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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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My very elderly father has offered to pay decoration

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my very elderly father has offered to pay for exterior decoration of my house- cost around £5000. Would it be better for him to give me the money upfront so I can pay the decorator as and when (the job has not begun yet), and would there be tax implications if he dies? Can you recommend the best way forward please. Thank you Susie
Ash
Hello my name is ***** ***** I will help you.Is he just giving you the money please?Alex
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Customer: replied 2 years ago.
That's what I'm asking. What is the best way to receive this money? It would be easier to have a conversation, but I am unclear as to whether that means my paying another £38 which I don't want to do
Its a one off fee, but if you want a telephone call that is an additional service.However if its a gift then you are ok and there is no issue. If it is lent then it would become an asset of the estate. So he can gift it to you without any tax implications.He could also pay for it direct, which wont be an issue. Either way, depending on his heath he would be better of paying for it up front.cCan I clarify anything for you about this today please Susie?Alex
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Customer: replied 2 years ago.
It is a gift, but if he dies within 7 years are there tax implications?
You can give away £3,000 in any one year completely free of inheritance tax. In the first year, or if you miss a year, you can give away £6,000 because you can use the previous year’s allowance if you didn’t use it at the time – but only for one year.
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Does that clarify?Alex
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Customer: replied 2 years ago.
Thank you, ***** ***** does. Thanks for your help
No problem. ALex
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