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If I receive money from my family to pay off my mortgage,as

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If I receive money from my family to pay off my mortgage,as a family interest free loan,is there liability on either side
Submitted: 1 year ago.
Category: Tax
Expert:  TaxRobin replied 1 year ago.
HelloA loan will still be included in the value of your family member's estate for inheritance tax purposes, should they pass prior to the pay back.If the loan is to be made a gift, confirm this in writing so that it's beyond doubt but then the amount is subject to PET - Potentially Exempt Transfer.If the person who made the gift dies within 7 years of making it a PET, it will still be included in their estate for inheritance tax purposes. After 7 years, it won't count for inheritance tax.Right now there is no liability for taxation but documentation of the arrangement for future is required.If a lender receives any interest on a loan, then they must inform HM Revenue & Customs, as this amount may be liable for taxation as income.Lenders must declare the received interest on their self assessment form as a taxable form of income. Loans that are interest free do not require the recipient or the benefactor to pay tax.I sincerely ***** ***** information is useful.
Expert:  TaxRobin replied 1 year ago.
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.
Expert:  TaxRobin replied 1 year ago.
Please advise if you need more information or rating in a positive way is acceptable.
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15054
Experience: International tax
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