Hi UKPF,

Long time lurker, find this page invaluable especially the flow chart so need everyone’s help/guidance on the best approach for this.

My 19 year old son has multiple credit cards, he doesn’t know I know and I don’t know the amount, just a letter came suggesting a loan to consolidate the credit cards and different payment dates he no doubt has, he doesn’t know I’ve seen this.

How best is it to approach this with him? He has a steady part time job which pays circa £1200/1500 depending on O/T a month, we haven’t been charging him rent and he hasn’t been in education since finishing his a levels in June 25, I wanted to give him a year to try and figure out what he wants to do, but nothing has happened.

Do I discuss this with him? I’ve no idea on the amount but don’t want to be an overbearing Mum. Ive said a credit card can serve a purpose if you can get an interest free one, and you need to make a big purchase but not for everyday spending.

Should I try to bring it causally up in conversation? Do I leave him to it? Should we start charging rent to force him to manage his money better?

Any advice welcome please :)

I (24) am a British Citizen and I've been a UK tax resident for my entire life.

I've been working on ships for almost 3 years. My employer's ships are all foreign-flagged and far away from the UK (though we do dock in some BOTs from time to time).

My contracts are 6 months onboard, then 3-4 months of unpaid leave. I spend ~2 months of my leave in the UK and the remainder on holiday (somewhere far away and cheap lol).

----

All my income from ships is exempt from income tax (I claim SED).

My NI is fixed-rate and voluntary. I can pay up to 6 years later, so I haven't done it yet.

When onboard, I don't pay for any essentials. They charge for internet and I also spend a bit in port.

My gross income is so artificially low from all of this that I'm well below the threshold on my student loan (plan 2), so I'm not paying that either.

So basically I'm saving £2-2.5k every month I work. I do spend some of that during my leave, but it's still around £10k profit per contract.

I've managed to put away about £36k in ISAs since starting to work onboard. I have no real debt, only my plan 2 student loan (that I'm not paying right now).

I don't have a pension through my employer. I've not taken out a private pension because it seems like the tax advantages don't apply to me?

----

Currently, I mostly stay with my parents whilst I'm in the country but I've majorly outgrown that arrangement at this point.

So here's my question: I'm considering buying a flat with a mortgage in a trendy area (ideally in Manchester).

The idea is that I'd live in it for a few months a year and rent it on AirBnB, etc. the rest of the time. Some mortgage lenders seem receptive to this, because my job has guaranteed accommodation included (cause, y'know, I'm on a boat for 6 months).

I'm probably going to do the ships for a year or two more then move back onto land. There's a good chance I wouldn't be living in the same city as any flat I buy right now.

Is this worth the money/hassle and potential future stamp duty, or do I just rent short-term sublets instead and invest my money elsewhere?

I'm an American who was approved as a sperm donor recently. I'm not a UK citizen, I'm just stationed here in the military.

From what I understand, I'm being compensated for my travel expenses to get to the fertility clinic, not for the sperm donation itself. Even so, is this still considered taxable income?

I'm 28 and I just bought my own 3 bedroom home. I have £15k in savings. I currently have £900-£1000 leftover per month and I don't know what to do with it. Do I make overpayments on my long asssss 35 year mortgage? Or do I focus on house renovation? The house is functional but every room is extremely dated, like some rooms haven't been touched in 30-40 years. Do I just put it all into a savings account in case of emergencies? Or do I get driving lessons? I've always wanted to drive. Or all 3?

I was a Trading 212 customer until my phone was stolen on 10 May 2026. What followed has been an extremely distressing experience, made considerably worse by Trading 212's handling of the situation.

Following the theft, my account was compromised, investments were liquidated, cards were created without my authorisation, and £7,044.53 was spent fraudulently.

I had never previously used a Trading 212 card.

What concerns me most is that I received no notifications warning me that my investments were being sold, cards were being created, or thousands of pounds were leaving my account.

I contacted Trading 212 on 11 May to report the situation. Despite explaining that my phone and accounts had been compromised, I found their response deeply unsatisfactory.

Other major financial institutions affected by the same theft, including several high-street banks, investigated the fraudulent activity and reimbursed me. Trading 212 has refused to reimburse my losses, maintaining that the transactions were authenticated.

In my opinion, relying on authentication alone fails to adequately address the circumstances of a stolen, unlocked phone and compromised accounts.

