Inheritance tax on gifts confusion

helpneeded12321

My dad wants to gift me and my sibling £150,000 each. If he did I would use this to buy a house. Problem is I'm so confused about inheritance tax. If he was to die within 7 years what would I have to pay? Am I right in thinking if he only gifts £300,000 and no more I won't get a tax bill. If he were to die everything would go to my step mother. I worried to accept the money, buy a house and then have to sell it to pay a tax bill

Any help and advice is really appreciated 
Thank you

Keep_pedalling

As his gift is below his NRB you will never have an IHT liability on it. Anything going to your stop mother will be covered by spousal exemption so his estate will not have IHT to pay should he die first.

Sounds like he wants to see his money put to good use while he is alive, so go ahead and accept his gift as long as it does not leave him with without enough funds for his own needs.

relaxtwotribes

Keep_pedalling said:

go ahead and accept his gift as long as it does not leave him with enough funds for his own needs.

….without🙄

Keep_pedalling

relaxtwotribes said:

Keep_pedalling said:

go ahead and accept his gift as long as it does not leave him with enough funds for his own needs.

….without🙄

Senior moment now edited 👨🏻‍🦳