Tax on a gift

You will probably need some legal paperwork to explain where the money has come from ,as will your daughter .
Banks have to investigate any payments of amounts over £10.000
Just make sure you live more than the next seven years or pay it in instalments of £3.000 per year .
 
Is she married and/or buying the house on her own? My mate did something similar for his son (£25k) but took a charge out on the house (or it was written up to reflect that - can’t exactly remember what) in case things went tits up with his partner. Sure enough, after a couple of years they split up and they had had a child by then as well. She moved back up North and his son sees the child every other week. The house was sold and the profits split 50/50 AFTER he had got his money back. Had he not done that, she would have got half of the £25k as well.
 
Her solicitor will prob want a document certifying that it is indeed a gift, not a dodgy Dad-loan. We did similar 2018.
 
It had to be a gift, got to fill in forms to that effect. If it was a loan, the mortgage company said it would affect what she could borrow. She's buying it on her own, she's self employed , and at the moment, is still ticking over. When this covid thing is over, her work should pick up again.
 
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