I would like to help my 25 year old grandson with a deposit for a mortgage. Having tried to look into it it seems more complicated than I imagined. Has anyone else had experience of this. I am French resident so therefore declare and pay my tax here. Would be grateful for any advice.
Where is your grandson resident? That will decide what, if any, gift taxes are payable.
resident in uk
According to French-Property.com, based on French Gift Tax allowances as a grandparent, you can gift up to €31865 to a grandchild, plus another €31865 in cash, free of Gift Tax, provided (for the latter gift) you are under 80, and your grandson is over 18.
There are no UK income tax consequences whatsoever for the receipt of the gift for your grandson according to HMRC.
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Thank you George1.
What is the under 80 thing all about then, seems a bit strange to punish the over 80s. 
I’d assume it is stop inheritance tax avoidence. You might still live a long time but maybe not 80 is pretty reasonable
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Must remember that if they ever come pleading then.
Well that’s a nice round number… how did they come up with that exact value, I wonder? 
Is it translated from old Francs?
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FF 209,020.69 at the official exchange rate when France joined the Euro. So, pretty close to FF 200,000
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