We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Gift from a lottery winner - who might have to pay the inheritance tax?
Comments
-
You can get insurance against IHT tax on lifetime gifts. It can be expensive, but definitely worth looking in to.0
-
inittogether wrote: »Hmm. Might seem a bit ungrateful, and !!!!!sh to bring up their death. I just expected the HMRC rules to be clear.
The rules are fairly clear for this situation, what you need to find out is where your gift fits in any chain of gifting in the previous 7 years to assess your potential max liability
Start at 40% of all of it if there is no nil rate band available.
you can implement the taper relief on that.
Gift inter vivos policies are used to cover your situation.
It may be that if you are the only/first person to receive a gift they could have upto £650k nil rate band to use up on your gift.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.5K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards