Mother has £00000s of mine... inheritance tax ???

MrsManda

foxyuk wrote: »

no shes on standard rate tax......
and it seems that every year i can be gifted £3000 and it does not affect inheritance tax so reckon will take my 20k plus and over next so many years will accept £3000 as a gift

Are you also on standard rate tax? Somethingcorporate's question about tax was to work out whether, if it is delcared as your money, the appropriate tax has been paid on it - i.e. if you're a higher rate tax payer and she's paying standard rate tax on the savings you may need to pay the difference.

As for taking a £3000 gift from your mother to avoid IHT, this still doesn't address the question of deprivation of assets/capital, should your mother need a care home/social care. If it's in her name and there's nothing which says that it's legally yours then it's likely to be counted as part of her funds when she's assessed for care.