We recently bought a house for 160k, all the cash was a very generous gift from my parents.
Both myself and girlfriend (Soon to be wife) names are on the deeds.
We plan to get a joint mortgage for about 300k soon to do a large renovation to the house.
Could revenue deem her liable for Capital Accusations Tax on the 160k gift my parents gave to me?
Its not quite that simple. The cash gift should have been from the parents to their child. Subsequent gift from initial beneficiary of 50% of property purchased should be taxable. However I feel that there is some level of consideration in the treatment of gifts given in contemplation of marriage. An accountant will quickly establish the position for you.
You also need to take care of what your parents put on the return.
perhaps u get a loan pronto to repay that loan of 160k from your parents that they gave you in contemplation of marriage.
Re the mortgage of 300k for renovating on a house worth 160k.
1: sounds all wrong
2: bank may not do it as the house might not be valued at more than 300k after the work so your LTV could be shot from the outset.