Skip to main content

This is a new service – your feedback will help us to improve it.

  • Gifted deposit from sibling

    Hi there I am attempting to purchase a Shared Ownership property. My sister who is based in Ireland has offered to gift me the deposit of £22,500. My accountant has said I would need to pay tax on any gifted amount above £3,000 per year from any one person but my mortgage broker seems to think this would fall under 'potentially exempt transfer'. Could you please clarify, if I were to receive the above sum of £22,500 as a cash gift would it be counted as income (I'm self employed) and therefore taxed as part of my income for the year. Or is it exempt? Thank you P