I am suggesting that they call it a loan, not a gift.
Here's an explanation in more detail :
Not only are you liable for tax but any else on the mortgage would be jointly liable for tax on that gift as well.
I think the issue has got a bit confused.
The question related to a 10k sum of money given to use as deposit for a house. There will be no more money given before or nor will there be again. So the lifetime threshold will definitely not be breached. Am I right?
As for gifting it back
This will be the only money ever given from child to parents so presume this would not break any threshold limits either?
Did you read the article I linked?
Sorry I just did now thanks. Given this would be paid back in one year or at most two I think I'm right in saying that the interest would be even smaller and less likely to cause an issue?
If your parents give you an interest free loan, then the interest free element is the gift, so if that's less then 3k per annum neither of you owe revenue.
If the loan is less than 100k I think your fine, if its above that you might want to talk to an account.