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Can my Mum give me £30K without tax issues?

vito113
vito113 Posts: 13 Forumite
in Cutting tax
My Mum is worried about losing her money in her bank account and wants to transfer the excess to my account.

Her estate will be worth less than £250,000 so I presume the £30k would be exempt from IHT?

Any advice gratefully recieved!

Comments

  • jimmo
    jimmo Posts: 2,287 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    As long as you are happy about IHT there are no other tax issues.
    However what is wrong with her keeping the money in her own name but transferring it to a different bank?
  • RayWolfe
    RayWolfe Posts: 3,045 Forumite
    1,000 Posts Combo Breaker
    She can give you what she likes. Does she realise that the money then becomes yours to do with as YOU like and that you pay tax on the interest/
  • vito113
    vito113 Posts: 13 Forumite
    RayWolfe wrote: »
    She can give you what she likes. Does she realise that the money then becomes yours to do with as YOU like and that you pay tax on the interest/


    She does, she's 70 and thinks the money is better off in my bank than possibly going down the pan as I'm going to get it anyway.
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