▲ 15 r/UKPersonalFinance
Advice with receiving 35k into my bank?
Hi everybody, looking for some advice please.
Around 4/5 years ago ish, I bank transferred my mother £20k for an 'unofficial' 1/4 stake in a house that she rents out.
(A generous offer that was likely worth £25k+ at the time.)
It saved her from having to take out a loan at the time and gave me a bit of an investment opportunity. She has since paid me a little cut of the rent monthly.
She's now offered to buy me out of my stake in the house for £35k. My only concern is if this will flag anything when transferred into my bank and I could potentially be subject to tax or anything? Nothing was every questionned at the time when I sent the 20k over, but any advice would be appreciated.
Many thanks.
u/13ClaytonJ — 3 days ago