Gifted deposit – does a small sum need to be declared?

[spillyo]

I was given a few thousand pounds by a relative three months ago – does anyone know if this would need to be declared as a 'gifted deposit' when buying a home?

Thanks to anyone who can help :)

You’ll be asked to declare the source/s of your deposit - if it’s from various sources then that’s what you declare. Your relative will simply need to provide a signed statement that the money they gave was a gift and not a loan.

Depends what you mean by a few thousand. I once put 5k in my bank account and didn't declare it as a gifted deposit though it was in fact a gift towards the deposit.

If you're talking much more than this, yes I expect it has to be declared.

I had to show proof of where all the deposit money had come from so it will probably have to be declared

Thanks all. It's literally a few, and the rest of the deposit has come from my income. I think the relative who gave me it is about to jet off on a long holiday!

I expect it will be noticed and I don't want to cause myself any trouble.

Money laundering regulations are very strict, so I think it would be sensible to be prepared to declare this money as a gift and have the paperwork ready before your relative goes on holiday.