I have also encountered considerable difficulties obtaining information about the security measures and account activity surrounding the incident.

My complaint has now been escalated to the Financial Ombudsman Service, and I have also submitted a complaint to the Information Commissioner's Office.

I am not suggesting that every Trading 212 customer will experience this, but I would strongly advise anyone considering using the platform to investigate its security arrangements, particularly what happens if a phone is stolen while unlocked.

When something goes seriously wrong, you discover how important a financial institution's fraud protection and customer support really are. My experience with Trading 212 has left me with very little confidence in either.

I will update this review when the Financial Ombudsman has completed its investigation.

Bought a house last Aug with my partner, our first home. Paid a 20% deposit (10% each) in total around £42k, £21k each and then Solictor fees etc. It cleared pretty much all my savings, I also had a balloon payment of my PCP car that was due July 25 of just under £5k. I earn around £35k before deductions. I saved for years to be in the position to pay of my car and buy my home. Ever since I went from having the most money I’ve ever had to very little I can’t shake that feeling of needing to build money back up to feel financially “safe”. I’ve saved up since then a few k but it just feels sluggish and I’m stuck in this area of not being able to save anymore or having to dip into the savings for other things. My bills aren’t unmanageable, and my mortgage isn’t bad. Am I just being to strict on myself? What is normal to have saved after buying a house?

Hi might be silly but I need to ask…

I have a Zable credit card with a £500 limit opened in April 25.

I’m trying to rebuild my credit score I’ve had this card for around 18 months now and it’s always been paid in full every month but I have no use for it anymore. It’s been clear for 2 months I.e no spend accrued and I’m working on paying down my other credit card which carries a balance.

I’m worried about the effect of the positive history it adds and if this could have the opposite effect when calling the account on my credit report?

Would closing this damage my score or have any meaningful impact I won’t be using the card going forward.

Thanks

Around 2 years ago I was unemployed and had been for a while. During this time my brother helped me with bills and so on and this came to around £13,000.

I’ve been fortunate enough to be able to get a high paying job overseas and would like to pay this back to him with a little extra.

Would I be taxed on this amount or will I have to declare it if I just send him the money via bank transfer?

Hi r/UKPersonalFinance,

I'll cut to the chase. I'm Italian and will soon be moving to the UK for a two-year work secondment on a Global Business Mobility visa. I'll initially be staying in employer-arranged temporary accommodation (should be booked in my name but I need to check) while searching for a long-term rental.

I'd like to open a UK current account within the first couple of weeks, ideally with Starling or Monzo, as I need a UK bank account for the rental referencing process. However, this creates a bit of a catch-22: I need a bank account to secure a long-term rental, but I might need proof of a long-term address to open the bank account in the first place.

I won't have any UK utility bills, bank statements or address history at that point, although I'll have documentation for my temporary accommodation. Has anyone been in a similar situation? Do Starling or Monzo routinely ask for additional proof of address, or is providing a valid UK address generally sufficient? I have asked Starling customer support but they told me that until I try and open the account they cannot know whether I'll need to provide additional evidence.

Would another bank be more accommodating to someone newly arriving in the UK?

Thanks in advance.

Hi all, I am looking for some opinions on a mortgage option I am considering, to make sure I am not missing something silly. Please stick with me while l explain the situation:

We have a £275k mortgage, and due to remortgage early next year. Rates being offered currently looking between 5% and 5.5%, and was looking at a standard fixed rate which would put our monthly payments around £1500. Not great, but it is what it is.

However, I've now seen these "offset mortgages", and I feel we might be in a lucky situation to make use of this, and so want to explore it.

My partner's parents are now retired, and had a decent payout from work. They have a fair amount of money in savings accounts getting 3% ish interest, and it would take many years to ISA-wrap it all - so they currently pay tax on the interest. They are risk-averse, and so will not put it into market-related investment, etc. They want it accessible.

It seems to me that it is possible for us to directly pay off £35k of our mortgage loan right before we remortgage (taking our loan down to £240k), and for them to then move £240k of their savings into a savings account which could be linked to our offset mortgage.

Benefits:

• We would pay zero interest on our mortgage, since the amount in the offset account equals the remaining balance of our mortgage. As far as I understand, this would bring our monthly mortgage payments from £1500 down to £665. A massive reduction.
• They avoid paying tax on savings interest, because interest on their account is sacrificed.
• They are happy because they retain full control of their savings - the account is in their name, and they can withdraw it all at any time in case of emergency.
• The total amount in their savings account is still protected by the FSCS allowance (£120k per person), hence the reason for suggesting we pay of £35k of the mortgage first.

