Apologies if this has been discussed before I havent found the answer yet.
This is a semi-hypothetical discussion I am involved in.
If my mother wins £2 million on the lottery and gives me £1m - what taxes if any are due by myself ?
I think that it is counted as part of my mother's estate and therefore subject to Inheritance tax rules. Thus there would be no tax to pay if she survives for the 7 years. Others say it is a "gift" subject to a £3000 limit before tax and then CGT is paid.
Anyone help us reolve the discussion.
regards
John
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