Granny's Gift at Christmas

le_loup

Two excellent posts.
Ought to be made a sticky and all newcomers should be made to read them and then be given a short examination. If after that, anyone posts a question about gift tax, they should be shot.

Savvy_Sue

thanks Clapton and :rotfl: at le loup ...

If the OP is still confused, it might be helpful if we had an indication of whether or not Mum's estate is likely to be above the IHT level were she to die soon. If that's too hard, then rough estimates of money in bank, shares held, valuable collections and any property (I mean house type property) would give those who understand these things a better idea so that they could say "In this case it sounds as if ..."

Of course we'd also need to know Dad's situation: dead or alive, still married or divorced now or at death, what he left. And the OP might not want to go into too much detail for what ought to be a relatively simple question, to which there is one simple answer: donors do not have to pay tax if someone gives them lots of money just out of the goodness of their heart.