Understanding gift money in UK
Hi,
Newcomer here. Apologies if this seems like a stupid question.
I have around £50K saved up which I would like to use to put down a deposit on a house. My family has shown an interest in paying another £50K to my account as gift money which I can use for the deposit, and I'm very grateful for that.
The issue is my parents are in Pakistan and they don't allow foreign transactions like this to happen.
Here's a brief plan I've come up with. Please let me know what you guys think. My father has a business partner in the UK. We would give them an equivalent amount back at home as they already have an account, and in return, they can give me that money to me directly in my UK account, as gift money. There is this rule about that person staying alive for the next 7 years so no inheritance tax is incurred. I don't understand this tbh.