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Harris, Law Specialist
Category: Law
Satisfied Customers: 2851
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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If my sister gives me a gift of £70k to buy a house, would

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If my sister gives me a gift of £70k to buy a house, would I need to pay any kind of tax on it?
Hi, thank you for your question. There is no tax payable on gifts, but if there is any income derived from the gift by your sister it would be her liability to meet her tax obligations.Furthermore, if you were to die within seven years of the gift then the £70k will form part of your estate and may be liable for inheritance tax, depending on the size of your estate and how long into the 7 year limit you pass away.If you found my information provided helpful please could you rate my response positively as I will not be credited for my response without a positive rating.
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