When to pay tax on monetary gift from parent

g4efe

If my Mum gives me, say, £10000 (unlikely) and then dies soon after (also unlikely), is that gift liable to tax, even if her entire estate (including any previous amounts she has given me) falls under the IHT threshold?

Thanks

TheCyclingProgrammer

No. There is no gift tax in the UK.

Sea_Shell

There could be other implications depending on the "why" of the gift and your parent's own "living" circumstances.

Deprivation of Assets could be a factor.

g4efe

Thanks for your help, everyone :-)

Johnhowell

Another scenario to consider...

If your mum dies within 7 years of the gifting it should be added back to her estate. If the estate is then over the threshold for Inheritance Tax then the tax on the gift would be due from the estate - not specifically from you directly. If the estate doesn't have the cash to cover the tax due then maybe the executor may ask you to provide it...

There are allowances of gifts to be discounted from the gift amount - I think £3k? which may reduce the tax due.

Good luck,
J