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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15915
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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if i recieve a sum of money from my mother to pay off my mortguage

Customer Question

if i recieve a sum of money from my mother to pay off my mortguage will i be taxed on this
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

You won't be taxed on what is a gift from your mother. So long as she lives for at least seven years after making the gift, it will not be included in the calculation of the value of her estate when she dies.

Take a look here for information on who pays Inheritance Tax.

I hope this helps but let me know if you have any further questions.

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