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Gift tax query
Cluelesslady123
Posts: 1 Newbie
My brother very sadly passed away recently. Unfortunately he did not make a will and had no spouse or children. My elderly mother is therefore his next of kin. My mother said that any money she receives from my brother's estate which we estimate to be around £60/£70k, she would like to gift to my sister and I.
My question is, f she gifts us this money , will we pay tax on it? I know you pay inheritance tax if estate is worth over £325k. My mother's house combined with her savings will be worth around £180k so does this mean she could gift us our brother's money tax free?
My question is, f she gifts us this money , will we pay tax on it? I know you pay inheritance tax if estate is worth over £325k. My mother's house combined with her savings will be worth around £180k so does this mean she could gift us our brother's money tax free?
0
Comments
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Yes it looks like it'll all be tax free.
1 -
There are possible issues, one being your mother's age and health. If there's any chance that she might need care (not just a care home), the LA could look at the gift.
The other being that is she currently receives or might claim benefits, they'd refuse to pay her because she has deprived herself of assets.If you've have not made a mistake, you've made nothing0 -
Deed of Variation ??2
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