tax implications on 50k

diddygez

can anyone tell me if someone was to give me £50000 am I liable for tax

fengirl_2

if its a pure gift, then its not liable to tax. It would however count against the donor's IHT limit if they died within 7 yrs.

diddygez

if they are giving me the money out of inheritance they have received does this affect things

gil13

it might, unless they did a deed of variation that enabled them to pass you the money without the IHT implications. if they themselves survive 7 years then it would be considered a PET. I guess what some might chose to do is to put away the equivalent amount in IHT for 7 years and then you are covering yourself, or keep the 50 k invested and take an income from it for 7 years. nice amount to be gifted !