Gifts and Inheritance Tax

Jon12345

Let's say I was gifted £3K by a parent. They own a property with no mortgage. If they died say 5 years later, is any IHT due? Or does the gift made in Year 1 just reduce what is left of the nil rate band?

xylophone

See

https://www.gov.uk/inheritance-tax/gifts

Covered by the gift exemption?

p00hsticks

xylophone wrote: »

See

https://www.gov.uk/inheritance-tax/gifts

Covered by the gift exemption?

It depends on whether the £3k was the only gift made that year - the £3k gift exemption is a total for the year, not per person

xylophone

It depends on whether the £3k was the only gift made that year - the £3k gift exemption is a total for the year, not per person

Explained in link which is why I asked a question.:)