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Lifetime gifts and passing nil rate band query

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Comments

  • Keep_pedalling
    Keep_pedalling Posts: 22,809 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Do you have a copy of the IHT205 that was summited for your MIL? Any gifts she made should have been declared there. You need this info as gifts declared will have reduced the percentage of the nil rate band passed to your FIL.

    If none were declared than I would assume that they have to be declared now as gifts that came solely from your FIL, but you should take proper advice on that.
  • fcandmp
    fcandmp Posts: 155 Forumite
    Ninth Anniversary 100 Posts Combo Breaker
    Keep pedalling, I don't have a copy of the IHT205, but have been verbally informed by the solicitor that it contained no details of lifetime gifts.

    Given that I can see cash gifts took place from their joint account, will that not be sufficient to illustrate that they were joint gifts, rather than sole gifts from FIL?
  • Keep_pedalling
    Keep_pedalling Posts: 22,809 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    fcandmp wrote: »
    Keep pedalling, I don't have a copy of the IHT205, but have been verbally informed by the solicitor that it contained no details of lifetime gifts.

    Given that I can see cash gifts took place from their joint account, will that not be sufficient to illustrate that they were joint gifts, rather than sole gifts from FIL?

    They properly were joint gifts, but if they were your MILs share of those gifts should have been declared and I'm not sure if it is possible to rectify that now, your solicitor should hopefully be able to advise.
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