4 years ago my elderly father transfered £120,000 to me as a gift to invest in a small business. Despite it being a gift I wanted to pay it back and over the next year repaid £6,500. Things got a little tight financially and my father reiterated that he didn't want the money back, so I decided to stop returning money.
My questions are,
1) For the 7 year rule is the remaining £113,500 gift counted as starting from the original £120,000 gift or from when I decided not to return any more money?
2) Despite the £120,000 being transferred as a single lump sum, can I account £3000 for each of the last 4 years as being an annual tax free gift
3) Should I ask him to write letters to state his intentions for the money and if so should the letters be back dated or simply state that this was his intention when the money was transferred
Your help would be most appreciated. Thank you
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