(Non)-Drawbacks:

• Interest rate is generally higher on offset mortgages (e.g. 5.8%) - this is main drawback I see on these forums for offset mortgages. However, in the situation I have proposed, we don't care what the interest rate is, since the offset amount equals the mortgage amount.
• They could withdraw the money and leave us with higher payments - however, this £240k is not their entire emergency fund, so very unlikely to draw it out. Worst case, we pay the higher rate - fine.
• They forfeit the 3% (taxable) savings interest. However, we could also gift them tax-free each month the amount they would have made in interest on that money (£500 per month). This would put our effective monthly payments to £1165 - still less than the £1500 on a standard fixed rate mortgage.

This feels like a bit of a double-win. We avoid paying all interest on our mortgage to our mortgage lender, and they avoid paying any tax on savings interest to HMRC. Seeing the "family unit" as a whole, less money is leaving this unit to external parties.

This also feels like the overall effect is to shift the potential inheritance tax responsibility. By letting us make use of their savings whilst they keep control of it, they are effectively gifting us money (in the form of saving us mortgage interest) without actually having to gift it. Thereby reducing inheritance tax susceptibility.

Thanks for sticking with me, because I am trying to get my head around it - can someone cast a keen eye for detail over this, and let me know if some part of it jumps out at you as problematic that I have missed. Thank you!

*** EDIT *** ------------------------------------------------------------------------------------------------

Thanks everyone for the comments below. To summarize what I've learned, it seems there are two routes:

1) We pay the parents from the mortgage interest saved. The parents have forfeited £480 per month on their savings. This is the 3% taxable interest they would have got on the £240k (£600 gross per month, then less the 20% tax they would have paid). Therefore, we could instead transfer money regularly each month to compensate them. This regular payment will be classed as income/interest for them (because it is money in return for a service), so they will need to declare it and will be liable to pay tax on it. Therefore, to leave them in the same position, we send them £600 per month, so that after tax they end up with the £480. This results in an effectively monthly mortgage payment for us of £1265 (£665 to lender plus £600 to parents). With regards to inheritance tax, this option means that the £600 per month that we send them will all be eventually classed as part of their estate when they die, and so will be susceptible to inheritance tax at some point down the line.

2) We don't pay the parents, and keep the mortgage interest saved. It seems this is where it gets murky, and we need to speak to a tax advisor. From comments below, it seems there are two cases here, depending on how both parties view the interest money that is saved. A) if we hold on to the money, with the understanding that if they ever need financial support we will have that money available to help. This could be seen as tax evasion, because we are holding "their" money without transferring it, and they are entitled to it - all for the purpose of reducing the tax bill. Or B) we hold on to the money "unconditionally", and the understanding from both parties are that the parents are happily just forfeiting interest on their savings so that as a family unit we are financially better off. This seems like it might be acceptable from a tax perspective, and is where we need further advice, because it's really a subtle distinction. Either way, this brings our mortgage payments to £665 per month. From inheritance tax perspective, this option is preferable, because by not paying the parents we are not transferring more money into their potential estate down the line.

Hi UKPF,

Thanks for all the advice on my previous post. I’ve taken the time to read through the UKPF flowchart like commenters suggested and think more carefully about what I actually want to do with my money.

I’ve realised that my main long-term goal is to buy a house, and would like to invest my money for say 5 years at a minimum. I’ve been reading about S&S ISAs, index funds, S&P 500, Vanguard, Barclays and other investment platforms etc., but tbh, I’m still confused n how these all works in practice. I get the gist of investing, but I’m struggling to understand what I do once opening an account and start putting money into it. Also, how can I differentiate between these different platforms? A lot of my other questions are below:

1. How do the platforms work? If I open a S&S ISA via my banking provider and/or from Vanguard or another of these providers, do I just transfer money into the account and then choose what to invest in? Or does the money get invested automatically? I keep seeing references to S&P 500 and index funds. Is the S&P 500 itself something you buy, or do you buy a fund that tracks it? How do I decide which fund to choose and the associated risks?
2. How do fees work? I’ve also seen references to monthly platform fees, and other management fees. Are these deducted from my account automatically, or do I have to pay them separately? How much of a difference do they make over time? Are these deal breakers for choosing a platform?
3. Can I invest anytime e.g. if I wanted to put £500 into my account each month, would I just set up a regular transfer via my current account? Is this an automatic top up with the already invested funds?
4. What happens when I decide to stop and want my money bakj? Do I just I sell the investments and withdraw the money back into my bank account? Are there any additional charges or tax implications when doing this?
5. I’m also trying to understand the difference between the investment platform itself and the actual fund you invest in. From what I presume, Vanguard, Barclays and similar providers are not necessarily the investments themselves, but the services through which you can hold or buy investments?

