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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10772
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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We are are selling our present home £448,000 We

We are are selling our... Show More
We are are selling our present home for Circa £448,000
We are buying a much cheaper house for ourselves, and intend to "Gift" our Son Circa £156,000 so that he can buy his own house.
The question is, will either of us need to pay taxes if we do this?
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Hi,Thanks for your enquiry.Any party is free to gift any amount of money they wish, without any tax being paid, you will be glad to know.The only tax implication you have to be aware of, is that in the unfortunate event of either of you dying within 7 years of the gift, the value of the gift would form part of your Estate when calculating if Inheritance tax is payable. In this regard, if you were to die within 3 years, the full value of the gift would form part of your Estate, and thereafter between 3-7 years, a sliding percentage is deemed to be within your Estate.I hope this assists you and clarifies the position.Kind RegardsAl