Help regarding gifted deposit (gifted has recently passed).

Mswizzj

theartfullodger said:

Sorry for your loss (gran.. )

As she died so shortly after gifting there'll probably be IHT to pay on it,

The money isn’t from the estate, her personal money is what the funds have been sourced from.

Mswizzj

FlorayG said:

lisyloo said:

theartfullodger said:

Sorry for your loss (gran.. )

As she died so shortly after gifting there'll probably be IHT to pay on it,

just to clarify.
Is it the estate that is liable for the IHT?

Yes. You don't have to pay it out of the gift you received

Yes, thought that was the case as the tax was already paid on the amount prior to it being gifted.

its also in a lifetime isa now.

user1977

Mswizzj said:

kaygisiz1997 said:

Solicitors are abit funny nowadays they dont make it make sense...

my advise worse comes to worse case try to get somebody else to gift you the same ammount of funds perhaps to your other bank account and use that as deposit and get them to sign relevant gift paperwork and after you completed send the original 10k u recieved from gran back to your gifter (not 100% sure it will work but why not?)

Wouldn’t this be money laundering, though?

Not really, but it would be a loan from the second party rather than a gift so the "gift" declaration would be false - I wouldn't recommend it.

Like I said above, I don't see a problem using the funds you already have. Nobody has told you that you can't use it, I think you just need to wait for the fee-earner handling your file to get internal approval as they are too inexperienced/ignorant to understand it themselves.

Mswizzj

user1977 said:

Mswizzj said:

kaygisiz1997 said:

Solicitors are abit funny nowadays they dont make it make sense...

my advise worse comes to worse case try to get somebody else to gift you the same ammount of funds perhaps to your other bank account and use that as deposit and get them to sign relevant gift paperwork and after you completed send the original 10k u recieved from gran back to your gifter (not 100% sure it will work but why not?)

Wouldn’t this be money laundering, though?

Not really, but it would be a loan from the second party rather than a gift so the "gift" declaration would be false - I wouldn't recommend it.

Like I said above, I don't see a problem using the funds you already have. Nobody has told you that you can't use it, I think you just need to wait for the fee-earner handling your file to get internal approval as they are too inexperienced/ignorant to understand it themselves.

Just received confirmation, funds are fine to use, as it was prior to loss, which I said to him anyway.

Mswizzj

user1977 said:

I’m Mswizzj said:

kaygisiz1997 said:

Solicitors are abit funny nowadays they dont make it make sense...

my advise worse comes to worse case try to get somebody else to gift you the same ammount of funds perhaps to your other bank account and use that as deposit and get them to sign relevant gift paperwork and after you completed send the original 10k u recieved from gran back to your gifter (not 100% sure it will work but why not?)

Wouldn’t this be money laundering, though?

Not really, but it would be a loan from the second party rather than a gift so the "gift" declaration would be false - I wouldn't recommend it.

Like I said above, I don't see a problem using the funds you already have. Nobody has told you that you can't use it, I think you just need to wait for the fee-earner handling your file to get internal approval as they are too inexperienced/ignorant to understand it themselves.

They’re now asking for the executors details to inform them of the gift though..makes no sense to me, as this has nothing to do with the estate/will.

Keep_pedalling

Mswizzj said:

user1977 said:

I’m Mswizzj said:

kaygisiz1997 said:

Solicitors are abit funny nowadays they dont make it make sense...

my advise worse comes to worse case try to get somebody else to gift you the same ammount of funds perhaps to your other bank account and use that as deposit and get them to sign relevant gift paperwork and after you completed send the original 10k u recieved from gran back to your gifter (not 100% sure it will work but why not?)

Wouldn’t this be money laundering, though?

Not really, but it would be a loan from the second party rather than a gift so the "gift" declaration would be false - I wouldn't recommend it.

Like I said above, I don't see a problem using the funds you already have. Nobody has told you that you can't use it, I think you just need to wait for the fee-earner handling your file to get internal approval as they are too inexperienced/ignorant to understand it themselves.

They’re now asking for the executors details to inform them of the gift though..makes no sense to me, as this has nothing to do with the estate/will.

If the person making the gift has died their executor is the only person with the authority to provide the assurance your solicitor needs, which is why I asked who the executor is (hopefully it is not you). If the executor needed to do a IHT return your gift would have been recorded on IHT403. 

GrumpyDil

It also would potentially be of interest to your nan's estate if the estate is large enough to be impacted by an inheritance tax liability. 

Mswizzj

Keep_pedalling said:

Mswizzj said:

user1977 said:

I’m Mswizzj said:

kaygisiz1997 said:

Solicitors are abit funny nowadays they dont make it make sense...

my advise worse comes to worse case try to get somebody else to gift you the same ammount of funds perhaps to your other bank account and use that as deposit and get them to sign relevant gift paperwork and after you completed send the original 10k u recieved from gran back to your gifter (not 100% sure it will work but why not?)

Wouldn’t this be money laundering, though?

Not really, but it would be a loan from the second party rather than a gift so the "gift" declaration would be false - I wouldn't recommend it.

Like I said above, I don't see a problem using the funds you already have. Nobody has told you that you can't use it, I think you just need to wait for the fee-earner handling your file to get internal approval as they are too inexperienced/ignorant to understand it themselves.

They’re now asking for the executors details to inform them of the gift though..makes no sense to me, as this has nothing to do with the estate/will.

If the person making the gift has died their executor is the only person with the authority to provide the assurance your solicitor needs, which is why I asked who the executor is (hopefully it is not you). If the executor needed to do a IHT return your gift would have been recorded on IHT403. 

Even though it was gifted 5 months ago? No im not the executor.  There is 2.

Mswizzj

I’m unsure whether it will be less stressful to just sell a few of my assets, I.e motocross bikes/mountain bikes and a few tech items I have worth some money.

The only reason I’ve not done this previous, is that there’s a lack of ‘proof’ of sale as they’ll be private sales, so unsure on how that will then affect us going forward.

i don’t want to complicate things further either:

Keep_pedalling

Mswizzj said:

Keep_pedalling said:

Mswizzj said:

user1977 said:

I’m Mswizzj said:

kaygisiz1997 said:

Solicitors are abit funny nowadays they dont make it make sense...

my advise worse comes to worse case try to get somebody else to gift you the same ammount of funds perhaps to your other bank account and use that as deposit and get them to sign relevant gift paperwork and after you completed send the original 10k u recieved from gran back to your gifter (not 100% sure it will work but why not?)

Wouldn’t this be money laundering, though?

Not really, but it would be a loan from the second party rather than a gift so the "gift" declaration would be false - I wouldn't recommend it.

Like I said above, I don't see a problem using the funds you already have. Nobody has told you that you can't use it, I think you just need to wait for the fee-earner handling your file to get internal approval as they are too inexperienced/ignorant to understand it themselves.

They’re now asking for the executors details to inform them of the gift though..makes no sense to me, as this has nothing to do with the estate/will.

If the person making the gift has died their executor is the only person with the authority to provide the assurance your solicitor needs, which is why I asked who the executor is (hopefully it is not you). If the executor needed to do a IHT return your gift would have been recorded on IHT403. 

Even though it was gifted 5 months ago? No im not the executor.  There is 2.

Not being the executor is good, ask your solicitor what information they need from the executors.