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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15596
Experience:  International tax
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My in laws want to gift me and my husband £50,000 new

Resolved Question:

my in laws want to gift me and my husband £50,000 for our new home are there any tax implications on this or is this classed as a potentially taxable gift
thanks
Rebecca
Submitted: 2 years ago.
Category: Tax
Expert:  TaxRobin replied 2 years ago.
Hello Rebecca,The gift is under the potential rules.The original owner must live for 7 years after giving the gift. Any gifts made less than 7 years before death count towards the Inheritance Tax threshold (£325,000). They count towards the threshold before the rest of the estate.If the donor gave away more than £325,000 of gifts in their final 7 years, tax is due on everything over that threshold.If my answer addressed your question please rate below or above (let me know if you have difficulty as I believe the system changed), if you need more information reply below.
Customer: replied 2 years ago.

great thank you I thought this was the case just wanted to check so he can give us the money with no other tax implications as long as he lives for 7 years ?

Expert:  TaxRobin replied 2 years ago.
That is correct. The 7 years is relevant for the estate not to count to amount.You are most welcome.My goal is to give you excellent service.Your positive rating is thanks enough
Customer: replied 2 years ago.

thanks you so much just needed to put my father in laws mind at rest

Expert:  TaxRobin replied 2 years ago.
My goal is to provide you with excellent service today. It’s been a pleasure working with you and I hope to assist you again soon! Rating lets Just Answer know you were assisted and credits me for the time.
Customer: replied 2 years ago.

yes I will do that now thanks

Just to clarify we wont be taxed either I meant that also ?

Expert:  TaxRobin replied 2 years ago.
Yes, that is correct. You are not taxed.
TaxRobin and 2 other Tax Specialists are ready to help you