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Gift of money
margaret_miller
Posts: 4 Newbie
in Cutting tax
If I was to gift my son £25k and died within the next seven years would he be liable to pay income tax on this amount if i'm below the threshold level for IHT?
0
Comments
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No. There is no tax on gifts. If you know the IHT situation, you are home and dry.
However, if you ever need Council help with care home fees, there are rules about depriving yourself of your assets.0 -
Thankyou for the information!0
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