Gift of Money
To cut a long story short, me Daughter wishes to give me a cash sum of £40,000, will this money be subject to any tax liabilities.
Linda S
2 posts • Page 1 of 1
by bob.fraser@towrylaw. on Tue Aug 30, 2005 7:25 am
Not to you.
If your daughter dies within 7 years, and her total estate on death is worth more that the nil rate band of inheritance tax (at the moment £275,000), then your daughter's estate will have a tax liability on the gift of 40%.
If your daughter dies within 7 years, and her total estate on death is worth more that the nil rate band of inheritance tax (at the moment £275,000), then your daughter's estate will have a tax liability on the gift of 40%.
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2 posts • Page 1 of 1
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