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Just wondering if someone can help me, my brother from New Zealand is wanting to help me with a house deposit but I am worried about any tax implications that this might have, and whether I have to declare it in my tax return.
I was initially going to put him on as a 10% owner of the property I purchase, but would that mean it is no longer considered a 'gift'?
If your brother is giving you money as a gift there is no tax applicable.
It he is going to be part owner, the money is still considered a gift but he would be subject to capital gains tax on his part of the property when you sell it.
If your brother is giving you money as a gift there is no tax applicable.
It he is going to be part owner, the money is still considered a gift but he would be subject to capital gains tax on his part of the property when you sell it.
