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Where Taxpayers and Advisers Meet

Gift money to buy a flat

Mermaid
Posts:5
Joined:Sun Sep 03, 2017 10:29 pm
Gift money to buy a flat

Postby Mermaid » Sun Sep 03, 2017 11:18 pm

Hi,I am a single parent with 4 kids. I had an abusive and violent marriage and only just seeked divorced after 18 years, I rent a council property which is in joint names of my ex and me. I have been religiously giving rent so that the kids dont come out on the road. I do 3 jobs in a day to make ends meet.one as a dinner lady at a school ..then i teach a language at a tuitions centre and 3rd job is after 8 clock... teach maths and english to year 8 and 9 at home ...1st Qs is ...how can i throw him out of the tennancy and make it in my sole name. I have not seen the kids dad in 6 years and I dont know his where abouts. ..My 2nd Qs is my dad would like to gift me £90000 cash to buy a flat & buy to let investment .( thinking of buying a really cheap flat outside London where its really cheap)would the council put me in trouble that I have a property and letting out a flat?.then the biggest tension of whether my dad can transfer money in my bank ( or can he pay the conveyancing solicitor directly)( not sure whether the solicitor could be dodgy) ... without HMRC knowing it.. i am in NO position to be paying heavy taxes...my dad is 85 plus and is an American citizen. I am his only daughter. I really dont know which direction to choose..please please help( anyone making fun of my situation ..please dont comment..only sensible serious sober members of the community answer. Many thanks in advance.

bd6759
Posts:4270
Joined:Sat Feb 01, 2014 3:26 pm

Re: Gift money to buy a flat

Postby bd6759 » Mon Sep 04, 2017 4:36 pm

If you contact they council they will take his name off the tenancy.

Your father can gift you money if he wishes.

Any asset you have may affect your entitlement to any benefits you receive.

If you rent out a property you will be in a position to pay tax on the profits.

Mermaid
Posts:5
Joined:Sun Sep 03, 2017 10:29 pm

Re: Gift money to buy a flat

Postby Mermaid » Mon Sep 04, 2017 5:13 pm

If you rent out a property you will be in a position to pay tax on the profit.......
.Hi Sir,..Thank you ever so much for you answers....I have tried to I talk to my council but they say .my ex needs to come to the council in person.also i am on benefits......i didnt understand your last answer...bless u

Mermaid
Posts:5
Joined:Sun Sep 03, 2017 10:29 pm

Re: Gift money to buy a flat

Postby Mermaid » Mon Sep 04, 2017 10:11 pm

Oh no i meant to write...I am on NO benefits... i donot receives any benefits at all....apologies ..all my benefits were stopped when i stared my 3rd job.. 5 years ago...but i still receive child tax credit...what would be the postion to that..do i need to tell them that i would be reciving this amount or shall i let it come in my account and then tell them
Thxxx


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