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Gifting Money
northwest1965
Posts: 2,060 Forumite
in Cutting tax
Apologies if this is in the wrong section.
My parents want to gift myself and my sister £2000 each.
They will not be liable for Inheritance Tax as they only have a small property to leave.
If there a limit as to what they can gift us?
Do I need to declare it to HMRC as I am self employed
My parents want to gift myself and my sister £2000 each.
They will not be liable for Inheritance Tax as they only have a small property to leave.
If there a limit as to what they can gift us?
Do I need to declare it to HMRC as I am self employed
Loved our trip to the West Coast USA. Death Valley is the place to go!
0
Comments
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No , it's a cash gift and only £2000Ex forum ambassador
Long term forum member0 -
Browntoa is correct, but the £2000 is irrelevant as the estate won't be liable for IHT anyway. They can give you £50,000 if they want and it's nobody else's business.0
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At the time but if they need care the council might want to poke their nose in and make a depravation of assets assessment.Browntoa is correct, but the £2000 is irrelevant as the estate won't be liable for IHT anyway. They can give you £50,000 if they want and it's nobody else's business.0
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