Inheirtance Tax - Anything to watch out for?

Keep_pedalling

Bolt1234 said:

Even with her current pensions and income from her savings this will equate to circa £40k.  Her rental on her apartment is just over £40k per year so she doesnt have any spare 'income'. I dont want HMRC to accuse me as the Executor of my Mothers will of trying to get rid of her money and reduce the IRT bill when the time comes

I can assure you that will not happen with the sums we are talking about here. HMRC to not go through the deceased accounts unless they suspect serious fraud. The value of Christmas and birthday gifts she is thinking about are perfectly in line with someone with her current financial situation. 

Bolt1234

All, sadly Mum did pass away in April 24. Funeral was lovely and with the help of a great solicitor we have Grant of Probate confirmed after 5 days of receipt of original will! Just waiting for the paper copy.  Yes she did have IRT to pay but it’s fine.  At her age we really didn’t have too many options.  She lived a good life.  The last month was unfortunately in a care home and she just seemed to give up but it was her time.

bunnygo

just keep track of gifts - smaller ones aren't an issue so the expensive smelly stuff really isn't a problem.

she sounds very organised and (fortunately) in good health - BUT that can change rapidly so don't start giving big chunks of money away. If she doesn't need extra care and her estate ends up with an IHT bill - that's how it is.

msb1234

It sounds like she had a good life with a good family around her. Sorry for your loss x