Giving/receiving the 3K annual gift exemption query

W

Winner

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Once again, I visit this wonderful resource requesting an answer to a question.

My niece is house-hunting and has seen a house for sale in a rural area that ticks all the boxes for her. She has about 80% of the asking price herself but she needs an additional 20K to make a bid for it.

Given that anyone can give/receive a 3K gift each year without any tax implications, I’ve spoken with members of our family and I’ve suggested that seven members of the family (her parents, aunts, uncle or cousins) could each gift her 3K to help her buy the house and all have said they would be happy to help her out by giving her a 3K gift.

I’m assuming that the 3K gifts to my niece, from seven members of her extended family (with all seven gifts being transferred into her bank account about the same time) towards the cost of buying a house, would have no revenue/tax implications for my niece.

I’d be very grateful if some knowledgeable person could confirm that my assumption is correct - or not.

Many thanks in advance
 
Nothing wrong in doing this, all above board and nothing for the revenue to be concerned with.
 
Good for her to have generous family like this and what a lovely start you're all giving her in life.
 
noproblem said:
Good for her to have generous family like this and what a lovely start you're all giving her in life.
Click to expand...

Many thanks for your kind words noproblem.

My niece doesn’t know that we are proposing to gift her the extra money she needs to make a bid and hopefully get the house she wants. I wanted to get confirmation first that there wouldn’t be any tax/revenue implications if she received all seven x 3K gifts into her account at the same time and David has very kindly taken the time to confirm that there won’t be.

She’ll be delira when she hears the news!
 
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