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newbee | 11:48 Thu 15th Oct 2009 | Business & Finance
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Do I need to pay tax on money given to me that I have used to clear my mortgage?
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gifts of money from family etc are tax free, unless the person gifting the money dies within 7 years. Then it m,ay be subject to tax
But if any tax was due, it is Inheritance Tax and is payable by the estate of the deceased person - not by the person who received the gift in the first place.
The answer is that you don't need to worry about the payment of any tax.

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