Apologies if this is answered elsewhere.
My friend bought a house with his ex in late 2013. They were never married. He paid the entire deposit. They were joint owners and had a joint mortgage. A few months later they split up and he applied for a new mortgage on his own and the house was signed over to him.
He got a letter from Revenue looking for him to complete a gift tax self assessment form.
Does anyone know if gift tax is payable? It's already cost him a fortune in solicitors fees, stamp duty etc. So he's worried.
My friend bought a house with his ex in late 2013. They were never married. He paid the entire deposit. They were joint owners and had a joint mortgage. A few months later they split up and he applied for a new mortgage on his own and the house was signed over to him.
He got a letter from Revenue looking for him to complete a gift tax self assessment form.
Does anyone know if gift tax is payable? It's already cost him a fortune in solicitors fees, stamp duty etc. So he's worried.