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Aston Lawyer
Aston Lawyer, Solicitor
Category: UK Law
Satisfied Customers: 10585
Experience:  LLB (HONS) Over 23 years legal experience specialising in Property law and Wills/Estates
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Can I pay off my daughters mortgage. I am able to give her

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Can I pay off my daughters mortgage. I am able to give her £50000 for this purpose. I am 72.

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

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