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Jamie-Law, Solicitor
Category: Law
Satisfied Customers: 17264
Experience:  Solicitor
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If my dad gives me a gift of 50,000 do i have to declare it

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if my dad gives me a gift of 50,000 do i have to declare it on self assessment to pay tax on it?
JA: Where are you? It matters because laws vary by location.
Customer: uk
JA: What steps have you taken so far?
Customer: nothing he hasn;t given me the money yet but i reseaqrched online and it says that i dont have to pay income tax on ot it sonly on his passing if within 7 years of giftig it to me
JA: Anything else you want the Lawyer to know before I connect you?
Customer: is there a cost to transfer to solicitor? sorry not used this before

Hello my name is ***** ***** I will help you. I am just reviewing your question. This is an email service so there may be delays when responding.

Correct. 7 years then inheritance tax would be paid.

So you don’t need to declare it.

Can I clarify anything for you about this today please?

Customer: replied 7 months ago.
what if he paid the 50,000 directly into my mortgage?

It’s the same. Tax would be payable within 7 years.

Does that clairfy?

Customer: replied 7 months ago.
if he pays it into my mortgage directly would i be taxed on the 50k within the 7 year timeframe or would the tax apply to the increase in value of the property in that time

Tax applies to the gift.

Does that clarify?

Customer: replied 7 months ago.
i am trying to figure out whether it is better for him to give me the money or pay into my mortgage.

Doesn’t make any difference.

Does that assist?

Jamie-Law and 2 other Law Specialists are ready to help you
Customer: replied 7 months ago.
it does thanks