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.