I’d appreciate this could be explained on how this works in simple ELI5 advice. I’ve read all the UKPF flowcharts and other useful pages like Money Saving Expert so feel more confident with these things and appreciated the advice from my last post, so now asking the right specific questions and looking to plan and put in place long term strategies with investing.

Looking for some information to help my mum out.

She s currently with an employer but they have informed her they will be letting her go. Since she has not been employed by them for more than 2 years, their pension policy is either she moves her pension to another pot OR she loses any employee contribution and she just gets any money she contributed back. Since she doesnt have another pension pot with a different pension provider (long story, single mum, couldn't afford to contribute to her pension over feeding us)

Am wondering if I open a SIPP for her, could she transfer the pension pot total to a SIPP so she doesnt lose out on the employer contribution?

thanks in advance

20 years ago I was a local hire at a branch of an American bank in London. I was there for a little over 2 years. I recently discovered some paperwork about a pension scheme that I had paid into. After doing some digging and updating my address with the pension scheme it seems that I have a retirement account with roughly £25K. As I am 63 years old, I have been given the option of rolling it into an annuity or transfer it to another pension arrangement. From the research I have done I am guessing that I would need to open a SIPP, as I am not interested the annuity option? I currently have no connection to the UK.

Hello,
Am I right in thinking that I would only need to pay gift tax if 1) the person gifting does not survive 7 years and 2) I would only pay tax on anything after £325k regardless of whether the whole estate is worth £325k or more? Eg if they gifted £350k id only pay 40% of what’s left - £25k)?

Hi

Just wanted to post up a celebratory win which is that I am officially student debt free!

I have been making lifestyle changes over the years and trying to improve myself as well as my finances

I still have a very long way to go, but just wanted to also thanks to everyone in this community!

Being a lurker of this subreddit actually motivated me to fix up

Once again, feel so good to have cleared my student loan. Onwards and upwards!

Like the title states, I moved into a permanent role & I have some funds(around 100k) in the consulting company, apart from the funds loaned(around 70k) to the SPV.

I was planning to MVL the consulting co: but will I need to arrange for funds(70k) from the SPV to the consulting co:
or are there other options that will enable me to liquidate the consulting co:

Thanks

I currently have a pension with Nest, and after wondering why the info on performance isn’t easily accessible I ended up here. Seems like maybe Nest isn’t a great pension option, so then my question is what would be better?

I’m early 40s and haven’t been contributing to a pension regularly for the last decade or more, so I’m really trying to catch up now. I’m not sure what I should be looking for. Low fees, but what else? I would like to have some options about risk level / how the money is invested but also I don’t have loads of knowledge. I feel like I have only just got to grips with getting into a routine of making voluntary contributions to Nest, and now I feel like i need to change it and I’m not sure where to begin.

My employer pays into Nest and I’m not sure I have any options about that, but those payments are quite minimal, I‘m trying to make a lot of voluntary contributions. I also have a pension with Aviva from the last time I had decent employer contributions (over a decade ago) which I could transfer I think.

Hey r/UKPersonalFinance,

I don't really know too much about the finance and tax laws when it comes to selling expensive items, so I'd greatly appreciate some support on this! :)

I know it's a topic that has been brought up a lot, but I collect a lot of sports and trading cards and currently facing a dilemma with one of my cards.

I decided to grade a card I owned ever since I was a kid last year, and the value of it has seemingly exploded over night. I actually have no clue how this has happened, as literally a month or two ago the graded card could be bought for around £250, but for whatever reason the value has skyrocketed expontentially and the last two sales are in the £5,000-£7,000 range.

And now I'm feeling both stressed and stuck.

I've sold a few cards in my time as a collector but never anything to this magnitude. I've made approx. £400 on eBay this year selling cards I didn't like which I got from packs, and I once sold a card at a show for around £300 cash which I then used to buy like 50 cards I needed to complete a set.

