My Mother has recently inherited a cash sum and intends to gift me £10,000 with a further £50,000 in trust. which I would receive tax free on her death. Her total estate would be subject to IHT, and she has been advised that this method allows her to gift the money tax free.
What would be the tax implication if she gifted me the full £60,000 for me to invest or spend rather than hold in trust?
I would like to use the money to part-fund school fees over the next 7 years, which she is fully aware of. If the money is held in trust, I will have to use my savings currently held in ISA's to fund the fees. Would an option be for her to pay the fees, and if so would that be tax free?
Cash Gift
2 posts • Page 1 of 1
Re: Cash Gift
by maths on Fri Jul 15, 2011 4:30 pm
Is your father alive?
If not, on his death did he leave his property to his wife?
What roughly is the size of mother's estate today?
If not, on his death did he leave his property to his wife?
What roughly is the size of mother's estate today?
- maths
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2 posts • Page 1 of 1
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