Mum gift money to kids

[Leevan000]

My mum just sold her old place for 120K and wants to give me and my sister 20K each

Mum has 100K left after solicitors fees etc

Mum now lives in a warden assisted flat paying private rent and is retired aged 76

Can my mum gift me and my sister the 20K in one go?

Something about its ok as long as you don't gift more than 325K in a 7 year term?

Maybe mum has to gift us 6K as a one off and then 3K the next tax year?

Any guidance would be appreciated

Thanks

[AGoodman]

Any sum is fine. Anything over £3,000 each will be a PET so potentially taken into account if your mother didn't survive for 7 years but it would of course still be taken into account if she held onto it. With lifetime gifts, earlier is always better.

If your mother's total assets are less than £325k then IHT is unlikely to ever be an issue anyway.