variation which will give my son the money she has left me. In this way the money will go straight from my Mother's Estate account in South Africa to my son in England. I will have to find out what the law is in South Africa about this.
Expert:  Clare replied 1 year ago.
A Deed of Variation woudl certainly be one way of dealing with it.However the only tax implication of giving this as a gift is that if you die within the next 7 years then the gift (or pat of it) will still be counted as part of your estate for the purposes of calculating Inheritance TaxI hope that this is of assistance - please ask if you need further details