Inheritance tax??

Modworld

Good evening everyone,
I have some doubts about if I would be liable paying tax if i reacive 50k usd (40K GBP) from my mom for a down payment on a house? I live in the Uk, however, my mom just sold her home in the states. Any insights?

With regards.

Jeremy535897

It is exceedingly unlikely, and could broadly only happen if:

• your mother is domiciled in the UK for inheritance tax
• she has already made gifts (not covered by exemptions) of over £285,000 
• she dies within 7 years of making the gift to you and the gifts of over £285,000

Modworld

Thank you for the reply. Just to clarify the first statement, so as long as my mother isnt living in the UK, only in America we are fine?

Jeremy535897

Domicile isn't just where you are living. It's where your permanent home is. If you have no permanent home, your domicile is where you were born. If the US is your mother's permanent home, and she has not been UK resident for at least five years, there are no UK inheritance tax implications of her giving you a non-UK asset (dollars).

[Deleted User]

And, lest there is any doubt, you would not be paying tax on the gift, regardless of the amount. There is no gift tax in the UK.

Modworld

Thank you all again for the replies. I now know it more about the person who is giving who might have implications instead the person receiving.

Cheers.