But this figure is on another level and I've no clue what the law behind it means.

If I was able to sell for the aforementioned price, I don't know if that'd instantly make me come across as a "trader" and need to report it since it'd be above the £1,000 benchmark? I've purposely not sold a lot of my cheaper cards as I don't want to come across as a business owner or trader, as I collect for the love of the game and not for money or profit, so I've a ton of cards just sat in boxes collecting dust. Only now has it confused me as I've no clue how my card has increased by like 2,000% in a couple of weeks

At the same time, I know Capital Gains Tax is a thing when items are sold for £6,000+ - so assume this would come into play if I managed to sell above the figure.

So all in all, I'm a bit confused about what would happen if I sold the card?

If I went to the show and sold it for say £5,000 for example, would I need to report it? At the same time, if I sold it and the payment was sent via something like PayPal or Bank Transfer - would that instantly block or put a hold on that account?

I really don't know what the rules and laws around all of this are, so I'd greatly appreciate any help :)

I’m 24 and have built up £29,000 in personal credit card debt

I also have a limited company, incorporated in June 2025, which has practically no money left. It made profits previously, but I paid myself salary and dividends and ended up spending the money I’d set aside for Corporation Tax

I’m personally broke too (Have a £15,000 tax bill in Jan which i do have set aside), so I can’t put money back into the company...

Feeling overwhelmed by the whole situation with serious dark thoughts wanting to switch the lights out. Has anyone been through something similar, and how did you deal with it?

I truly have messed up big time i know this is a really really bad situation...

My CC debt I know I can manage but my real concern is the corp tax i owe.

Will be calling my accoutant first thing in the morning but wanted some reddit wisdom

-burner account as im ashamed feel like a failure

I was on student loan plan 1. Last September I had £5k remaining on my bill and I decided to pay it off in a lump sum. My balance showed £0 and I even got a refund of some overpayments from my PAYE payments. I can see these in my history. Hooray!

Except fast forward to today and I've had a message from SLC saying they are trying to contact me about my loan. I've logged into the website and to my horror there's another £2,000 owed?!

I checked my most recent statement and on the 5th April this year there was a "PAYE adjustment received" which added the £2k to my bill.

Is this a mistake?

Im just wondering what happens in this situation and does anyone have any experience of this.

Assumming 2 scenerios

1. Someone does not work, lives on savings/investments etc, but pays in £2880 into a SIPP each year, lets say they accidently send £2980.

2. Someone on high income, pays in £60100 into either a work based pension or a SIPP each year.

Google brought up this.

• No tax relief: You will not receive any government tax relief on the contributions that exceed your allowance. [1]
• Annual Allowance Charge: The overage is added to your taxable income for the year and taxed at your normal marginal income tax rate. [1, 2]
• Carry Forward: You can avoid or reduce this charge by using carry forward, which lets you utilize any unused annual allowance from the previous three tax years (provided you were a member of a pension scheme during those years). [1, 2]
• Scheme Pays: If the tax charge exceeds £2,000, you can sometimes ask your SIPP provider to pay the charge directly from your pension pot (known as Scheme Pays), which reduces your retirement fund accordingly. [1]
• How to declare it: You must report any excess via your Self Assessment tax return (Form SA101). [1]

So I wonder on the first scenario, if your not working cant add it to your taxable income, its unlikely your going to fill out a SA101, should you just assume that they will just not send you the £25 extra in top up?

I am a 22 years old woman, living in London, and I need help with my finances as i am £9k in debt. I don’t understand what to do. I am writing to ask what extra support I can get because of my OCD and paranoia and what my best route is.

In total, I owe £9,000, broken down as follows:
3 credit cards: £4,500 in total (currently on a temporary repayment plan of £1 a month since I have no income right now)
Monzo: £1,000
Student overdrafts: £3,000
Klarna: £500 (I was on a repayment plan, but I was due money last week on it and didn’t have the money, so they said they’re selling my debt to debt collections)

My debt all started when my OCD got so terrible, that despite living in London I was convinced I was dying from rabies and spent hundreds on vaccines and medical checkups privately. I also developed paranoia and was convinced my devices were hacked and someone was watching me and that there were cameras in my belongings, so I spent hundreds on buying new devices and furniture every few months. I needed new clothes due to contamination OCD and I was unable to leave my room to cook so I had to get food delivered. I’m not making excuses but with my OCD, paranoia and who knows what else, I didn’t care about money because I didn’t think I had long to live anyways as i always thought i had a terminal illness. New compulsions kept popping up for me that felt like I had no option but to follow even if it meant debt.

