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Can I pay off my daughters mortgage. I am able to give her…

Can I pay off my...
Can I pay off my daughters mortgage. I am able to give her £50000 for this purpose. I am 72.
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9/23/2017
Aston Lawyer
Aston Lawyer, Solicitor
Category: UK Law
Satisfied Customers: 10,798
Experience: LLB (HONS) Over 23 years legal experience specialising in Property law and Wills/Estates
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Hi, thanks for your enquiry.

There is nothing stopping you from gifting £50,000 to your Daughter to enable her to pay off her Mortgage.

There would be no tax to pay, and the only issue you need to be made aware of is that Inheritance tax (IHT) purposes, the £50,000 is seen as a lifetime gift. Any lifetime gift is deemed to form part of your Estate for IHT purposes if you were to die within 7 years from the date you made the gift.

I am not sure of course if IHT is likely to be payable if anything were to happen to you. I hope this assists.

Please let me know if you require any further information.

If not, I would be grateful if you could rate my answer in the top right hand corner of your screen.

Kind Regards Al

Aston Lawyer
Aston Lawyer, Solicitor
Category: UK Law
Satisfied Customers: 10,798
Experience: LLB (HONS) Over 23 years legal experience specialising in Property law and Wills/Estates
Verified
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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