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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5030
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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, i will be gifted some money and I would to use this to

Resolved Question:

Hi,
i will be gifted some money and I would to use this to convert a garage conversion at my mums house, where I will be living soon. I guess it mike me 15K, is it best to gift the money to mum, or can I just pay the builders direct?
Would this effect my mum state pensions or benefits?
Thanks
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

It would be much simpler for you to pay the builders direct for the conversion costs rather than gift the money to your mum for garage conversion.

The fact money even gifted to you mum would be spent on garage conversion and not add to her savings, it should not effect her state pension or benefits.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 2 years ago.

Thanks - if I pay the builders directly there will their be any tax implications for my mum that i should be aware of.

Expert:  taxadvisor.uk replied 2 years ago.
Thank you for your reply.

There will be no tax implications for your mum.

I hope this is helpful and answers your question.
taxadvisor.uk and other Tax Specialists are ready to help you
Expert:  taxadvisor.uk replied 2 years ago.
I thank you for accepting my answer.

Best wishes.