Question re gift of £50,000

Debonair50

My brother has just sold a property and wants to give me £50,000. Just wondered if there are any tax implications on this - also does he have to give me a letter saying this money is a gift?

Many thanks.

Lokolo

There can sometimes be IHT problems if he should die within 7 years and his eastate takes him into the inheritence tax brackets.

Other than that no.

Debonair50

Lokolo wrote: »

There can sometimes be IHT problems if he should die within 7 years and his eastate takes him into the inheritence tax brackets.

Other than that no.

Thank you:j

John_Pierpoint

Lokolo wrote: »

There can sometimes be IHT problems if he should die within 7 years and his eastate takes him into the inheritence tax brackets.

Other than that no.

Or goes into a care home at the expense of the local authority.