any tax to pay on a gifted amount from a parent?

qprjames

Hi there, someone suggested to re-post this here

My mother has decided to gift me 100k to help me buy a house. she has labelled it as 'early inheritance'. I will therefore receive this money as a 'gift'

now, I know if she was to pass away within the next 7 years there would be capital gains liable on this amount - based on the 7 year sliding scale.

but......is there any immediate tax I would need to pay on the amount when I receive it? I assume I don't need to declare it as an income amount?

(p.s. the amount is from the sale of her PPOR house, so therefore she would have no capital gains tax to pay on it)

thanks for your help 

Flugelhorn

the 7 year rule is to do with the gift being considered as part of her estate and potentially liable to IHT if she does not survive 7 years. Not capital gains tax.
No immediate tax for you to pay.
Make sure you read up on "deprivation of assets"

Mojisola

qprjames said:

My mother has decided to gift me 100k to help me buy a house. she has labelled it as 'early inheritance'. I will therefore receive this money as a 'gift'
(p.s. the amount is from the sale of her PPOR house, so therefore she would have no capital gains tax to pay on it)

Is she going to be living with you in the house you're buying?

Is her estate likely to be big enough to pay IHT?