Gifting money

AskAlice

The same as Usedtobeblonde. I gifted a large sum to my DD last year to help with her house deposit. I had to state in a letter (emailed to her solicitor) that it was a gift and provide bank statements showing where it had come from (my savings account) and provide proof of identity. I also had to show the bank transfer proof of it going into her account, and she had to show proof of its arrival in her account. All quite straightforward.

Yes, I had to do the same six months ago when I took equity release from my house to give to my youngest son for a good deposit on a house….
All above board…

The same as Usedtobeblonde. I gifted a large sum to my DD last year to help with her house deposit. I had to state in a letter (emailed to her solicitor) that it was a gift and provide bank statements showing where it had come from (my savings account) and provide proof of identity. I also had to show the bank transfer proof of it going into her account, and she had to show proof of its arrival in her account. All quite straightforward.

Thank you. Good to know that.

I have just gifted a sum to my GD and her partner as a house deposit.
I had to state it was a gift not a loan, I had to prove
where the money came from , money laundering precautions and prove my identity.
As this was all done through solicitors it was free of course. You may have to pay a small sum but worth it to have everything recorded.
I had to actually pay the money to the solicitors.

As I understand it is free from inheritance tax as long as you survive for 7 years, similar to other financial gifts over the allowable amounts.