Help regarding gifted deposit (gifted has recently passed).

caprikid1

theartfullodger said:

Sorry for your loss (gran.. )

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

That's incredible, with the information available you managed to ascertain a strong likelihood of inheritance tax. 

"In terms of the number of people affected by inheritance tax, the most recent HMRC statistics show less than 4%"

Mswizzj

caprikid1 said:

theartfullodger said:

Sorry for your loss (gran.. )

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

That's incredible, with the information available you managed to ascertain a strong likelihood of inheritance tax. 

"In terms of the number of people affected by inheritance tax, the most recent HMRC statistics show less than 4%"

Isn’t it only viable over a certain amount also? 

sheramber

Mswizzj said:

doodling said:

Hi,

There is only one useful question at this point which is to the OPs solicitor and is "Will you be happy to accept the status of the executor without it being confirmed by probate?".

If the answer is yes then all is good, the solicitor can ask or tell the executor whatever they want and things may progress. 

If the answer is no then you are stuck either finding the money from elsewhere or waiting for the executors to gain probate.

The solicitor has gone to their probate team today, and have come back and confirmed that there will be no issues with us using the funds.

The only thing the solicitor wants to do, is inform the executor of this, but they already know anyway.

Then there is no harm in giving them the information and them confirming the gift with the executor.

You could be delaying your purchase  by not giving it.

newsgroupmonkey_

caprikid1 said:

theartfullodger said:

Sorry for your loss (gran.. )

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

That's incredible, with the information available you managed to ascertain a strong likelihood of inheritance tax. 

"In terms of the number of people affected by inheritance tax, the most recent HMRC statistics show less than 4%"

Previous page I said exactly the same

Maahes

Seen a few threads on here and I get confused at the amount of hoops and hassles some people have to go through with cash gifts from relatives, usually parents. When my mother was diagnosed with terminal cancer she gave me £20k - no paperwork, no documents, just a simple bank transfer. When I bought a house six months later (she was dead by then) I provided the usual three months bank statements, but no-one; not the estate agent, my solicitor, nor the mortgage company asked how I came by the £25k deposit. I just assumed that was normal.