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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I have a Mortgage in the UK. My friend (not British) who

Customer Question

I have a Mortgage in the UK. My friend (not British) who lives abroad but has a UK bank account wants to gift me £50K for my forthcoming wedding. We are not sure if this will incur a tax penalty now or as possible Capital Gains Tax on possible future sale of the house at some future date. Would it be okay to have the money transferred to my own bank account and then transferred into the Mortgage? The house is in both mine and my partner's name.
Submitted: 1 month ago.
Category: Tax
Expert:  TonyTax replied 1 month 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 1 month ago.

Recipients of gifts don't pay tax on them in the UK. The worst that could happen is that your friend dies within seven years of making the gift which would mean that the value of the gift stays in his estate for Inheritance Tax purposes. However, as he is not a UK national, only his UK based estate would be liable to UK Inheritance Tax with the first £325,000 being charged at 0%.. Take a look here and here for information on IHT and here for information on IHT exempt gifts.

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

Expert:  TonyTax replied 1 month ago.

Hi.

I'm just following up to find out if my answer helped or if you have any further questions.

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