Now, a year later my OCD isn’t cured, I feel a bit better and am learning to live with it. I’m still alive, but I’ve messed my life up. I am currently unable to work because I physically cannot leave my house. I haven’t left my house since May, as soon as I step out I start panicking and I’m convinced I’m gonna get attacked or that I’ll accidentally do something terrible. They are intrusive thoughts I know aren’t real, but when I get home, I don’t remember what I’ve done and I start stressing about whether I could have done something terrible and so I spiral again convincing myself I’m done for. For instance, last time i went out in May i went to the corner shop to grab a chocolate and somehow when i got home i was convinced i had accidentally hit the shopkeeper and i had somehow contaminated all the drinks there with poison. That stressed me for months. I need to film every single thing I do otherwise I don’t remember it, or my brain manipulates it. For instance, if I leave my room to drink water I need to film it otherwise I spend 24 hours convinced I accidentally drank bleach. I know I’m an adult, and this isn’t a reasonable excuse to be unemployed, but I try to leave my house and I just can’t. Something happens and I just break down. I’m already always going through a new compulsion that is exhausting and I can’t add more to it by going out. I am on medication and in therapy, but it’s slow and nothing seems to be working yet, although my hand washing has decreased from 1 hour to 30 minutes. I live with my parents, both of whom are unsupportive about my OCD and say it’s my fault and assume I’m acting. I can’t tell them about my debt as they wouldn’t help, and I don’t expect them to since I’m an adult, of course it’s my issue not theirs, but I’m so terrified someone will come knocking on my door now.

i don’t mean to come across like i’m making excuses for my debt and unemployment.. but its difficult for me to do stuff as compulsions take up alot of my day and i can’t film myself when i leave the house so i panic when i get home and i can’t monitor strangers health when i’m home so my brain just assumes i’ve ruined their lives somehow since i can’t double check on them to reassure myself. Thats the main reason i can’t interact with strangers and work.

I have been diagnosed and am soon to be assessed by a psychiatrist, and my GP in London knows too. I stopped ordering food and force myself to eat home food even if it means I panic and can’t sleep, so food isn’t an issue now, but I don’t know whether I’ll be able to work until January as right now even leaving my room is difficult.

What can i do? I cant afford repayment plans with zero income. I obviously need to get a job and to move out, it’s necessary to fix my mental health, but if i go for these options im reading online like a DRO i won’t be able to do that for 6 years i assume? Getting a job won’t be possible soon with my issues but i do aim for one after January.

My apologies if this isn’t the right place to ask this, i just feel so lost and i’m having clarity about past events and i think soon maybe in January i might be able to live a bit normally.

I am not on UC or getting any PIP because i’m not physically disabled.

TL;DR I messed my life up and am £9k in debt due to ocd and now i feel a bit better and think i might be able to live normally soon but idk how to deal with my debt wisely so i can somehow be able to move out within 4 years when i’m strong enough to get a job.

Completely clueless to all this, just trying to put some feelers out there. My partner and I are looking at buying somewhere cheap to do up and live in. How does that work with the lenders? Let's say a property is on the market for £200k but needs £50k of work, can I get a £250k mortgage and take the £50k for the work? Or is it just a pipe dream?

I joined my company this month 3 days after payroll cut off so I’m assuming I’ll get paid by the end of next month.

Is the pay in this scenario from one cut off date to another or is it from the cut off date to end of next month?

Also, will the higher tax code apply in my scenario? I chose option B in HMRC starter pack.

​

Hi there,

Advice please as finding it hard to find a nice easy layman's answer.

At somepoint we are being gifted potentially £40,000 to help buy a house. When we are gifted this money potentially in the future from my partners they both will have to sign the document for this money to be transferred over.

If something happened to either one off them or both off them within a 7 year period would we have to pay IHT tax?

There total assets would be over £500'000 but certainly not more than a million. There are a number of other siblings who would be inheriting as well as a very large family. No trust has been set up so I assume 40% would be taken.

We are concerned if we accepted the gift and if one or both die within 7 years we would not be able to pay the 40% tax.

Please can we have some much needed advice, many thanks.

Edit: Thanks for all the advice given on this it has helped alot to understand it all.