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TonyTax
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I am "gifting" my daughter £142,000 as part payment for a

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Hi, I am "gifting" my daughter £142,000 as part payment for a house she is buying (coming straight from me to the conveyancing solicitor with an accompanying "gifted without reservation" letter). Will she at some stage in the future be able to gift a similarly large amount back to me without any tax liabiliy for either of us?
Submitted: 8 months ago.
Category: Tax
Expert:  TonyTax replied 8 months ago.

Hi. My name is*****'m looking at your question now and will post my answer or ask for more information here in a short while.

Expert:  TonyTax replied 8 months ago.

You say the gift is without reservation. So, why would there be a possibility of a gift back to you?

Customer: replied 8 months ago.
Because I am currently helping her while I am able. But if, for example, her circumstances changed enabling her to do without my help, she has said she may wish to give some or all of the money back in case I may need it more in later life.
Expert:  TonyTax replied 8 months ago.

Thanks.

So long as there is no definitive agreement (certainly nothing in writing) to return the gift so to speak you should be fine. Its perfectly acceptable for a gift to be made by your daughter to you if she can afford to do it and you need help sometime in the future. People's circumstances change and family members help one another out.

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

Customer: replied 8 months ago.
could you just confirm then that if my daughter wishes to gift me a large sum of money in the future, it would not be liable to tax?
Expert:  TonyTax replied 8 months ago.

No, it would not be liable to tax.

Recipients of gifts don't pay tax on them. Take a look here for information on Inheritance Tax.

TonyTax, Tax Consultant
Category: Tax
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Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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Expert:  TonyTax replied 8 months ago.

Thanks.

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